PSX: Stock surge over 400 points as markets eye Iran, US truce

Business Recorder reported that the Pakistan Stock Exchange started Friday's session on a firm note, as the KSE-100 index climbed more than 400 points early in trading. The index was trading at 170,937.36 at 9:53am, a gain of 438.42 points, or 0.26 per cent. Market participants were considering whether the US and Iran might agree to a ceasefire.

Investors bought shares in carmakers, cement makers, banks, oil and gas explorers and power producers. Index-heavy names including OGDC, POL, PPL, HBL, MCB, MEBL and UBL were trading higher. Thursday's session had seen the index shed 1,733.57 points, or 1.01 per cent, to close at 170,498.95, as higher crude prices, limited progress in US and Iran talks and worries over a possible US diesel export ban hit sentiment.

Separately, Saudi Arabia, Turkiye and Pakistan are due to hold an urgent high-level meeting under their joint defence pact to discuss support for the kingdom amid Houthi attacks in Yemen. Tehran is also trying to create space between itself and the quick progress of its Houthi partners. Asian shares were steady as a bond sell-off lifted long-dated US yields to their highest in roughly two decades. Brent, trading near $105, has revived inflation fears after prices climbed past $100 a barrel, strengthening bets on further Federal Reserve rate hikes.