Asian stock markets witnessed a negative trend today despite a ceasefire between the United States, Iran, and Israel. Japan’s Nikkei and Shanghai Composite indices dropped by 0.8%, while South Korea’s Kospi index plummeted by 1.76%. India’s Sensex also recorded a 1% decline, and Hong Kong’s Hang Seng index slid by 0.4%. India’s Sensex stood at 77,897 points, a 0.4% increase from its previous level.
In contrast, the Pakistan Stock Exchange (PSX) saw a volatile trend on the fourth day of the business week. The previous day, the PSX closed at 1,65,811 points. Ali Hayder, the head of the Lahore Stock Exchange Association, stated that the decline in oil prices has led to a decrease in prices. The prices of gold in various currency markets have also reversed, with a slight increase in prices.
According to the State Bank, remittances have declined by 16.5% on a monthly basis and 5.5% on an annual basis. Industry sources also reported a 15% drop in crude oil prices. The All Pakistan Sarafa Jewellers Association stated that the price of gold per tola increased by 15,700 rupees, reaching 504,162 rupees. However, the price of gold declined slightly today.
The government has claimed that Pakistan has secured a deal with two friendly countries worth over $5 billion. Prime Minister Shehbaz Sharif and Qatari Emir Sheikh Tamim bin Hamad Al Thani have reportedly spoken on the phone. Saudi Arabian Crown Prince Mohammed bin Salman has decided to limit the number of vehicles in his official convoy.
Israeli Finance Minister Bezalel Smotrich has stated that Israel will expand its borders after the war, with the announcement of new settlements in the occupied West Bank. Lebanese President Joseph Aoun has reportedly initiated direct talks with Israel. Pakistani cricketer Babar Azam has surpassed Chris Gayle’s record by scoring 12,000 T20 runs in 338 innings.
