Stocks surge, KSE-100 up nearly 2,400 points in early trade

Buying momentum continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 2, 400 points during the opening minutes of trading on Tuesday. At 10: 30am, the benchmark index was hovering at 179, 412. 25, an increase of 2, 372. 43 points or 1. 34%. Buying was observed in key sectors, including automobile assemblers, chemical, commercial banks, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks, including OGDC, PPL, POL, MARI, ARL, PSO, HBL, MCB and MEBL, traded in the green. On Monday, the PSX witnessed a historic bullish session as investors aggressively responded to the federal government’s budget measures alongside reports of a preliminary peace understanding between the United States and Iran, which significantly eased global oil supply disruption fears and strengthened broad-based risk appetite across the market. The benchmark KSE-100 Index staged a powerful rally of 4, 639. 93 points, or 2. 69%, to close at 177, 039. 83 points. Globally, Asian stocks retreated on Tuesday as ​investors turned their focus to central bank decisions, including an expected rate hike from the Bank of Japan, ‌after a rally in the previous session on news of a U. S. -Iran peace deal. Markets settled into a more measured tone on Gulf developments as the initial excitement over the preliminary agreement between Washington and Tehran began to fade. Oil prices, which settled at a three-month low overnight, reflected the cautious stance, with ​Brent crude futures up 0. 1% at $83. 25 a barrel. Shippers in Asia and Europe said rebuilding confidence in resuming ​transit through the Strait of Hormuz could take weeks. MSCI’s broadest index of Asia-Pacific shares outside Japan erased gains ⁠to trade flat after an initial rally, with stocks in Hong Kong weighing on the benchmark after weaker-than-expected retail sales ​and fixed-asset investment data from China. Japan’s Nikkei 225 was down 0. 3%, retreating from a record high as S&P 500 e-mini futures ​slipped 0. 1%. While U. S. President Donald Trump’s announcement of a deal with Iran drew initial investor relief on Monday, it also puts Washington on a collision course with Israel. This is an intraday update

Read full story on Business Recorder