PSX plunges as KSE-100 sheds 3517.05 points after US strikes on Iran

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bearish trend on Monday as investors reacted to the US strikes on Iran.

The benchmark KSE-100 Index of PSX declined by 3517.05 points, a drop of 2.93 percent, at 2:59 pm during the intra-day trading.

The KSE-100 Index plunged to 116,506.18 points, down from 120,023.23 points recorded in the previous trading session.

Nabeel Haroon, an analyst at Topline Securities, attributed the market’s decline to the rising geopolitical uncertainty.

Read More: Pakistan condemns US attacks on Iran’s nuclear sites

Meanwhile, in international market, the price of Brent crude oil rose around 1.53% to $78.19 a barrel as of around 7.15 CEST, while WTI rose 1.48% to $74.93 a barrel.

It is worth mentioning here that President Donald Trump said the US military has carried out an attack on three Iranian nuclear sites, including the underground uranium enrichment facility at Fordo.

Pakistan strongly condemned the US attacks on Iranian nuclear facilities, ARY News reported on Sunday.

The official statement released by Pakistan Foreign Office stated: “Pakistan condemns the US attacks on Iranian nuclear facilities which follow the series of attacks by Israel. We are gravely concerned at the possible further escalation of tensions in the region.”

Pakistan reiterate that the these attacks violate all norms of international law and the Iran has the legitimate right to defend itslef under the UN Charter.

“The unprecedented escalation of tensions and violence, owing to ongoing aggression against Iran is deeply disturbing. Any further escalation of tensions will have severely damaging implications for the region and beyond.”

Pakistan has asserted the imperative need to respect civilian lives and properties and immediately bring the conflict to the end. All parties must adhere to the international law, particularly international human law.”