PSX opens shortened trading week on bullish note; KSE-100 gains 2,300 points during intraday trade

The Pakistan Stock Exchange’s (PSX) benchmark index began the week on a strong note on Monday, gaining over 2,300 points during intraday trading. The KSE-100 index had gained 3,594 points and was at 171,438 points at 9:30am, compared to Friday’s close of 167,844.24 points. By 1pm, the index had dipped to 170,189.87 points, up by 2,345.63 points (1.40 per cent). The development comes amid hopes that a deal between the United States and Iran to open the Strait of Hormuz could be announced soon. Oil prices also fell on Monday. The price of North Sea Brent crude and West Texas Intermediate slipped close to 5pc to $99.41 and $92.49 a barrel, respectively. Despite last-minute jitters, the stock market had closed last week in green territory 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, 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