PSX's KSE-100 tumbles as Trump declares Iran ceasefire over
Market Reacts to Renewed US-Iran Tensions
The sell-off followed the US military launching fresh airstrikes against Iran and reimposing sanctions on Iranian crude exports, with the KSE-100 shedding nearly 2,500 points in the opening minutes of trade. By 9:34 am, the index was hovering at 183,758.85 points, down 1.34 percent.
Selling was broad-based, hitting automobile assemblers, cement, commercial banks, fertilizer, oil marketing companies, and power-generation stocks, with index-heavy names including HUBCO, MARI, OGDC, PSO, SSGC, and WAFI all trading lower.
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Speaking in Ankara at the NATO summit, Trump said the tentative ceasefire with Iran had ended, telling reporters, "For me, I think it's over," and adding that continuing to treat it as active was "just a waste of time."
Bargain hunting helped the market claw back part of the decline as the session progressed, though the index remained firmly in negative territory through midday. By 1:04 pm, the KSE-100 stood at 184,421.56 points, down 1,833.99 points or 0.98 percent.
The index swung between an intraday high of 185,215.56 points and a low of 183,528.93 points during the session, with trading volume reaching 175.31 million shares and turnover of roughly Rs15.50 billion.
Internationally, US oil prices jumped nearly 3 percent as three tankers were reportedly hit by projectiles in the Strait of Hormuz, adding further pressure on an already fragile ceasefire. The US dollar held near its weekly highs against most peers, while traders raised bets on a September Federal Reserve rate move.
