PSX opens week in the green, gains more than 7,000 points to close above 178,000 mark

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The Pakistan Stock Exchange’s (PSX) benchmark index opened the week on a strong note, gaining more than 7,000 points to close above the 178,000-point threshold on Monday.

The KSE-100 index had gained 4,501.33 points to reach 175,522.53 points by 9:50am from the previous close of 171,021.20 points. By 3:09pm, the index had gained 7,081.19 points to cross the 178,000-point level.

At 3:29pm, it hit its intra-day peak of 178,588.33 points, before settling at 178,262.33 points to close out the session — a gain of 7,241.13 points (4.23 per cent).

Awais Ashraf, director of research at AKD Securities, said investor sentiment improved after the US and Iran paused military strikes, raising hopes for a diplomatic resolution to the Middle East conflict and the resumption of shipping through the Strait of Hormuz.