Buying continues at PSX, KSE-100 up over 400 points in early trade

Buying interest was observed at the Pakistan Stock Exchange (PSX) on Monday, with the benchmark KSE-100 Index gaining over 400 points during the opening minutes of trading. At 9: 50am, the benchmark index was hovering at 180, 006. 95, up by 435. 69 points or 0. 24%. Buying was observed in key sectors, including cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including HUBCO, ARL, MARI, PPL, POL, HBL, NBP and UBL, traded in the green. PSX extended its bullish momentum during the outgoing shortened three-day trading week as easing geopolitical tensions in the Middle East, investor-friendly amendments to the FY27 Finance Bill and lower domestic fuel prices continued to strengthen investor confidence. According to weekly market review, the benchmark KSE-100 Index gained 648. 50 points, or 0. 36%, during the week to settle at 179, 571. 27 points. Asian stocks wobbled on Monday after Iran and the United States agreed to halt renewed hostilities that had cast a shadow over an interim ​peace deal and kept oil prices supported, while the dollar stood tall near a one-year high on rate-hike bets. A return to diplomacy in the ‌Middle East would follow several days of tit-for-tat strikes since an Iranian projectile hit a cargo vessel in the Strait of Hormuz last week, with both sides accusing each other of breaking an interim ceasefire. Futures for S&P 500 and Nasdaq gained 0. 4% while European futures rose 0. 2%. South Korea’s KOSPI fell nearly 2%, while Japan’s Nikkei slipped 1%, leaving ​MSCI’s broadest index of Asia-Pacific shares down 0. 4%. Worries over the future of the peace deal lifted oil prices, which have given up almost all of their war-driven gains as markets quickly ​reprice the prospect of easing supply. On Monday, Brent crude futures climbed 0. 85% to $72. 6 a barrel while U. S. West Texas Intermediate crude rose over 1% to $70. 01 a barrel.

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