The benchmark KSE-100 Index shed 2,520.91 points by 11:25 am, falling to 155,792.53 points, a decline of 1.59 percent from the previous close of 158,313.
Heavy selling was observed across key sectors including automobile manufacturing, cement, commercial banking, oil and gas exploration, oil marketing companies and power generation. Major stocks such as MCB, MEBL, NBP, MARI, OGDC, PPL, POL, PSO and HUBCO recorded losses during trading.
The market downturn followed reports that Iranian officials described the US ceasefire proposal as unbalanced and based on excessive demands, rejecting it in its current form.
A senior Iranian official, quoted by state media, said any ceasefire would only be considered on Iran’s own terms and ruled out immediate negotiations. The official added that military defensive operations would continue unless Iran’s conditions are met.
