Buying interest was witnessed at the Pakistan Stock Exchange (PSX) on Monday after Iran and the United States agreed to halt renewed hostilities, reported 24NewsHD TV channel.
During the opening hours of trading, the PSX’s benchmark KSE-100 Index gained over 600 points. At 10:35 am, the index was hovering at 180,346.51 points up by 675.25 points or 0.37%.
Buying was observed in key sectors, including cement, commercial banks, oil and gas exploration companies, OMCs, power generation, and refinery. Index-heavy stocks, including HUBCO, ARL, MARI, PPL, POL, HBL, NBP, and UBL, traded in the green.
The PSX extended its bullish momentum during the previous shortened three-day trading week as easing geopolitical tensions in the Middle East, investor-friendly amendments to the FY27 Finance Bill and lower domestic fuel prices continued to strengthen investor confidence.
According to weekly market review, the benchmark KSE-100 had Index gained 648.50 points, or 0.36%, during the last week to settle at 179,571.27 points.
Asian stocks wobbled on Monday after Iran and the United States agreed to halt renewed hostilities that had cast a shadow over an interim peace deal and kept oil prices supported, while the dollar stood tall near a one-year high on rate-hike bets.
A return to diplomacy in the Middle East would follow several days of tit-for-tat strikes since an Iranian projectile hit a cargo vessel in the Strait of Hormuz last week, with both sides accusing each other of breaking an interim ceasefire.
Futures for the S&P 500 and Nasdaq gained 0.4% while European futures rose 0.2%. South Korea’s KOSPI fell nearly 2%, while Japan’s Nikkei slipped 1%, leaving MSCI’s broadest index of Asia-Pacific shares down 0.4%.
Worries over the future of the peace deal lifted oil prices, which have given up almost all of their war-driven gains as markets quickly reprice the prospect of easing supply.