Pakistan's stock market opened lower on Monday. Fresh attacks in the Middle East pushed oil prices higher and rattled investors.
The KSE-100 index fell as much as 1,481 points in early trade. It touched 169,030 points around 9:40am, according to Business Recorder.
The sell-off followed new Houthi strikes on Saudi Arabia. Iran also attacked ships in the Gulf. Both events added to the tension.
Oil marketing firms, banks, cement makers and carmakers all traded lower. Big names like HUBCO, OGDC, PPL, HBL, MCB and NBP were in the red.
The market had already lost ground last week. The index dropped 4,817 points, or 2.7 percent, over five sessions. It closed at 170,512 points on Friday.
A planned meeting in Oman between Iran and Gulf Arab states was called off. The talks were meant to cover a deal on the Strait of Hormuz.
Oil prices jumped on the news. Brent crude rose 2.6 percent to $107.36 a barrel. It has gained almost 9 percent in the past week. US crude climbed 2.4 percent to $102.48 a barrel.
Asian markets also fell on Monday. Japan's Nikkei dropped 1.7 percent. South Korea's market fell 3.3 percent.
Investors are also watching the US Federal Reserve. A rate decision is due on Wednesday. Hot US inflation data has raised the odds of a rate hike.
