KARACHI: Nervousness persisted on the Pakistan Stock Exchange (PSX) on Wednesday amid a resurgence in oil prices, as developments in the Middle East following a stalemate over holding a second round of peace talks continued to influence market sentiment, with the chances of an end to war dimming after both the US and Iran claimed the seizure of cargo ships in the Strait of Hormuz.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the PSX recorded a lacklustre session, with the KSE-100 index down 1,577 points, or 0.91 per cent, to close at 171,579.

The market remained volatile throughout the day, swinging in both directions, but ultimately closed in the red amid uncertainty over the timing of the US-Iran dialogue.

On the corporate front, Maple Leaf Cement Factory Ltd posted a 9MFY26 profit of Rs7.79bn, with earnings per share (EPS) of Rs7.44, down 1pc year-on-year due to elevated costs and taxation. The Hub Power Company Ltd reported a 3QFY26 profit of Rs10.8bn (EPS Rs8.3), down 2pc year-on-year amid margin pressure and a higher effective tax rate of 36pc.

Peace talks stalemate spooks investors

In contrast, Mari Energies Ltd outperformed, reporting 3QFY26 earnings of Rs21.1bn (EPS Rs17.6), up 33pc year on year, driven by stronger sales and a lower tax charge.

Topline Securities Ltd noted that amid heightened volatility, investor participation weakened, with trading volume dipping 9.54pc to 1.05 billion shares and traded value plunging 32.12pc to Rs37.2bn.

Key index constituents, including United Bank, Lucky Cement, Pakistan Petroleum, Habib Bank, and Oil and Gas Development Company, remained under sustained selling pressure, collectively eroding 762 points from the benchmark.

Amid uncertainty over the second round of US–Iran talks in Islamabad, sentiment is likely to remain cautiously supportive yet highly fragile. Any progress could boost confidence, while delays or negative developments may trigger volatility, leaving markets largely headline-driven and swift to react to geopolitical cues in the near term.

Published in Dawn, April 23rd, 2026