Karachi (HRNW)- The economic impact of the Iran-US ceasefire, following what is being described as Pakistan’s successful diplomatic efforts, was immediately visible in the global and local financial markets.
On Wednesday, the Pakistan Stock Exchange (PSX) recorded a massive surge of 12,920 points, pushing the KSE-100 Index to 164,594 points.
According to the PSX administration, trading activities were suspended for one hour after the sharp rise. As business opened in the morning, trading was halted at 9:37 am due to a more than 5% increase in the KSE-30 Index, with market operations resuming at 10:42 am.
After trading resumed, the bullish momentum continued, with the market maintaining a gain of around 12,730 points, taking the index to 164,404 points.
The announcement of a two-week conditional ceasefire between the United States and Iran triggered a strong reaction across global markets. Oil prices fell sharply, while stock markets recorded major gains.
The price of Brent crude declined by approximately 15.9% to $92.30 per barrel, while US crude oil fell by around 16.5% to $93.80 per barrel.
Experts, however, noted that oil prices still remain above the $70 per barrel level recorded on February 28, before the conflict escalated.
It is worth recalling that oil and gas supplies had been severely affected due to Middle East tensions, especially after threats concerning shipping routes through the Strait of Hormuz.
Following the ceasefire announcement, stock markets across the Asia-Pacific region also rallied strongly, with Japan’s Nikkei 225 rising 4.5% and South Korea’s Kospi gaining 5.5%.
Support HRNW’s business and economic reporting through your generous donation:
Donate here: www.hrnww.com/?page_id=1083
