PSX continues in the red, loses more than 3,000 points in early trade

The Pakistan Stock Exchange’s (PSX) benchmark index continued in the red for a second day on Tuesday, losing more than 3,000 points during early trade.

The KSE-100 index had lost 3,464.89 points, dropping to 176,462.15 points from the previous close of 179,927.04.

The decline came as global oil prices rose nearly three per cent on Tuesday to their highest in four weeks, as the US reimposed its naval blockade of Iran while the two countries stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows.

Brent crude futures were last up $1.50, or 1.8pc, to $84.80 per barrel at 0330 GMT, while US West Texas Intermediate crude rose $1.70, or 2.2pc, to $79.84 a barrel.

Oil prices are now at their highest since the two countries signed a memorandum of understanding to end the war on June 17.

Additional input from AFP