Global Calm Boosts Markets
In Pakistan Stock Exchange, the KSE-100 Index witnessed unprecedented gains on the third day of the trading week, surging over 12,362 points, bringing the index to 164,000 points. Trading was briefly halted due to the rapid surge but resumed shortly after.
The positive momentum extended to global markets. Japan’s Tokyo Stock Exchange Nikkei index jumped 5% to 55,960 points, while New Zealand’s DJ Stock rose 2.5% and Australia’s ASX gained 2.65%.
Analysts attributed this surge to the announcement by former US President Donald Trump to halt potential military action against Iran, combined with Iran’s acceptance of Pakistan’s proposal for a two-week ceasefire. Additionally, Iran’s decision to allow vessels to pass through the Strait of Hormuz eased global trade concerns and oil market volatility, further boosting investor sentiment.
Market experts suggest that if peace and stability in the region continue, global and local stock markets could see sustained upward momentum in the coming days.