PSX starts week in the red as investor cautious amid Middle East tensions
Business
PSX opened lower as Middle East tensions hit investor sentiment, dropping 1,180 points; Asian markets mixed, oil prices high, while Strait of Hormuz coalition offers cautious optimism
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) opened the new business week in the red as investors reacted to escalating tensions in the Middle East.
During intraday trading, the KSE-100 index plunged 1,180.15 points to drop to 152,686.01 points, reflecting a negative change of 0.77 percent compared to previous close of 153,866.16 points.
Meanwhile, Asian markets were in a wary mood on Monday as hostilities in the Gulf kept oil prices elevated, complicating an inflation outlook that should keep most central banks on pause at policy meetings this week, barring one possible hike.
In a possible hint of hope, the Wall Street Journal reported the Trump administration plans to announce as early as this week that multiple countries have agreed to form a coalition to escort ships through the Strait of Hormuz.
Japan's Nikkei dipped 0.8%, while South Korean stocks added 0.2% after both lost ground last week. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1%.
Chinese blue chips eased 0.5% as data showed retail sales and industrial output for January and February topped forecasts, while house prices continued to slip.
For Europe, EUROSTOXX 50 futures , DAX futures and FTSE futures all added 0.4%.
S&P 500 futures and Nasdaq futures bounced 0.5% in choppy trading. While earnings season is over, concerns about AI will be front and centre as Nvidia hosts its GTC conference at Silicon Valley this week, where it is expected to show off the latest advances in chips and AI infrastructure.
