Selling pressure gripped the Pakistan Stock Exchange (PSX) on Tuesday, with the benchmark KSE-100 Index falling 1,806.12 points, or 0.89%, to 178,896.29 by 1:24pm, as uncertainty over prospects for a United States-Iran peace deal weighed on investor sentiment.

The index opened at 180,502.44 and briefly climbed to 180,602.44 before losing ground. It touched an intraday low of 178,488.91, reflecting broad-based selling across major sectors. As trading began, the KSE-100 reached 178,956.92, down 1,545.52 points, or 0.86%, before losses deepened during the session.

Selling was particularly evident in automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies and power generation stocks.

Read: Refinery stocks take PSX up by 398 points

The market remained under pressure as fading hopes of a near-term US-Iran peace agreement raised concerns over the stability of regional oil supplies. International oil prices also climbed amid renewed supply-risk concerns, adding to uncertainty for investors.

Trading activity remained substantial, with around 358.21 million shares changing hands by midday while the traded value stood at approximately Rs22.47 billion.

The index’s sharp retreat came after the index closed at 180,502.44 in the previous session, putting the market on course for a significant intraday decline.