PSX down over 339 points amid uncertainty, failed US-Iran diplomacy

The Express Tribune reported that the Pakistan Stock Exchange closed lower on Monday, with the KSE-100 shedding 339.60 points, or 0.20 per cent, to finish at 170,425.62. The index had risen 273.36 points early on, but profit-taking erased those gains and the market swung between 171,126.52 and 170,120.50 during trading. Traders stayed cautious as doubts about a possible US-Iran agreement to reopen the Strait of Hormuz continued to weigh on sentiment.

Pressure intensified after Brent crude gained over 3% in Asian trade, following reports that US President Donald Trump had turned down an Iranian plan aimed at ending the conflict and restoring shipping through the Strait of Hormuz. Arif Habib Limited analyst Ali Najib called it another narrow-range session and noted that Trump also declined to discuss possible military moves after the midterm elections. Many traders held back, leaving sentiment fragile amid the geopolitical uncertainty.

Within the index, TRG Pakistan, Oil & Gas Development Company, Attock Refinery and Hub Power together added 264 points, while United Bank, Habib Bank, Lucky Cement and Mari Energies pulled it down by 321 points. Turnover shrank to 421 million shares from 482.7 million on Friday, with Rs17.7 billion in traded value across 496 stocks. Cnergyico PK topped the volume table with 61.6 million shares and closed Rs0.14 higher at Rs13.32.