KARACHI – Pakistan Stock Exchange (PSX) rebounded with significant gains on Friday as investors hopes for positive outcome of the upcoming talks between the US and Iran in Islamabad.
The KSE-100 index surged by 2,640.31 points to climb to 168,157.82 points, reflecting a positive change of 1.6 percent compared to previous close of 165,517.51 points.
Experts suggest the investors are assessing the durability of the Iran-US ceasefire and upcoming peaces talks between Israel and Lebanon.
A day earlier, the benchmark index plunged by 293 points to close at 165,517 points due to uncertainty sparked after Israel launched attack in Lebanon causing over 200 causalities.
Oil prices rose on Friday amid renewed concerns about supply disruptions from Saudi Arabia and the continued near-halt of tanker movements through the strategically important Strait of Hormuz.
Brent crude futures increased by 58 cents, or 0.6%, reaching $96.50 per barrel as of 0338 GMT. Meanwhile, West Texas Intermediate (WTI) futures climbed 49 cents, or 0.5%, to $98.36 per barrel.
