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KARACHI: On the eve of the long Eidul Azha break, the Pakistan Stock Exchange (PSX) attracted renewed buying interest on Monday amid growing optimism about a possible agreement between the US and Iran that would ease tensions and smooth the flow of commercial vessels, especially oil and LNG, via the Strait of Hormuz, propelling the benchmark to rally over 4,000 points intraday.
Topline Securities Ltd said the benchmark KSE-100 index settled at 171,725.29 points, posting a robust gain of 3,881.05 points, or 2.31 per cent, as investor sentiment staged a strong recovery. The market experienced considerable intraday volatility, with the index touching an intraday high of 171,920 points and a low of 170,161 points.
Investor confidence improved significantly following positive developments over the weekend in negotiations between Iran and the US, with reports indicating that discussions may reach a conclusion in the near term. Sentiment was further bolstered by a sharp decline in international oil prices, which fell by nearly $6 per barrel.
Index jumps 3,881 points ahead of long Eid break
