pkstockexchange
(Daily Jurat)The Pakistan Stock Exchange (PSX) surged by more than 14,000 points on Wednesday after Pakistan’s diplomatic efforts paused the ongoing US-Israel war on Iran, registering its highest-ever single-day gain.
The benchmark KSE-100 index jumped to 165,811.00 points after rising by 14,137.55 points or 9.32%, up from the previous close of 151,673.45 points. The market was halted minutes after opening due to the surge and resumed trading at 10:42am.Mediated by Pakistan, US President Donald Trump agreed to a two-week ceasefire with Iran, less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face devastating attacks on its civilian infrastructure.
Iran’s foreign minister, Abbas Araqchi, said in a statement Tehran would cease counter-attacks and provide safe passage through the waterway, if attacks against it stop.
Prime Minister Shehbaz Sharif also announced that he has invited the leadership from both nations to Islamabad on April 10 to further negotiate a conclusive agreement to settle all disputes.
“Oil prices have reduced 15%, and global markets, along with ours, are now recovering. We had had a sharp correction of 20–22%, and the market is starting to reduce the war/macro discount and looking forward to normalisation.”
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