Get the latest news and updates from Dawn
KARACHI: The Pakistan Stock Exchange (PSX) staged a robust recovery rally on Monday amid hopes for a revival of peace talks between the United States and Iran.
As a result, oil prices retreated sharply, easing fears of a spike in inflationary pressures in countries, especially Pakistan, that rely on energy imports via the Strait of Hormuz. Strong buying interest across the board pushed the benchmark index towards the 179,000-point level during intraday trading.
Topline Securities Ltd said bulls firmly dominated the trading session, fuelled by optimism about the prospect of renewed diplomatic talks between Washington and Tehran. Easing geopolitical concerns pushed international oil prices sharply lower, boosting investor sentiment and triggering broad-based buying across key sectors.
The benchmark KSE-100 index remained in positive territory throughout the session, climbing to an intraday high of 2,891 points at 178,985.95 before settling at 178,200.02, up 2,105.91 points or 1.20 per cent.
