KARACHI: Mounting geopolitical tensions and a surge in global oil prices triggered across-the-board panic selling at the Pakistan Stock Exchange (PSX) on Thursday, dragging the benchmark KSE-100 index below the 173,000 barrier and wiping out Rs713 billion in market capitalisation in the first session of Ramazan.
The index suffered its steepest single-day decline in history, closing at 172,170.29, down down 6,683 points or 3.74 per cent after touching an intraday low reflecting a drop of 7,205 points amid relentless selling and extreme volatility.
The sell-off followed a spike in international crude prices, up over 6pc in two days amid fears of supply d
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