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KARACHI: A sharp decline in oil prices, driven by easing geopolitical tensions in the Middle East and an anticipated status quo in the State Bank of Pakistan’s policy rate, attracted aggressive value hunting, propelling the benchmark KSE 100 index above 178,000 points on Monday.
Equity investors saw a remarkable increase of Rs742.7 billion in market capitalisation in just one session, driven by rising optimism about the economic outlook.
Topline Securities Ltd said the PSX witnessed a robust recovery on Monday, with the index rebounding sharply after last week’s weakness. The index settled at 178,262.33 points, registering a gain of 7,241.13 points or 4.23 per cent, as broad-based buying and improved investor sentiment fuelled a strong market-wide rally.
The recovery followed a challenging week in which the index declined by approximately 2.7pc, primarily due to heightened geopolitical tensions in the Middle East, volatility in international oil prices, and investor caution ahead of Pakistan’s monetary policy announcement.
