KARACHI: The Pakistan Stock Exchange (PSX) witnessed a remarkable rebound on Friday, soaring by more than 3,000 points during intra-day trading. Market analysts attributed the surge to the recent extension of a ceasefire agreement between Pakistan and Afghanistan, which eased investor concerns following heightened border tensions.
By noon, the benchmark KSE-100 Index had climbed 3,319.21 points, or 2.12 percent, reaching 160,052.08 points, signaling renewed investor confidence after a volatile week.
The rally came just a day after both countries agreed in Istanbul to prolong the ceasefire, which was originally reached in Doha on October 19 after some of the worst cross-border clashes in years. The truce, now extended until November 6, will be accompanied by a monitoring and verification mechanism to ensure compliance, with Turkiye and Qatar continuing their mediation efforts.
Market experts say the development has restored optimism among traders and investors who had been rattled by recent geopolitical uncertainty.
“Reports confirming that Pakistan and Afghanistan will maintain a ceasefire have sparked strong buying activity,” said Ahsan Mehanti, CEO of Arif Habib Commodities. He added that ongoing corporate earnings announcements also contributed to the bullish momentum.
Islamabad has cautioned that the ceasefire remains conditional, emphasizing that ay failure by Kabul to act against Tehreek-e-Taiban Pakistan (TTP) hideouts would be viewed as a violation of the agreement.
Earlier this week, the PSX had been under pressure amid escalating border tensions. On Thursday, the index had lost 1,732.19 points, or 1.09 percent, closing at 156,732.87 points.
The latest peace breakthrough has therefore come as a major relief for investors, helping to stabilize sentiment and pushing the market back into positive territory.
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