KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) witnessed moderate activity on Tuesday amid uncertainty over US-Iran peace deal.
During intraday trading, the benchmark index KSE-100 raised to 164,246.70 points, up 297.76 points or 0.18% from the previous close of 163,948.94.
Trading activity saw a high of 164,293.30 and a low of 162,532.98, with a total volume of 45.8 million shares changing hands.
The overall market value reached 3.42 billion PKR, reflecting cautious optimism among investors as trading began.
Stocks in Asia slid on Tuesday while oil prices eased but remained well above $100 a barrel, as the U.S. and Iran continue to work towards a truce while at the same time trading blows over the Strait of Hormuz.
Traders also had their eyes on the yen after the Japanese currency briefly jumped in the previous session, stoking speculation of another round of intervention from Tokyo.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.3%. Shares in Australia (.AXJO) fell 0.4% in thinned Asia trade, while markets in Japan and South Korea were closed for a holiday.
The U.S. and Iran launched new attacks in the Gulf on Monday as they wrestled for control over the Strait of Hormuz with duelling maritime blockades, not long after U.S. President Donald Trump launched a new effort to get stranded tankers and other ships through the vital energy-trade chokepoint.
Maersk (MAERSKb.CO) said the Alliance Fairfax, a U.S.-flagged vehicle carrier operated by its Farrell Lines subsidiary, exited the Gulf via the Strait of Hormuz accompanied by U.S. military assets on Monday.
In oil markets, Brent crude futures fell 0.5% to $113.85 a barrel while U.S. crude slid 1.3% to $105.03, having jumped in the previous session on heightened worries about supply disruption.
Geopolitics aside, investors were also bracing for earnings reports this week, with Advanced Micro Devices (AMD.O) and Pfizer (PFE.N) among those set to release results later in the day.