July 21, 2026
The Announcement Effect
The KSE-100 gained 2,442 points in a single session on July 21 on the news that Qatar, Oman, Egypt and Pakistan were mediating a 10-day US-Iran ceasefire proposal. No ceasefire had been agreed. No deal was on the table. The stock market priced in a war that might end before the war has actually ended. Pakistan's economy is now so deeply coupled to the Strait of Hormuz that a diplomat saying the right things in the right room can move Rs278 billion in equity value in an afternoon.









