PSX opens week in the red, plummets 1,600 points during intraday trade

The Pakistan Stock Exchange (PSX) began the week in the red, with the benchmark index plummeting 1,600 points during intraday trade on Monday.

The KSE-100 index lost 2,215.27 points at 10:19am, to stand at 180,026.5 points from the previous close of 182,241.77 points. However, the index reversed some of its losses around 1pm, down 1,654.19 points from the previous close.

Mettis Global, a web-based financial portal, said market sentiment remained under pressure after the US and Iran exchanged fresh strikes in an escalating contest over control of the Strait of Hormuz. Oil prices also jumped more than four per cent on Monday due to the renewed fighting.

Awais Ashraf, director of research at AKD Securities, said investor sentiment had dampened amid escalating attacks between the US and Iran.

Speaking to Dawn, he said the fighting had reduced traffic through the Strait of Hormuz to a five-week low and cast doubt on the future of the interim peace agreement signed last month.