Bulls in charge as PSX opens week by gaining 2,000 points during intraday trade

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Pakistan Stock Exchange (PSX) opened the week strong, gaining over 2,000 points intraday aided by easing geopolitical tensions as U.S. President Trump called off a planned strike on Iran. The positive movement came despite a prior monthly decline driven by regional tensions and high crude oil prices.

The Pakistan Stock Exchange (PSX) opened the week in the green, gaining more than 2,000 points during intraday trade. At 11am, the benchmark KSE-100 index had gained 2273.78 points, from the previous close of 176,094.11 points. The development came as global oil prices tumbled on Monday as Donald Trump said fresh talks with Iran will begin later in the day. Mettis Global, a web-based financial portal, said the positive momentum came as “investors took cues from easing geopolitical tensions after Trump called off a planned strike on Iran, reducing immediate concerns over a wider regional conflict”. The KSE-100 index ended the first month of the current fiscal year lower. According to Topline Securities Ltd, the index closed July down 4,208 points or 2.3 per cent month-on-month as escalating US-Iran tensions pushed global crude oil prices higher, weighing on investor sentiment. Additional input from AFP