Pakistan's benchmark stock index recorded its steepest one-day fall in months on Tuesday as renewed fighting between the U.S. and Iran unsettled global markets and heightened fears of disruptions to oil supplies through the Strait of Hormuz. The benchmark KSE-100 Index closed down 3.56%.
The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) ended the session down 3.56%.
The decline followed reports that an interim peace arrangement between Washington and Tehran had collapsed. Fresh U.S. airstrikes and reports of Iranian attacks on oil tankers in the Strait of Hormuz intensified fears of a wider regional conflict.
The Strait of Hormuz carries about one-fifth of the world's oil trade. Any prolonged disruption could drive energy prices higher, with significant implications for oil-importing economies, including Pakistan.
Selling pressure persisted throughout the trading session, with banking, cement, fertiliser, oil and gas, investment and power stocks all closing lower.
The KSE-100 reached an intraday high of 178,112.05 before falling to a session low of 173,349.42 near the close.
The decline came as oil prices climbed to a one-month high amid growing concerns that escalating tensions in the Gulf could disrupt global energy supplies.
Despite the sharp decline, investor activity remained strong.
More than 912 million shares changed hands during the session, with the total value of trades reaching about $160 million.
Selling was widespread, with 439 of the 498 listed companies closing lower. Only 40 stocks advanced, while 19 remained unchanged.
Data from the National Clearing Company of Pakistan Limited (NCCPL) showed foreign investors remained net buyers, purchasing shares worth about $2 million.
Pakistan imports much of its oil, making developments in global energy markets closely watched by investors and policymakers.
A sustained increase in oil prices could raise the country's import bill, add pressure on inflation and complicate efforts to strengthen its external finances as Pakistan continues implementing reforms under its International Monetary Fund programme.
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