The KSE-100 index dropped by 4,073.85 points, or 2.62 per cent, to stand at 151,505.26 points as of around 12:15pm, in a change of course from the bullish momentum it had sustained over the past two days
AFP: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index sank by 3,500 points on Thursday, after a press conference by United States President Donald Trump dampened investor hopes of a quick end to the war on Iran.
The KSE-100 index dropped by 4,073.85 points, or 2.62 per cent, to stand at 151,505.26 points as of around 12:15pm, in a change of course from the bullish momentum it had sustained over the past two days.
It closed at 152,011.26 points, down 3,500.30 points or 2.25pc, from the previous close of 155,511.56
In his 19-minute prime-time address from the White House, Trump reiterated that US forces would hammer Iran for another two to three weeks.
Shortly afterwards, global oil prices spiked and stocks sank.
Trump “spoke of objectives met, but not of resolution. Of continued strikes, not withdrawal. Of optional escalation, not closure”, wrote Stephen Innes at SPI Asset Management.
“The message was not one of panic, but it was unmistakably one of unfinished business. And in markets, unfinished business is oxygen for volatility.
The reaction among equity traders was no better, with Seoul — which soared more than 8pc on Wednesday — losing more than 4pc.
Tokyo, Hong Kong, Shanghai, Mumbai, Singapore, Taipei, Bangkok, Jakarta and Sydney were also well down with London, Paris and Frankfurt.
Brent crude, which had fallen back below $100 a barrel on Wednesday, surged almost 7pc to hit $108.15, while West Texas Intermediate jumped more than 6pc to as high as $106.75.
Iran says US naval blockade has little impact on food supply
- 10 گھنٹے قبل
Death anniversary of Moin Akhtar being observed today
- 8 گھنٹے قبل
La-Z-Boy’s recliners and sofas are getting built-in Klipsch speakers
- 11 گھنٹے قبل
Pakistan condemns storming of Al-Aqsa Mosque compound
- 10 گھنٹے قبل
Birdfy’s new 4K feeder wants to teach you about the birds it identifies
- 11 گھنٹے قبل
Is “time confetti” ruining parenthood?
- 18 گھنٹے قبل
US-Iran talks could be held in next three days: Trump
- 3 گھنٹے قبل
China warns Middle East at ‘critical juncture’ after Trump extends ceasefire
- 10 گھنٹے قبل
Canva’s CEO on its big pivot to AI enterprise software
- 11 گھنٹے قبل
Iran Guards say ‘seized’ two ships attempting to cross Strait of Hormuz
- 6 گھنٹے قبل
Deezer says AI song uploads have nearly overtaken human music
- 11 گھنٹے قبل
Silicon Valley has forgotten what normal people want
- 11 گھنٹے قبل
