Shafaqna Pakistan: The Pakistan Stock Exchange (PSX) saw a strong rebound on Monday as investors reacted to signs of progress in efforts to ease Middle East tensions and US President Donald Trump’s announcement to assist ships stranded in the Strait of Hormuz.
In early trading, the benchmark KSE-100 index surged by 3,498.32 points to reach 166,492.49, reflecting a gain of 2.15% from the previous close of 162,994.17.
Global markets showed cautious optimism, with Asian shares inching higher while oil prices remained largely steady as investors assessed developments in the region alongside a busy week of corporate earnings and economic data.
In currency markets, the Japanese yen strengthened sharply, with the dollar falling as much as 0.9% to 155.7 yen before recovering slightly. Traders remained watchful for possible intervention after Japanese authorities stepped in last week to support the currency.
President Donald Trump said the U.S. would begin an effort to free up ships stranded in the Strait of Hormuz on Monday morning, though he gave no details of the plan.
A statement from the U.S. Central Command said support would include guided-missile destroyers, over 100 land- and sea-based aircraft and 15,000 service members. A report from Axios later claimed the Navy would not necessarily escort ships through the strait.
Iran earlier said the U.S. had responded to its 14-point proposal via Pakistan and it was reviewing the response, though Trump said it was unlikely to be acceptable.
Source: Dunya News
