PSX Soars Over 2,100 Points on Lower Oil Prices, Global Optimism
The Pakistan Stock Exchange (PSX) saw a significant surge on Monday, driven by renewed investor optimism following lower global crude prices.
Buying momentum emerged across major sectors, with commercial banks, cement, energy, and power stocks leading the advance. The benchmark KSE-100 index settled at 178,200.02, gaining 2,105.91 points, or 1.20%, from the previous close of 176,094.12.
The market's positive performance was also attributed to easing geopolitical tensions in the Middle East, which prompted a decline in oil prices. Brent crude fell about 4.5% to slightly above $83 per barrel after Iranian Foreign Minister Abbas Araghchi said discussions between Tehran and Oman on the management of the Strait of Hormuz were in their final stages.
KTrade Securities observed that trading activity remained moderate, with benchmark volumes reaching 255 million shares. The brokerage noted that investor sentiment strengthened after the latest signs of de-escalation between the United States and Iran triggered a sharp decline in global oil prices.