KARACHI – Pakistan Stock Exchange (PSX) opened new business week with massive gains as the US and Iran have paused attacks, raising hopes for a diplomatic solution to end the escalation in the Middle East.
The KSE-100 index gained more than 7,000 points in early trading session to climb to 178,213 points reflecting a positive change of 4.21 percent compared to previous close of 171,021.20 points.
Iran has said that retaliatory strikes have been halted after the United States paused military attacks.
Iranian military spokesperson Mohammad Reza Akraminia said the US had suspended its attacks over the past two nights, prompting Iran to halt its retaliatory operations as well.
When asked whether this meant the US had unilaterally reinstated a ceasefire, Akraminia replied that Washington was “suffering from strategic decision-making fatigue” and lacked a clear strategy. He said this was evident in both President Donald Trump’s decisions and the performance of the US Central Command (CENTCOM).
According to the spokesperson, Iran’s military operations during the recent 14- to 15-day conflict were primarily focused on US radar installations and support facilities. He said the objective was to deter Washington from launching further attacks.
Akraminia added that Iran had also sought during the conflict to bring the US back to the negotiating table so it would implement the provisions of the memorandum of understanding between the two countries.
His remarks came as US media reported that President Donald Trump had, for the time being, postponed plans for further large-scale military strikes against Iran. According to the reports, a significant depletion of US defensive missile stockpiles was among the factors behind the decision.
Furthermore, the State Bank of Pakistan is scheduled to announce its monetary policy decision today (Monday), with market expectations pointing towards an unchanged policy rate.
