PSX tumbles over 2,800 points in intraday trade on back of uncertainty over US-Iran talks

The Pakistan Stock Exchange (PSX) benchmark KSE-100 index experienced a significant intraday tumble of over 2,800 points, ending a four-day gaining streak. This decline on Friday, which saw the index drop by 1.58 percent to 178,539.46 points by midday, was primarily attributed to renewed uncertainty surrounding US-Iran relations. Optimism had previously fueled market gains following the 'Islamabad MoU' and falling oil prices. However, the postponement of planned US-Iran talks in Geneva and subsequent Israeli strikes on Lebanon after the peace deal signing, as noted by AKD Securities' Awais Ashraf, eroded investor confidence, contradicting analysts' expectations for sustained positive momentum.