KARACHI: The KSE-100 rebounded by 2,380.21 points to 179,463.43 on Wednesday, as hopes for US-Iran peace and falling oil prices improved sentiment.
Pakistan Stock Exchange data showed the benchmark at 179,308.16 by 11:44 am, up 2,224.94 points, or 1.26%, from Tuesday’s close of 177,083.22. The index traded between 178,512.09 and 179,463.43.
The supplied market report linked the recovery to renewed diplomatic efforts aimed at ending the US-Iran conflict and restoring commercial traffic through the Strait of Hormuz.
US Treasury Secretary Scott Bessent said an agreement to reopen the strait could be reached soon. Reports on Wednesday said the United States, Iran and Oman were nearing an interim arrangement, although no final deal had been announced.
Read: S&P 500 Hits Record as Palantir, Caterpillar Surge
Oil prices fell as traders assessed the diplomatic signals. Brent crude settled 5.3% lower at USD 79.36 a barrel on Tuesday, while US West Texas Intermediate crude closed 5.7% lower at USD 75.77, according to FactSet data cited by MarketWatch.
Pakistan’s market also retained support from S&P Global Ratings’ July 22 upgrade of the country’s long-term sovereign rating to “B” from “B-”, with a stable outlook.
