KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) rebounded significantly on Monday as investors monitor signs of progress in talks to end the Middle East conflict and US President Donald Trump’s announcement to assist ships stranded in the Strait of Hormuz.
During early trading, the KSE-100 index gained 3,498.32 points to climb to 166,492.49, marking a positive change of 2.15 percent compared to previous close of 162,994.17.
Meanwhile, shares edged higher while oil prices flatlined in Asia on Monday as investors drew comfort from signs of patchy progress in settling the Middle East conflict at the start of a week packed with earnings and key economic data.
The Japanese yen suddenly jumped in Asian trading, with the dollar falling as much as 0.9% to 155.7 yen before paring some of the losses. Traders are on alert for another intervention after Tokyo stepped into the market to shore up the currency last week.
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.