Business Recorder
Buying momentum was observed at the Pakistan Stock Exchange (PSX) on Wednesday, after US President Donald Trump said on Tuesday that he was halting the US military operation to escort ships through the Strait of Hormuz after just one day, in a bid to reach a deal with Iran to end the Middle East war. At 9:35am, the benchmark index was hovering at 167,880.73, up by 3,138.26 points or 1.90%. Buying was seen in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HBL, MCB, UBL, MARI, OGDC, PPL, POL, PSO and SSGC, traded in the green. On Tuesday, PSX extended its gains , closing higher as early optimism driven by easing geopolitical tensions outweighed late-session volatility triggered by uncertainty in global energy markets. The benchmark KSE-100 Index gained 793.53 points or 0.48% to close at 164,742.47 points, Internationally, stocks leapt, oil prices sank, and the dollar dropped in the Asian morning on Wednesday after US President Donald Trump touted “great progress” towards a “final agreement” with Tehran, while momentum in AI-driven trades accelerated. Trump said he would briefly pause an operation escorting ships through the Strait of Hormuz, which carries about a fifth of global oil and has been blockaded by Iran since late February, triggering a global energy crisis. The news sent Brent crude tumbling 1.2% to $108.51 per barrel, while S&P 500 e-mini futures were up 0.3%. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 2.3% to a fresh record, led by a 5.1% surge in South Korea’s Kospi clearing the 7,000 mark for the first time. Stocks on Wall Street hit fresh records on Tuesday as the S&P 500 rose 0.8% and the Nasdaq Composite gained 1%. This is an intraday update
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