Buying interest was observed at the Pakistan Stock Exchange (PSX) on Monday, with the benchmark KSE-100 Index gaining over 400 points during the opening minutes of trading.
At 9:50am, the benchmark index was hovering at 180,006.95, up by 435.69 points or 0.24%.
Buying was observed in key sectors, including cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including HUBCO, ARL, MARI, PPL, POL, HBL, NBP and UBL, traded in the green.
PSX extended its bullish momentum during the outgoing shortened three-day trading week as easing geopolitical tensions in the Middle East, investor-friendly amendments to the FY27 Finance Bill and lower domestic fuel prices continued to strengthen investor confidence.
According to weekly market review, the benchmark KSE-100 Index gained 648.50 points, or 0.36%, during the week to settle at 179,571.27 points.
Asian stocks wobbled on Monday after Iran and the United States agreed to halt renewed hostilities that had cast a shadow over an interim peace deal and kept oil prices supported, while the dollar stood tall near a one-year high on rate-hike bets.
A return to diplomacy in the Middle East would follow several days of tit-for-tat strikes since an Iranian projectile hit a cargo vessel in the Strait of Hormuz last week, with both sides accusing each other of breaking an interim ceasefire.
Futures for S&P 500 and Nasdaq gained 0.4% while European futures rose 0.2%. South Korea’s KOSPI fell nearly 2%, while Japan’s Nikkei slipped 1%, leaving MSCI’s broadest index of Asia-Pacific shares down 0.4%.
Worries over the future of the peace deal lifted oil prices, which have given up almost all of their war-driven gains as markets quickly reprice the prospect of easing supply.
On Monday, Brent crude futures climbed 0.85% to $72.6 a barrel while U.S. West Texas Intermediate crude rose over 1% to $70.01 a barrel.
