KARACHI – The Pakistan Stock Exchange (PSX) came under pressure on Wednesday as investors reacted to renewed geopolitical uncertainty following fresh strikes exchanged between the United States and Iran.
During early trading, the benchmark KSE-100 Index declined by 1,621.61 points, falling to 184,633.94 points. The drop represented a negative change of 0.87% compared with the previous close of 186,255.55 points.
Market sentiment weakened as concerns grew over the possible impact of escalating tensions in the region on global economic stability and investor confidence.
It comes after the United States said it has launched a series of military strikes against Iran followed alleged attacks on tankers in Strait of Hormuz, while Tehran accused Washington of multiple violations.
In a statement posted on X, US Central Command said its “forces have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway.”
The statement added that the strikes were launched in response to Iranian attacks on three commercial vessels transiting the Strait of Hormuz.
“Iran’s demonstrated aggression was unwarranted, dangerous, and a clear violation of the ceasefire,” the US military said.
Later, the Islamic Revolutionary Guard Corps (IRGC) has launched strikes on 85 US military targets in Bahrain and Kuwait.
It said the strikes were launched using drones and missiles, adding that the move is a response to the US attacks in southern Iran.
“In the initial response to this aggression, the naval and aerospace forces of the IRGC, through joint missile and drone operations, destroyed 85 major US military installations in Port Salman, (the US) Fifth Naval Base in Bahrain, and Kuwait’s Ali Salem Airbase, and shot down an enemy MQ9 drone that attempted to interfere in the operation,” Tasnim News Agency reported.
