Summary Pakistan Stock Exchange surged over 4,000 points to 164,683 on hopes for Middle East peace, while Asian stocks rose and oil prices fell amid US-Iran dialogue optimism
KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) opened in the green on Tuesday, registering a significant recovery amid hopes for resolution of the Middle East war even the US has imposed a blockade on Iranian ports.
During intraday trading, the KSE-100 index surged by over 4,000 points, reaching 164,683 points compared to previous close of 160,591 points.
Meanwhile, Asian stocks advanced while oil prices and the safe-haven dollar fell on Tuesday as investors banked on a resolution to the Middle East war.
Sources told Reuters that Washington and Tehran have left the door open to dialogue, and a U.S. official said there was forward motion on trying to get to an agreement.
Investors latched on to hopes for an off-ramp, lifting the overall market mood and sending MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) up nearly 2%, while Japan's Nikkei (.N225) rose more than 2%.
Nasdaq futures advanced 0.2% while S&P 500 futures held steady, following an overnight rally on Wall Street, while EUROSTOXX 50 futures gained 0.41% and DAX futures added 0.6%.
