PSX gains nearly 3,000 points to reclaim 170,000 milestone

KARACHI – The Pakistan Stock Exchange (PSX) opened on a higher note on first day of new business week amid renewed hopes for a peace deal between the US and Iran to end the Middle East conflict. In opening session, the KSE-100 index surged by 2,910.32 points or 1.73 percent to reclaim 170,000 points milestone. At the time of reporting, the index stands at 170,454.56 points. A day earlier, US President Donald Trump has said that negotiations with Iran are moving forward in a “constructive and orderly” manner, stressing that there is no hurry to finalise an agreement. In a post on his Truth Social platform, Trump said he had instructed US negotiators not to rush the process, adding that “time is on our side”. He also stated that the US naval blockade of Iranian ports would continue until a formal agreement was reached, verified and signed by both sides. “Both sides must take their time and get it right. There can be no mistakes,” Trump wrote, while adding that relations between the US and Iran were becoming “more professional and productive”. Oil Prices Global oil markets fell sharply on renewed optimism surrounding possible diplomatic progress between the United States and Iran, despite unresolved disputes continuing to cloud negotiations. Brent crude futures dropped $4.71, or 4.55%, settling at $98.83 per barrel by 2234 GMT. Meanwhile, US West Texas Intermediate (WTI) crude declined by $4.57, or 4.73%, to $92.03 a barrel. Earlier in the trading session, both benchmark contracts touched their lowest levels since May 7.