Selling pressure intensified at the Pakistan Stock Exchange (PSX) on Tuesday, pushing the benchmark KSE-100 Index down more than 1,800 points as uncertainty surrounding a possible US-Iran peace agreement dampened investor confidence.
By 1:24pm, the KSE-100 had fallen 1,806.12 points, or 0.89%, to 178,896.29.
The index opened at 180,502.44 and initially edged higher to an intraday peak of 180,602.44 before reversing course. It subsequently dropped as low as 178,488.91 as selling spread across several heavyweight sectors.
Among the sectors facing notable pressure were automobile assemblers, cement producers, commercial banks, oil and gas exploration companies, oil marketing firms and power-generation companies.
Investor sentiment remained cautious as expectations for a near-term peace agreement between the United States and Iran weakened, renewing concerns about regional stability and potential disruptions to energy supplies.
The uncertainty was also reflected in rising international oil prices, as traders factored in renewed risks to supplies from the region.
The combination of geopolitical uncertainty and higher energy prices kept the domestic equity market under pressure during Tuesday’s trading session.