PSX starts lower as benchmark index falls over 400 points

The Pakistan Stock Exchange (PSX) began lower on Monday as selling pressure continued amidst heightened regional tensions.

The KSE-100 index closed at 170,357.55 after declining by 407.67 points, or 0.24 percent, from 170,765.22 at the last closing.

During early trade, the benchmark index achieved an intra-day high of 171,126.52 and low of 170,223.62.

Market statistics showed trading volume at 36,325,052 shares.

Asian share markets mainly fell on Monday as oil prices surged again with worries about whether the US and Iran can achieve a truce any time soon, leaving bonds under pressure ahead of a week full of economic headlines.

US President Donald Trump this weekend dismissed an Iranian offer to reopen the Strait of Hormuz, saying Tehran was desperate to reach a deal. Negotiations would continue this week but Iran shows no sign of softening its intentions, Trump said.

Brent prices jumped 2.7% to $107.16 a barrel with gains this month approaching 18%, while US crude futures were up 1.9% at $94.16 a barrel.