PSX gains nearly 400 points as investor sentiment improves

The Pakistan Stock Exchange (PSX) closed higher on Monday as positive investor sentiment supported buying across major sectors.

The benchmark KSE-100 Index gained 397.83 points, or 0.22%, to close at 180,502.44 points.

Buying activity was seen in several key sectors, including automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, oil marketing companies, power generation and refineries.

Major index-heavy stocks such as MARI, OGDC, PPL and POL also closed in positive territory, supporting the overall market.

The PSX had ended the previous week under pressure, with the KSE-100 Index falling 1,325.41 points, or 0.7%, to 180,104.61 points.

Investors had remained cautious due to uncertainty over the extension of the US-Iran ceasefire and concerns about oil supplies through the Strait of Hormuz and the Red Sea.

Meanwhile, global oil prices moved lower on Monday after stalled US-Iran talks raised concerns about continued tensions in the Middle East. However, the absence of major disruptions to global oil supplies limited the decline.

Brent crude futures, which had risen as much as 1% to $89.40 per barrel, later fell 24 cents to $89.28. US West Texas Intermediate (WTI) crude declined 67 cents to $81.74 per barrel.