Pakistan Stock Exchange Surges After Trump Delays Iran Strike; Market Sees Sharp Rally
KARACHI: Pakistan Stock Exchange (PSX) witnessed a strong bullish trend on the second trading day after former U.S. President Donald Trump announced a temporary delay in planned strikes on Iran.
The positive sentiment pushed the benchmark 100-index of the Pakistan Stock Exchange up by 2,248 points, reaching the level of 164,053 points during intraday trading.
Meanwhile, the interbank foreign exchange market also showed slight stability, with the US dollar declining by 3 paisa to Rs 278.57, compared to the previous closing rate of Rs 278.60.
Reports suggest that the market reaction followed Trump’s statement that the planned Tuesday strike on Iran had been temporarily postponed upon requests from Saudi Arabia, Qatar, and the United Arab Emirates, adding that Iran still has a strong opportunity to reach a deal.
