Selling intensifies at bourse, KSE-100 sheds over 1,100 points

Selling pressure was observed at the Pakistan Stock Exchange (PSX) amid fading hopes of a deal between the US and Iran to end their war and reopen the Strait of Hormuz, with the benchmark KSE-100 Index shedding over 1,100 points during the opening minutes of trading on Tuesday. At 9:35am, the benchmark index was hovering at 180,156.77, down by 1,153.51 points or 0.64%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies and OMCs. Index-heavy stocks, including HUBCO, MARI, OGDC, FFC, HBL, MCB, MEBL and UBL, traded in the red.