Pakistani Stocks Surge as Middle East Tensions Ease and Oil Prices Decline

Pakistani stocks staged a significant recovery on Monday, gaining over 2,100 points as Middle East tensions eased and oil prices declined.

The benchmark KSE-100 Index rose to 2,105.91 points or 1.2 percent to close at 178,200.02 points, according to data from the Pakistan Stock Exchange (PSX).

The rally was attributed to US President Donald Trump's decision to cancel planned strikes against Iran on Sunday, following appeals from Gulf allies Qatar, Saudi Arabia, and the UAE.

The easing of concerns over potential supply disruptions led to a decline in global oil prices. Brent crude futures fell to Rs23,000 ($82.89) a barrel, while US West Texas Intermediate crude declined to Rs21,905 ($78.90) a barrel.

Ahsan Mehanti, Chief Executive Officer of Arif Habib Commodities, stated that the stocks staged a sharp recovery amid US cancellation of Iran attacks for nuclear deal and speculations in the earnings season.