PSX opens shortened trading week on bullish note; KSE-100 gains 4,000 points during intraday trade

The Pakistan Stock Exchange’s (PSX) benchmark index began the week on a strong note on Monday, gaining over 4,000 points during intraday trading. KSE-100 gained 4,013.17 points or 2.39 per cent to stand at 171,857.41 points at 3:24pm from the previous close of 167,844.24 points. The market opened with bullish momentum, gaining 3,594 points at 9:30am from Friday’s close. It then dipped to an intraday low of 170,161.66 points at 12:47pm, still in the green with a gain of 2,317.42 points. The development comes amid hopes that a deal between the United States and Iran to open the Strait of Hormuz could be announced soon. Earlier today, Tehran acknowledged that both sides have “reached a conclusion” on many issues, but cautioned that an agreement was not necessarily imminent. 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