The Pakistan Stock Exchange (PSX) staged a strong recovery on Tuesday, with the benchmark KSE-100 Index surging more than 2,000 points during intraday trading as declining global oil prices and renewed diplomatic efforts between the United States and Iran boosted investor sentiment.
By 10:24am, the KSE-100 Index had climbed 2,075.58 points to 178,003.31, up from the previous close of 175,927.73, extending the market’s late-session recovery from the previous trading day. The rally came as international oil prices retreated after reports emerged of renewed mediation efforts aimed at easing tensions between the United States and Iran.
Brent crude futures fell 78 cents, or 0.9 per cent, to $88.44 per barrel, while US West Texas Intermediate (WTI) crude declined 73 cents, or 0.9 per cent, to $82.50 per barrel. Awais Ashraf, Director of Research at AKD Securities, said the market had carried forward Monday’s late recovery as softer oil prices improved investor confidence. He noted that optimism surrounding the ongoing corporate earnings season was also supporting the market.
The recovery follows a highly volatile session on Monday, when the stock market experienced sharp swings amid concerns over geopolitical tensions. Despite heavy selling, late value buying helped the benchmark index end slightly higher. Tuesday’s sharp rebound suggests investors are cautiously returning to equities, although geopolitical developments remain a key driver.
Article and image source: paktribune.com
