PSX drops sharply after failed US-Iran talks

The Pakistan Stock Exchange saw a sharp decline on Monday as strong selling pressure hit the market after failed talks between United States and Iran in Islamabad.

The benchmark KSE-100 Index fell heavily, losing more than 6,600 points. At the closing, it stood at 160,591.33, down by 3.95%. Investors sold shares across many major sectors including automobiles, cement, banks, oil and gas, power, and refineries.

Big companies such as ARL, HUBCO, MARI, OGDC, POL, PPL, PSO, SSGC, SNGPL, and WAFI all closed in negative territory, pulling the market further down.

Last week, however, the market had shown positive performance. The KSE-100 Index had gained over 1,600 points due to optimism about the US-Iran negotiations. But the failure of talks quickly reversed that trend.

At the same time, global oil prices also jumped sharply. Prices rose above $100 per barrel after reports that the US Navy may restrict movement through the Strait of Hormuz following the breakdown of diplomatic talks.

Brent crude increased by $7.03 to $102.23 per barrel, while West Texas Intermediate rose by $7.31 to $103.88 per barrel. This strong rise came after a previous session of losses, showing high volatility in global energy markets.