PSX hits record high on US-Iran ceasefire hopes; trading paused amid volatility

Karachi: The Pakistan Stock Exchange (PSX) witnessed an extraordinary surge at the start of trading today, with the benchmark KSE-100 Index jumping by a massive 12,920 points to reach an all-time high of 164,594 points.

The unprecedented rally triggered a temporary suspension of trading as market activity exceeded regulatory thresholds. Similarly, the KSE-30 Index surged by 4,019 points to hit 49,957 points, prompting a halt after crossing the 5% upper limit.

Market analysts attribute this remarkable bullish trend to positive developments in both global and regional landscapes, boosting investor confidence.

In a significant geopolitical development, a two-week ceasefire has been announced between the United States and Iran. The move is being described as a major diplomatic breakthrough, with sources indicating that Pakistan played a key role in easing tensions between the two nations.

Meanwhile, global oil markets also saw a sharp decline in prices. US crude fell by $16.67 to settle at $96.28 per barrel, while Brent crude dropped by $14.67 to reach $94.60 per barrel.

Other global oil benchmarks also recorded notable declines, while natural gas prices dipped to $2.74.

Iran Accepts Pakistan’s Proposal for Two-Week Ceasefire

Iran has accepted Pakistan’s proposal for a two-week ceasefire, with approval from the country’s new Supreme Leader. Talks between Iran and the United States are scheduled to be held in Islamabad, where Pakistan will act as a mediator.

The negotiations are expected to last up to 15 days, with the aim of reaching a final agreement, according to a statement from Iran’s National Supreme Council.