PSX gains nearly 900 points amid Iran-US interim peace deal

Karachi: Following the signing of a peace agreement between the United States and Iran, buying momentum continued at the Pakistan Stock Exchange (PSX), lifting the benchmark KSE-100 Index by nearly 900 points on Thursday to reclaim the 181,000-point level.

According to market details, investors responded positively at the opening of trading, driving the benchmark index to an intraday high of 181,869.33 points.

However, profit-taking later pared some of the gains, causing the index to retreat to an intraday low of 181,045.34 points. The market regained momentum during the final hour of trading, leading to a strong recovery.

At the close of the session, the benchmark KSE-100 Index settled at 181,398.21 points, up 887.19 points, or 0.49%, from the previous close.

Prime Minister Shehbaz Sharif said on Thursday that, following the signing of a memorandum of understanding between the United States and Iran aimed at ending the conflict in the Middle East, Tehran would immediately reopen the Strait of Hormuz, while the U.S. naval blockade of Iranian ports would also be lifted without delay.

In a post on X, Shehbaz Sharif stated that the memorandum would take immediate effect. As an initial step, Iran would reopen the Strait of Hormuz immediately, and the United States would simultaneously end its naval blockade.