Pakistan Stock Exchange opened the new trading week on a negative note on Monday as escalating tensions in the Middle East dampened investor confidence and weighed on market sentiment.
US Dollar Greenback Edges Higher as Middle East Tensions Boost Safe-Haven Demand
During early trading, the benchmark KSE-100 Index lost 1,522.46 points, falling to 174,280.32 from the previous close of 175,802.78, a decline of 0.87%.
Meanwhile, Asian stock markets also traded lower as the conflict in the Gulf intensified. Investors grew increasingly concerned that rising oil prices could fuel inflation and complicate the global economic outlook.
At the same time, markets prepared for a busy week of earnings from major technology companies, with investors closely watching whether strong artificial intelligence-related growth can continue to support global equities.
Brent crude climbed above $90 per barrel for the first time in more than a month after the United States launched a ninth consecutive day of military strikes against Iran. Iran also carried out attacks across the region, adding to concerns over the security of the Strait of Hormuz.
Furthermore, shipping activity through the strategic waterway slowed significantly, with only a limited number of vessels transiting the strait on Sunday. Reports also indicated that one vessel caught fire, further heightening market anxiety.
Brent crude futures rose 2.6% to $90.40 per barrel, while US West Texas Intermediate (WTI) crude gained 2.3% to $84.39 per barrel.
