PSX crosses 176,000 points on US-Iran peace pact, investor confidence boosted

Pakistan Stock Exchange (PSX) recorded substantial rally on the first trading day of the week after news of agreement between Iran and United States which improved sentiments across regional financial markets.

The KSE-100 had kicked off the trading session on a bullish note, adding more than 4,500 points. The KSE-100 Index shot up to 176,917 points, a huge progress over last session.

The benchmark index finished at 172,399 points on the last trading day of the previous week. That recent rally has seen good purchasing and a better feeling among investors.

Meanwhile, share markets in Asia jumped on Monday (Oct 2) while the dollar sank and oil prices tumbled as a tentative peace deal between the United States and Iran raised hopes of easing inflationary pressures internationally and lessening the need for higher interest rates.

Pakistani Prime Minister Shehbaz Sharif stated on social media early Monday that an agreement had been reached, while President Donald Trump said the agreement includes opening the crucial Strait of Hormuz, without details.