PSX plunges over 2,500 points as regional uncertainty, oil prices rattle investors

The Express Tribune reported that the KSE-100 index slid 2,546.94 points, or 1.41 per cent, to end Tuesday at 177,955.51 after a sharp reversal. Trading began higher and the index reached an intraday high of 180,602.44, but it turned negative within minutes. Selling later deepened, pushing the index down to a low of 177,866.04.

Ahmed Sheraz of KASB KTrade linked the decline to several pressures. He cited uncertainty over the US-Iran truce, which ran out overnight, and international oil prices that rose toward near three-week highs. Domestic developments involving the former prime minister, who was moved from prison to a hospital for treatment, added to caution. Sheraz also said profit-taking in heavyweight stocks deepened the broad-based decline.

Selling hit lenders, oil and gas firms, cement makers, car assemblers and power producers across the board. Heavyweights including United Bank, Meezan Bank, Oil & Gas Development Company, Pakistan Petroleum, Hub Power and Mari Energies weighed significantly on the index. Trading volume eased to 1.03 billion shares, with the value of shares traded at Rs50.7 billion. Cnergyico PK led volume with 231.5 million shares traded, shedding Rs0.22 to close at Rs14.79.