PSX surges nearly 3,400 points as rally continues

The Pakistan Stock Exchange (PSX) maintained its positive momentum on Tuesday, with strong buying pushing the benchmark KSE-100 Index up by nearly 3,400 points.

At the end of trading, the index closed at 180,392.97, showing an increase of 3,353.15 points or 1.89%.

Investor interest was seen across several sectors, including automobile assemblers, chemicals, commercial banks, oil and gas exploration companies, oil marketing companies, and refineries.

Major stocks such as OGDC, PPL, POL, MARI, ARL, PSO, HBL, MCB, and MEBL performed strongly and contributed to the overall market gains.

A day earlier, on Monday, the PSX had already posted a major rally driven by positive reactions to the federal budget and reports of a preliminary understanding between the United States and Iran. This helped ease global concerns over oil supply and improved investor confidence.

On Monday, the KSE-100 Index had jumped 4,639.93 points, closing at 177,039.83.

In the global market, oil prices rose slightly on Tuesday due to uncertainty over the US-Iran agreement and expectations that full restoration of oil supply through the Strait of Hormuz may take time.

Brent crude increased by 26 cents to $83.42 per barrel, while US West Texas Intermediate rose by 46 cents to $81.12 per barrel.