PSX roars back after long weekend, KSE-100 jumps 4,654 points

Easing oil prices and reduced fears of US-Iran escalation lift investor sentiment

KARACHI:

Investors returned to the Pakistan Stock Exchange (PSX) with renewed enthusiasm on Tuesday after a long weekend, unleashing a strong buying spree that sent the benchmark KSE-100 index soaring as much as 4,654 points in morning trade.

The market, which remained closed on Monday for Iqbal Day, opened on a firm note, with the benchmark index climbing to 176,739.00 points by 9:34am, gaining 2,852.32 points, or 1.64%, from the previous close.

The upward momentum subsequently gathered pace, pushing the KSE-100 to 178,540.36 points by 12:04pm, up 4,653.68 points, or 2.68%.

The index touched an intraday high of 178,606.21 points, while its low stood at 176,273.72 points. Trading volume reached 227.49 million shares, with the traded value amounting to Rs21.35 billion.

Read: PSX stages strongest rally in six months

The rally came amid improving investor sentiment as international oil prices extended their decline on Tuesday following US President Donald Trump's remarks playing down the need for military action against Iran at this stage.

Brent crude futures fell 70 cents, or 0.75%, to $91.88 a barrel by 0246 GMT, while US West Texas Intermediate (WTI) declined 78 cents, or 0.90%, to $86.07 a barrel.

Both benchmarks had fallen around 1% earlier in the session.

The decline eased concerns about prolonged supply disruptions in the Middle East, providing some relief to markets worried about the economic fallout of an escalation in regional tensions.