Pakistan’s sovereign bonds rose over 4 cents on Monday, according to Tradeweb data, as the ceasefire with India, announced over the weekend, took effect.

The 2036 bond saw the largest increase, gaining 4.46 cents to reach a bid of 77.04, while the 2031 bond rose by nearly 4 cents, being bid at 83 cents on the dollar.

The nuclear-armed neighbors agreed to a ceasefire on Saturday after several days of escalating conflict, and the military leaders of both countries are scheduled to discuss the next steps on Monday.

Also, the recent ceasefire has begun to positively impact the country’s economy, particularly evident in a significant rise in the Pakistan Stock Exchange at the start of the trading week.

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