PSX sheds over 350 points on Pakistan-Iran tensions
Shares at the Pakistan Stock Exchange (PSX) lost more than 350 points on Thursday due to escalating tensions between Iran and Pakistan. According to the PSX website, the KSE-100 index lost around 1,038 points at 10:08 am. At 10:31am, the index climbed to 62,797.21. By 3:34pm, it recovered to 63,202.40, or 364.93 points below the previous close of 63,567.33. Mohammed Sohail, chief executive of Topline Securities, attributed the sudden downward shift to the news of escalating Pakistan-Iran tensions. Iran on Tuesday had launched attacks in Pakistan targeting what it described as bases for the militant group Jaish al-Adl in the border town of Panjgur in Balochistan, Iranian state media reported, prompting strong condemnation from Islamabad and downgrading of diplomatic ties. In a statement issued early morning today, Pakistan said it had struck terrorist hideouts in Iran’s Siestan-o-Baluchistan province.