The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index continued its bullish momentum on Wednesday, surging by over 6,700 points as investors appeared hopeful of de-escalation in the Middle East. The KSE-100 index climbed by 6,768.25 points, or 4.55 per cent, to close at 155,511.56 from the previous close of 148,743.31. The market fluctuated between an intraday low of 151,262.76 points at opening and surged by 8,603.86 points to reach an intraday high of 157,347.17 at 1:13pm. AKD Securities Ltd said the KSE-100 was eyeing recovery on “rising hopes of Middle East de-escalation”. “KSE-100 index is expected to rebound after recording its worst monthly performance in March 26 in the past six years, as the likelihood of de-escalation in the Middle East conflict increases,” it noted. Arif Habib Ltd highlighted China and Pakistan’s joint call for an immediate ceasefire in the Iran war, noting that “additional news flow has also been positive with regards to de-escalation”. “Further positive news flow will drive...
Iran’s blockade of the Strait of Hormuz trade route in the Middle East war is driving up the costs of shipping fuel and goods around the world, industry data shows. Prices have risen because of falling capacity, with ships staying put in the Gulf for fear of attack if they set sail. Other ships are taking long, costly alternative routes to avoid the strait — while the reduction of oil flows has raised the price of boats’ fuel. “We’ve had to stop bookings … from and to the upper Gulf region because we can’t get the ships in nor out,” said Rolf Habben Jansen, chief executive of major container shipping line Hapag-Lloyd last week, estimating the war had driven up costs by “$40, 50 million per week”. “A big chunk of that is bunker fuel prices, but also in categories like insurance or container storage and inland transportation, we have seen costs go up, and we have six ships that we cannot use today, which reduces the available capacity,” he told a news conference. Here are five data indicators of how the crisis ...
Seafarers’ helplines say they are overwhelmed with messages from crews stuck in the Gulf by the Middle East war, desperately seeking repatriation, compensation and onboard supplies. “Writing to urgently inform you that our vessel is currently facing a critical situation regarding provisions and one crew health conditions,” read an email from one seafarer on March 24 to the International Transport Workers’ Federation (ITF)’s Seafarer Support team. “Immediate supply of food, drinking water, basic necessities is required to sustain the crew,” said the message to the team’s helpline. The ITF said it had received more than 1,000 emails and messages from seafarers stuck around the Strait of Hormuz and the wider region since the war erupted with US-Israeli strikes on Iran on February 28. Bomb strikes Some sought to clarify what their rights are while navigating a war zone, while others sent videos of bombings striking next to their ship and asked the federation for help to get off board, according to ITF documents s...