PSX Gains Over 2,100 Points on Middle East Peace Hopes

The Pakistan Stock Exchange (PSX) closed higher on Monday as hopes of peace in the Middle East improved investor confidence. The benchmark KSE-100 Index gained more than 2,100 points.

At the close of trading, the KSE-100 Index settled at 178,200.02 points, rising by 2,105.91 points, or 1.02%.

Buying was seen in major sectors, including commercial banks, cement, oil and gas exploration companies, oil marketing companies and power generation. Major stocks such as Mari Petroleum, OGDC, PPL, NBP, UBL and HUBCO also ended the day in positive territory.

The latest gains came after the PSX recorded a strong recovery last week, ending a three-week losing streak. The KSE-100 Index rose by 5,072.93 points, or nearly 3%, during the week to close at 176,094.13 points.

Investor sentiment improved as geopolitical tensions eased following the end of hostilities between the United States and Iran.

Meanwhile, international oil prices also fell sharply after US President Donald Trump did not launch a fresh attack on Iran and instead indicated a preference for a quick diplomatic agreement to address Tehran’s nuclear programme and reopen the Strait of Hormuz.

Brent crude futures fell by $4.49, or 5.11%, to $83.44 a barrel, while US West Texas Intermediate (WTI) crude dropped $4.90, or 5.79%, to $79.77 a barrel.