Selling grips PSX, KSE-100 down over 1,300 points in early trade

Selling pressure was observed at the Pakistan Stock Exchange (PSX) after fresh attacks in the Middle East shattered the relative calm of recent days in the US-Iran war, with the benchmark KSE-100 Index shedding over 1,300 points during the opening minutes of trading on Wednesday. At 9:35am, the benchmark index was hovering at 176,259.26, down by 1,364.62 points or 0.77%. Selling was seen in key sectors, including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, OGDC, PPL, POL, PSO, WAFI, MCB, MEBL and UBL, traded in the red.