Pakistan Stock Exchange Surges Over 2,800 Points Intraday
The Pakistan Stock Exchange's (PSX) benchmark KSE-100 index experienced a significant rise of over 2,800 points during intraday trade on Monday. The index increased by 2,836 points, or 1.65 percent, reaching 175,236 points by 11 AM from its previous close of 172,399. This surge is linked to a preliminary agreement between the United States and Iran, aimed at concluding a three-month-old conflict that has reportedly impacted the global economy.
The Pakistan Stock Exchange's (PSX) benchmark KSE-100 index saw a substantial increase of over 2,800 points during intraday trading on Monday. The index rose by 2,836 points, marking a 1.65 percent gain, to reach 175,236 points by 11 AM, up from its previous close of 172,399.
This positive movement in the market is attributed to a preliminary agreement reportedly reached between the United States and Iran. This agreement aims to conclude a conflict that began over three months ago and has been described as having crippled the world economy.
The market's positive trend extends from the previous week, during which the PSX also remained in positive territory. The KSE-100 index had surpassed the 172,000-point mark as investors responded favorably to easing geopolitical tensions, declining oil prices, and encouraging economic indicators. This activity occurred ahead of the federal budget announcement.
The federal budget was presented after market hours on the final trading day of the previous week. Investor activity remained measured as market participants awaited the details of the government's fiscal plans.
According to Topline Securities, the KSE-100 index registered a week-on-week gain of 1.13 percent last week, adding 1,921 points to close at 172,400. The rally was supported by an improving risk appetite among investors, alongside hopes of progress in US-Iran negotiations and a global decline in oil prices. (Source: Dawn Pakistan)
