Karachi shares rise 1pc after Iran deal, index closes at record level

Nov 30, -0001
Web DeskKARACHI: Karachi shares rose around one percent on Monday helping the index to touch an all-time high as investors cheered the landmark nuclear deal between Iran and the world powers.In early morning trade the Karachi Stock Exchange’s benchmark 100-share index was trading at 24,080.17, up 232.60 points or 0.96 percent. But the index closed at 23,978 points - a record high level.“Investors believe that the deal with Iran will help ease regional tensions and it will be beneficial for economy of the region,” said a senior dealer.Major international markets were also buoyed over the weekend deal reached at Geneva on Sunday between Iran and six global powers including the United States. International oil prices also eased as Brent crude oil shed $2.47 to $108.58 a barrel, its biggest daily drop in a month.Dealers said that the market outlook is positive in the near term, adding the index is likely to face resistance at 24,500 points. – SAMAA






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