PSX opens week on bullish note as KSE-100 gains 2,800 points during intraday trade

The Pakistan Stock Exchange’s (PSX) benchmark index began the week on a strong note on Monday, gaining 2,800 points during intraday trade. The KSE-100 index gained 2,870 points to reach 170,714 points from the previous close of 167,844.24 points at 9:39am. The development comes amid hopes that a deal between the United States and Iran to open the Strait of Hormuz could be brokered. Oil prices also fell on Monday. The price of North Sea Brent crude and West Texas Intermediate slipped close to five per cent to $99.41 and $92.49 a barrel, respectively. Markets across Asia also climbed in early trade on hopes that Washington and Tehran will be able to overcome these hurdles. Tokyo soared more than 3pc in early trade on Monday, while Hong Kong and Seoul were closed for public holidays. Shanghai inched upwards, with Taipei, Manila, Bangkok, Jakarta, Singapore, Sydney and Wellington also climbing. Kuala Lumpur was down 0.1pc. The stock market had closed last week on a positive note amid improving diplomatic signals surrounding the Middle East conflict, which lifted investor sentiment and encouraged value-hunting across key sectors, pushing the benchmark KSE-100 index above the 167,000-point level. According to Arif Habib Ltd (AHL), the KSE-100 index gained 2,248 points, or 1.36 per cent week-on-week, to settle at 167,844.24 points. The rally was largely driven by expectations of progress in US-Iran talks, with Pakistan reportedly playing a role in facilitating backchannel diplomacy. The development eased concerns over possible oil supply disruptions and supported equity market performance. Additional input from AFP