PSX: Buying returns, KSE-100 up over 1,100 points on hopes of easing Middle East tensions

Buyers returned to the Pakistan Stock Exchange after a session of heavy early selling, as hopes around Strait of Hormuz talks lifted sentiment. By 3:20pm, the KSE-100 stood at 169,975.37, a gain of 1,110.33 points or 0.66 per cent.

Business Recorder, citing the Financial Times, reported that Gulf foreign ministers and Iran's counterpart are set to gather on Monday in Salalah, a coastal city in Oman. The talks form part of a push by Oman and Iran to win support for a temporary plan to regulate shipping through the Strait of Hormuz.

The index had lost 3,078.56 points, or 1.79 per cent, on Thursday and closed at 168,865.04 after renewed US-Iran hostilities and a jump in crude prices drove heavy selling. Brent crude reached $109.97 a barrel, a four-month peak, while Asian equities also declined and investors weighed possible tighter monetary policy as bond yields rose.