ISLAMABAD: The Pakistan Stock Exchange (PSX) remained firmly in positive territory by midday on Monday, with the benchmark KSE-100 Index gaining over 2,600 points as investor sentiment stayed upbeat on optimism surrounding possible diplomatic progress between the United States and Iran.
At 11:57am, the KSE-100 Index stood at 170,525.37 points, up 2,681.13 points or 1.6% from Friday’s close of 167,844.24 points.
The index touched an intraday high of 171,519.26 points and a low of 170,377.63 points during trading. Market volume reached 107.2 million shares, with traded value nearing Rs10 billion.
Earlier in the session, the benchmark index had surged more than 3,500 points, climbing to 171,438 points at 9:30am before paring some gains.
Buying remained broad-based across key sectors, including automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration firms, and oil marketing companies.
Sana Tawfik, head of research at Arif Habib Limited, said the market was reacting positively to developments over the weekend, suggesting a possible breakthrough in talks involving the United States and Iran.
“Because of that, the market was expected to be positive today, and that is what we are seeing,” she said.
She added that the IMF’s remarks describing Pakistan’s economic performance as “exceptional” also boosted investor confidence.
Tawfik said lower oil prices and improving geopolitical sentiment were among the key factors driving the rally.
Investor sentiment also improved amid reports that LNG tankers were heading towards Pakistan and China from the Strait of Hormuz, easing concerns over regional energy supplies.
