The Pakistan Stock Exchange’s (PSX) benchmark index lost more than 6,000 points during intraday trade on Tuesday as equities experienced a massive meltdown amid renewed fighting between the United States and Iran.
The KSE-100 index opened in the red and had lost 3,464.89 points at 10am, dropping to 176,462.15 points from the previous close of 179,927.04.
After minor fluctuations, the index had lost 6,088.03 points (3.38 per cent) by 3pm, dropping to 173,839.01 points.
The decline came as global oil prices rose to their highest in four weeks on Tuesday, as the US reimposed its naval blockade of Iran while the two countries stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows.
Brent crude futures were up $2.74, or 3.29pc, at $86.04 per barrel at 12:51pm PKT, while US West Texas Intermediate crude rose $2.21, or 2.83pc, to $80.35 a barrel. Oil prices are now at their highest since the two countries signed a memorandum of understanding to end the war on June 18.
