PSX witnesses powerful rally as Trump announces Iran-Israel ceasefire

KARACHI : The Pakistan Stock Exchange (PSX) made a strong comeback on Tuesday after the US President Donald Trump announced a ceasefire agreement between Iran and Israel, preventing further escalation in the Middle East.
During intraday trading, the KSE-100 index benchmark gained massive 5,878.15 points points to reach 122, 045.62 points, reflecting the positive sentiments of investors after the ceasefire announcement by the US. Following the 5.06% surges in shares, the trading was suspended for one hour as per the rules.However, the benchmark maintained its gaining streak after trading was resumed and added another 516 points to reach 122,562.20 points.
A day earlier, the stock market witnessed a bearish trend as the shares plunged by 3,855.77 points, a negative change of 3.21 percent, to close at 116,167.47 points. A total of 595,010,639 shares worth Rs23.488 billion were traded during the day.
The US president has just announced that Israel and Iran have agreed to a complete and total ceasefire which would eventually lead to an end to the war.
US President Donald Trump announced that Iran and Israel had agreed to a staggered ceasefire beginning at approximately 4 am GMT Tuesday that would bring about an ‘official end’ to the 12-day conflict.”It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE,” Trump wrote Monday on his Truth Social platform.
On the other hand, an Iranian official claimed that Tehran never received a ceasefire proposal from the United States and saw no reason to end the war with Israel and the United States, the official told CNN on Monday night.
The official claimed that Tehran would continue the war and that remarks from Israeli and US leaders would be viewed as a “deception” to justify continued attacks on Iran.
“At this very moment, the enemy is committing aggression against Iran, and Iran is on the verge of intensifying its retaliatory strikes, with no ear to listen to the lies of its enemies,” the official said.