Shares at the Pakistan Stock Exchange shed over 350 points on Thursday amid the Pakistan-Iran tensions.

The benchmark KSE 100-index closed at 63,202.40, reflecting a decline of 365 points or 0.57%, according to the PSX website.

“The equity market in Pakistan experienced a negative trend, with sellers entering the market,” The Topline Securities said in a statement. The trading range for the index covered 1,051 points, fluctuating between a high of 63,579 and a low of 62,528 points.“

On Wednesday, the index had dropped over 100 points in the closing session to close at 63,567 points.

The aforementioned momentum “is due to escalating geopolitical tensions following Pakistan’s retaliation against Iran’s attack,” the brokerage house said.

The MTL, OGDC, HUBC, LUCK, and PPL collectively contributed to a negative impact of 187 points on the index.

During the trading session, a total of 445 million shares, valued at Rs14 billion, changed hands. The KEL stood out in terms of trading volumes, handling over 59 million shares.

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On the macroeconomic front, Pakistan’s circular debt crossed new records to reach Rs5.73 trillion despite the government’s efforts to bring it under control, official documents have revealed.

The increase in the debt comes despite electricity and gas prices soaring to record highs and an increased emphasis on the issue by the International Monetary Fund.

Of the Rs5.73 trillion, the power sector is responsible for Rs2.7 trillion while gas companies are responsible for the other Rs3 billion.