KARACHI: The Pakistan Stock Exchange opened the week with a sharp gain, as the KSE-100 index rose 2,870 points in early trade, aided by lower oil prices and expectations of progress in US‑Iran talks.
KARACHI: The Pakistan Stock Exchange opened the shortened trading week on a strong footing on Monday, with the benchmark KSE-100 index climbing 2,870 points in early trade.
By 9:39am the index had risen to 170,714 points from the previous close of 167,844.24 points, according to market data.
The increase coincided with expectations of a US‑Iran arrangement to open the Strait of Hormuz, while international oil prices fell on Monday, with North Sea Brent crude dropping close to five percent to $99.41 per barrel and West Texas Intermediate slipping to $92.49 per barrel.
Last week the market closed in positive territory, as improving diplomatic signals related to the Middle East conflict bolstered investor sentiment and spurred value‑buying across major sectors, pushing the KSE-100 index above 167,000 points. Arif Habib Ltd reported that the benchmark added 2,248 points (1.36 %) on a week‑on‑week basis, closing at 167,844.24 points. The rally was driven largely by expectations of progress in US‑Iran talks, with Pakistan said to be facilitating back‑channel diplomacy, easing concerns about oil supply disruptions and supporting equities.