ISLAMABAD: Positive expectations surrounding the ongoing Islamabad talks on a potential US-Iran ceasefire boosted investor confidence, driving a strong rally in the Pakistan Stock Exchange (PSX) in line with gains seen across Asian markets.
The surge was attributed to hopes of de-escalation in regional tensions and stability in global crude oil prices. As a result, the benchmark KSE-100 Index crossed the key milestones of 166,000 and 167,000 points during trading.
Overall, 88.21 percent of listed shares recorded gains, while the total market capitalization increased by Rs208.44 billion. The market remained in the green zone throughout both trading sessions, closing with a significant gain of 1,673.86 points at 167,191.37 points.
Meanwhile, in the international bullion market, gold prices rose by $30 per ounce to reach $4,753, which also pushed up prices in the local market. The price of gold per tola increased by Rs3,000 to Rs497,662, while the price per 10 grams rose by Rs2,572 to Rs426,664.
In the currency market, the Pakistani rupee strengthened slightly against the US dollar. By the close of trading, the dollar fell by one paisa in the interbank market to Rs279.01, while in the open market it declined by 14 paisa to Rs280.18.
Market analysts noted that global and local investors remained focused on the ceasefire developments, with expectations that successful talks could further stabilize financial markets in the coming days.
