The Pakistan Stock Exchange’s benchmark index on Monday rose 4,000 points during intraday trade.

The KSE-100 index gained 4,170 points to reach 167,164.26 points from the previous close of 162,994.17 points at 11:29pm.

According to Mettis Global, the sharp rally came as investors reacted positively to developments surrounding rising tensions between Iran and the United States, alongside efforts to stabilise the situation in key global energy routes.

Global oil prices eased on Monday after US President Donald Trump said the country would begin an effort to free up ships stranded in the Strait of Hormuz, although the lack of a US–Iran peace deal kept prices supported above $100.

Monday’s rally comes after the stock market ended its fourth consecutive session on a jittery note. The fall reflected investor nervousness over geopolitical tensions and surging oil prices, clouding the economic outlook.

Analysts have warned that Pakistan’s inflation is likely to remain in double digits if the surge in oil prices persists amid the unresolved Middle East conflict, adding that rising costs and disrupted imports are already straining the country’s external position.

Vote counting in key Indian state elections was underway on Monday under tight security, with the focus on West Bengal, where Prime Minister Narendra Modi’s party is hoping for crucial gains.

Elections in five states and territories took place in April and May, and Modi’s Bharatiya Janata Party (BJP), the ruling party in the national parliament, is hoping to make inroads into opposition-held states.

In West Bengal, the Hindu-nationalist BJP waged an aggressive bid to dislodge Chief Minister Mamata Banerjee, the firebrand leader of the All India Trinamool Congress (TMC), in power in the state of 100 million people since 2011.

Exit polls last week predicted the BJP has a slight edge over TMC, although exit polls have a patchy record in India.

“The entire country has its eyes on this state’s election results,” political analyst Biswanath Chakraborty told AFP, in the main city Kolkata.

“The contest can tilt the balance of power.”

The campaign this time was marked by protests over the removal of millions of names from voter rolls, billed as removing ineligible voters, but which critics said was skewed against marginalised and minority communities.

Banerjee, speaking ahead of the count, insisted her TMC would win.

“The BJP is not coming, take my word for it,” she said. “Be patient till the last.”

But West Bengal’s BJP chief Samik Bhattacharya told AFP he was confident of a win.

“It was an election of rejection,” he said. “People of the state want change. The ruling Trinamool Congress will be defeated.”

Past elections have resulted in violence in the state.

In the southern state of Tamil Nadu, a key industrial hub with more than 80 million people, the ruling Dravida Munnetra Kazhagam (DMK) under Chief Minister MK Stalin is widely expected to be re-elected.

Votes are also being counted in Assam, an eastern state of more than 31 million, which the BJP is widely expected to maintain control of, and the small coastal territory of Puducherry, where the BJP is part of a ruling coalition.

In Kerala, the tightly contested race in the southern state of approximately 36 million, exit polls suggest the Congress party-led alliance is tipped to oust the Communist party.

Wins in the state elections would put Modi on a stronger footing while battling a series of economic and foreign policy challenges, including high unemployment rate and a pending US trade deal.

Deputy Prime Minister and Foreign Minister Ishaq Dar spoke with Iranian Foreign Minister Abbas Araghchi, with the regional situation and Pakistan’s ongoing diplomatic efforts coming under discussion, the Foreign Office (FO) said on Monday.

“Discussion focused on the regional situation and Pakistan’s ongoing diplomatic efforts for peace and stability in the region,” the FO said, adding that the call took place late Sunday night.

It added that the Iranian foreign minister appreciated Pakistan for its “constructive role and sincere mediation efforts between the parties”.

The FO said that Dar reaffirmed Pakistan’s continued commitment to promoting constructive engagement and underscored that “dialogue and diplomacy remain the only viable path toward the peaceful resolution of issues and achieving lasting peace and stability in the region and beyond”.

The development comes after Tehran said on Sunday that the United States had responded to its new peace proposal. Iranian state media said Washington had conveyed its response to Iran’s 14-point proposal via Pakistan, and that Tehran was now reviewing it.

Subsequently, US President Donald Trump said that his representatives were having “very positive discussions” with Iran that could “lead to something very positive for all”.

Negotiations between the US and Iran had been deadlocked since a ceasefire, brokered by Pakistan, came into effect on April 8, with only one round of direct peace talks held in Islamabad so far.

US news website Axios reported, citing two sources briefed on the proposal, that it set “a one-month deadline for negotiations on a deal to reopen the Strait of Hormuz, end the US naval blockade and permanently end the war in Iran and in Lebanon”.

Separately, Al Jazeera reported, citing sources, that the proposal envisaged three main stages, aiming to “transform the ceasefire into an end to the war within 30 days”.

According to the report, the proposal “envisions a pledge of nonaggression, including from Israel, to ensure there’s no return to war and an end to fighting throughout the Middle East”.

It said the proposal suggested the gradual reopening of the Strait of Hormuz in the first phase, as well as lifting the US blockade of Iranian ports.

Under the proposed plan, Tehran would take charge of dealing with sea mines, the report said.

It added that the second phase was proposed to include “Iran’s return to uranium enrichment after the time limit at 3.6 per cent in accordance with the ‘zero-storage principle’“.

Moreover, the plan includes the US and Israel refraining from attacking Iran and its allies in exchange for Iran refraining from launching strikes, the report said, adding that Iran had also rejected “dismantling nuclear infrastructure or destroying Iran’s facilities”.

“Lifting sanctions includes the gradual release of frozen funds,” it said.

In the third phase, Tehran proposed to enter “into a strategic dialogue with Arab neighbours and building a security system that includes the entire Middle East”, the report stated.

Over 60 per cent of Hong Kong’s homeless are unfamiliar with how to apply for medical waivers, and nearly three-fifths are reducing medical visits due to increased public hospital fees, an NGO has found.

ImpactHK, which serves the city’s homeless, surveyed 120 people between February and March to understand how medical fee reforms were affecting the community.

The survey was done after a sweeping public hospital fee overhaul came into effect on January 1, which increased prices of some services, such as accident and emergency (A&E).

At the same time, authorities relaxed the threshold for medical waivers, allowing more people to qualify for more affordable healthcare.

ImpactHK’s survey, however, found that only 38.7 per cent of respondents indicated they understood how to apply for the waivers.

Around 32 per cent said they had a slight idea, while almost 30 per cent said they had no knowledge at all.

Citing its figure that 73 per cent of respondents knew that the fee waivers existed, ImpactHK said there was a “high awareness, low mastery” gap.

It urged the government to simplify documentation requirements for the waiver applications. Currently, applicants must submit income proof for at least the past six months.

The NGO said that the homeless face challenges in keeping documents in order while living on the streets, which are subject to frequent sweeps by authorities.

Some banks charge HK$50 for each physical monthly statement, and while access to digital statements may be exempt from administrative fees, it is difficult for them to have a smartphone and a phone number, the NGO said.

ImpactHK urged automatic fee waivers for people experiencing homelessness who are registered with outreach teams to “bypass the digital and administrative divide.”

It also said that NGOs should be allowed to act as correspondence addresses for those who are homeless, as they do not have a fixed abode.

60% cutting hospital visits

The increased public hospital fees were part of the government’s sweeping subsidy reforms, which authorities said were needed to strengthen the sustainability of the healthcare system.

Under the new pricing structure, A&E patients classified as urgent, semi-urgent or non-urgent – per the Hospital Authority’s five-tier triage system – are charged HK$400, up from HK$180. Those categorised as critical or emergency are treated for free.

Fees for general outpatient clinics and specialist outpatient clinics also increased.

According to ImpactHK’s survey, almost 60 per cent of respondents said they were reducing their trips to the hospital as a result of the increased fees.

Almost 30 per cent said they were seeking other subsidised alternatives for medical services, and around 13 per cent said they were cutting down on other expenses to handle the burden of increased medical fees.

See also: Less-urgent visits to Hong Kong public hospitals’ A&Es down 21% after fee rise

Regarding the medical waiver applications, ImpactHK said around one-third of respondents indicated they were worried that the information they provided would be insufficient and that the process would take too long.

The NGO also said the current waiver threshold of HK$7,575 for a single-person household was “unrealistically low.” It proposed increasing the threshold to the median monthly income, which stands at HK$10,500 as of the last quarter of 2025.