Easing global oil prices and reduced concerns over a potential US-Iran military escalation helped improve investor sentiment.
Investors returned to the Pakistan Stock Exchange (PSX) on Tuesday after a long weekend, sparking a buying spree that lifted the benchmark KSE-100 index sharply in early trading.
KARACHI: The market, which remained closed on Monday for Iqbal Day, opened on a firm note. The benchmark index climbed to 176,739.00 points by 9:34am, gaining 2,852.32 points, or 1.64%, from the previous close.
The upward momentum subsequently gained pace, pushing the KSE-100 to 178,540.36 points by 12:04pm, up 4,653.68 points, or 2.68%.
The index touched an intraday high of 178,606.21 points, while its low stood at 176,273.72 points. Trading volume reached 227.49 million shares, with the traded value amounting to Rs21.35 billion.
The rally came amid improving investor sentiment as international oil prices extended their decline on Tuesday following US President Donald Trump’s remarks playing down the need for military action against Iran at that stage.
Brent crude futures fell 70 cents, or 0.75%, to $91.88 a barrel by 0246 GMT, while US West Texas Intermediate (WTI) declined 78 cents, or 0.90%, to $86.07 a barrel.
Both benchmarks had fallen around 1% earlier in the session.
The decline eased concerns about prolonged supply disruptions in the Middle East, providing some relief to markets worried about the economic fallout of an escalation in regional tensions.
Also Read
- French Students Escalate Nationwide Protests as Government Concessions Fall Short
- Hundreds of Offenders Set for Early Release Tuesday Amid Probation Oversight Concerns
- Honda Prioritizes Hybrid Lineup as Core of U.S. Electrification Strategy Through Early 2030s
- SECP Scrutinizes Khaadi IPO Prospectus for Compliance
