https://arab.news/ptzyt
- KSE-100 index gained 3,319.21 points or 2.12 percent to be suspended at 160,052.08 by noon
- Pakistan and Afghanistan saw the worst clashes between them this month that killed dozens
ISLAMABAD: The Pakistan Stock Exchange (PSX) gained more than 3,000 points during intra-day trading on Friday, with an analyst attributing the jump to an extended ceasefire between Pakistan and Afghanistan.
The benchmark KSE-100 index gained 3,319.21 points, or 2.12 percent, to be suspended at 160,052.08 points by noon on Friday.
The development came a day after Pakistan and Afghanistan agreed in Istanbul to extend a ceasefire, following the worst border clashes between the two countries in years.
Ahsan Mehanti, chief executive officer at Arif Habib Commodities, said speculation in the earnings seasons played a catalyst role in bullish activity after the ceasefire.
“Bullish activity witnessed after reports of Pakistan, Afghanistan agreeing to maintain ceasefire in the cross-border conflict,” he told Arab News.
The two neighbors have agreed to extend the ceasefire, reached in Doha on Oct. 19, until the next round of talks scheduled for Nov. 6 in Istanbul, and to establish a monitoring and verification mechanism to ensure peace and penalize either country for any violations. The talks have been mediated by Turkiye and Qatar.
Pakistan has warned that the ceasefire is conditional, saying it will treat Afghanistan’s failure to act against Pakistani Taliban (TTP) hideouts as a breach of the extended truce.
The PSX reported losses during the conflict. On Thursday, it extended shed 1,732.19 points, or 1.09 percent, to close at 156,732.87 points.