Business Recorder
Selling pressure continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 900 points during the opening minutes of trading on Thursday. At 10:14am, the benchmark index was hovering at 170,636.86, down by 942.44 points or 0.55%. Selling pressure was observed in key sectors, including automobile assemblers, cement, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, OGDC, POL, PPL, SNGPL, FFC, MCB and UBL, traded in the red. On Wednesday , investor sentiment remained bearish at the PSX, as uncertainty surrounding ongoing US-Iran negotiations weighed on market confidence amid heightened geopolitical tensions and lack of clarity over a potential breakthrough. The benchmark KSE-100 Index declined by 1,576.48 points, or 0.91%, to close at 171,579.31. Internationally, Asian shares tracked Wall Street higher on Thursday, led by record highs in Japan, South Korea and Taiwan, as investors shrugged off higher oil prices from more shipping woes in the Gulf and focused on strong corporate earnings. Overnight, the S&P 500 climbed 1%, and the Nasdaq jumped 1.6% to close at new record highs, helped by a strong start to earnings season that has eased concerns about the health of the US consumer despite rising energy prices from the Iran war. That was despite oil prices gaining for a fourth straight day. Iran on Wednesday captured two container ships seeking to exit the Gulf via the Strait of Hormuz, tightening its grip on the crucial waterway, as a fragile ceasefire hangs in the balance for now. MSCI’s broadest index of Asia-Pacific shares outside Japan rallied 1% to a record high as tech heavyweights surged in the region. Markets in Japan, South Korea and Taiwan vaulted to records for a second day, with the Nikkei topping the 60,000 mark. China’s blue chips rose 0.3%, and Hong Kong’s Hang Seng index slipped 0.3%. This is an intra-day update
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