PSX sees massive 3,362-point crash amid rising US-Iran tensions

The Pakistan Stock Exchange (PSX) witnessed a bearish trend on Monday, with the benchmark index losing 3,362 points by the close of trading. As a result, the index settled at 170,600 points. Selling pressure dominated the market throughout the day as investors offloaded shares, leading to a decline in stock prices across various sectors. Market analysts attributed the downturn primarily to renewed tensions between Iran and the United States, which have pushed global oil prices higher and negatively impacted investor sentiment. There had been expectations at the end of last week that a potential agreement could be reached between the US and Iran. However, those expectations were not realized, and escalating tensions between the two countries have since driven up international oil prices. Oil prices have now climbed above $90 per barrel, prompting a negative reaction from the stock market. Reports suggesting a possible increase in Pakistan’s sales tax rate in the upcoming federal budget also contributed to the market’s decline and weighed on investor confidence. PM Shehbaz promises new budget measures to boost industry