KARACHI – The Pakistan Stock Exchange (PSX) turned bearish on Thursday amid escalating situation in the Middle East as Iran has issued a policy statement after receiving and reviewing US proposals for a ceasefire, firmly rejecting both the offer and the possibility of immediate negotiations.
The KSE-100 index has shed 2,520.91 points till 11:25 am to drop of 155,792.53 points, marking a negative change of 1.59 percent compared to previous close of 158,313.
Significant selling activity was seen across major sectors such as automobile manufacturing, cement, commercial banking, oil and gas exploration, OMCs, and power generation. Large-cap stocks including MCB, MEBL, NBP, MARI, OGDC, PPL, POL, PSO, and HUBCO experienced declines during trading.
Iranian officials termed the US proposal “unbalanced” and based on excessive demands, making it unacceptable in its current form.
A senior Iranian official, quoted by state media, said any ceasefire would only be considered on Iran’s own terms, adding that no negotiations would take place until those conditions are met.
The official also made it clear that military defensive operations would continue unless Iran’s demands are accepted.
