Pakistan Stock Exchange's KSE-100 Index Falls Over 4,600 point After US President Donald Trump’s Comments on Iran

Karachi, Jul 8: US President Donald Trump’s announcement about the fragile ceasefire with Iran being over led the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index to bleed on Wednesday as it fell by around 4,600 points.

At the close of trading, the KSE-100 index had dropped by 4,626.19 points, or 2.48 per cent, to close at 181,629.36 points from the previous close of 186,255.55.

The market’s sharp decline came mid-afternoon when it reached an intraday low of 179,504.34, down by 6,751.21 points compared to the previous close.

Financial analysts said that the bleeding of points was directly related to the resumption of hostilities by the US with Iran and Trump’s statement that the Pakistan-mediated memorandum of understanding for a ceasefire was “over”.

Koran Farshori, an analyst, said Trump’s statement had dented investor confidence with concerns arising again about the situation in West Asia.

“Another war means a potential disruption to oil supplies from the Middle East,” he said.

Farshori said on Monday there was optimism in the market because of the falling energy prices and a likely cut in interest rates

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)