The Pakistan Stock Exchange (PSX) on Wednesday saw a bearish trend amid growing tensions between the US and Iran after the latest exchange of strikes.

The KISE index shed 1,289.43 points or 0.73 percent to 175,177.56 points from previous close of 176,466.99.

The market traded between an intraday high of 175,519.88 and a low of 174,701.13.

The trading volume was 57,010,307 and the overall market value was listed at 3,482,780,690.

Asian equities tumbled on Wednesday as a bond market-led selloff on global markets spilt into the region following intensified attacks by the U.S. on Iran pushed oil prices higher.

MSCI’s broadest index of Asia-Pacific equities outside Japan (.MISX00000PUS) slumped 1.5% with South Korea’s KOSPI (.KS11) skidding more than 3% and the Nikkei 225 (.N225) off 2.6%. S&P 500 e-mini futures dipped 0.1%.

Brent crude futures rose for a second day in Asia trade, gaining 1.3% to $95.91 a barrel after the U.S. launched a round of airstrikes on Iran on Tuesday, which pushed oil prices to a five-week high earlier.

The Pakistan Stock Exchange (PSX) recovered during Tuesday’s trading session after incurring losses on the previous day.

The benchmark KSE-100 Index gained 412.79 points, or 0.23 percent, to close at 177,388.46 points.

The index began trading after completing the last session at 176,975.67 points. The KSE-100 during the present session touched the high and low of 177,800.28 points and 177,343.54 points respectively.

Trading activity has been strong with 93.97 million shares changing hands thus far.

The benchmark KSE-100 Index had turned bearish a day earlier, losing 720.83 points, or 0.41%, to settle at 176,975.68 points against 177,696.51 points recorded in the previous trading session.

Trading volume on the ready market climbed to 937.270 million shares on Monday from 658.327 million shares in the previous session. Traded value also rose to Rs39.134 billion from Rs31.454 billion.

The market capitalisation fell to Rs19.830 trillion on Monday from Rs19.885 trillion a day earlier.

 Taxpayers making incorrect or mismatched input tax credit claims will face a 20 per cent penalty in addition to repayment of the tax amount and default surcharge under the Finance Act 2026-27.

The new provision also imposes a 20pc penalty if tax credit claimed against fake invoices is not repaid within 60 days.

According to the Finance Act, the Federal Board of Revenue’s (FBR) computerised system will identify cases where input tax credit claimed by a registered taxpayer for a particular tax period does not correspond with the output tax declared by the relevant supplier during the same or a nearby tax period.

If the discrepancy remains unresolved after the taxpayer is served a notice, given an opportunity to explain the matter and provided a hearing, the taxpayer will be required to reverse the inadmissible input tax credit.

In addition to repaying the disputed input tax amount, the taxpayer will have to pay a penalty equal to 20pc of the mismatched input tax amount.

The taxpayer will also be liable to pay default surcharge under Section 34 of the Income Tax Act, according to the provisions outlined in the Finance Act.

The measures are aimed at tightening monitoring of input tax claims and preventing the misuse of the tax credit mechanism through incorrect claims and fake invoices.