The Pakistan Stock Exchange on Monday opened the new trading week on a strong note following US President Donald Trump's announcement of negotiations with Iran, reported 24NewsHD TV channel.
At 11:34 am, the PSX’s benchmark KSE-100 Index was hovering at 178,453.54, up by 2,359.43 points or 1.32%. At the close of business on Monday, the inded registered a handsome gain of 2,105.91 points or 1.18 percent to 178,200.02 points.
Buying was observed in key sectors, including commercial banks, cement, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HBL, MCB, MEBL, NBP, OGDC, PPL, POL, PSO and HUBCO, traded in the green.
Market analysts attributed the sharp gains to improved global investor sentiment after the announcement of US-Iran talks, which eased concerns over regional tensions and boosted optimism in financial markets.
During the previous week, PSX had rebounded strongly, snapping a three-week losing streak as easing geopolitical tensions following the cessation of hostilities between the United States and Iran significantly improved investor sentiment.
The decline in international Brent crude oil prices by around 9% week-on-week to below $90 per barrel further boosted risk appetite, helping the benchmark KSE-100 Index recover more than 5,000 points over the week.
According to the weekly market review, the benchmark KSE-100 Index gained 5,072.93 points, or around 3% week-on-week, to close at 176,094.13 points.
Internationally, oil prices skidded, and stocks wobbled on Monday as hopes of peace in the Middle East grew, while the yen jumped suddenly after the US and Japan confirmed joint intervention to prop up the frail currency.
S&P 500 futures rose 0.4% while Nasdaq futures gained 0.6%. But Japan’s Nikkei dipped 1%, and South Korea’s KOSPI slid 3.6% after a turbulent July in which it slumped 22%.
Reporter: Kawish Memon