Buying momentum persisted at the Pakistan Stock Exchange (PSX) on Tuesday, as the benchmark KSE-100 Index extended its upward trajectory, surging by more than 2,700 points.
At 10:57am, the index was trading at 179,775.83, a gain of 2,736.01 points, or 1.55%.
Broad-based buying was seen across multiple sectors, particularly automobile assemblers, chemicals, commercial banks, and oil and gas exploration companies, along with oil marketing companies (OMCs) and refineries.
Major index-heavy stocks such as OGDC, PPL, POL, MARI, ARL, PSO, HBL, MCB, and MEBL traded firmly in positive territory, contributing significantly to the overall gains.
The bullish sentiment followed an exceptional session on Monday, when the PSX posted a record rally. Investors reacted strongly to the federal government’s budget measures, as well as reports of a preliminary peace understanding between the United States and Iran, which helped ease concerns over potential global oil supply disruptions and improved risk appetite.
The KSE-100 Index jumped 4,639.93 points, or 2.69%, closing at 177,039.83.
In global markets, oil prices edged higher on Tuesday amid uncertainty over the details of the US-Iran agreement and expectations that restoring full flows through the Strait of Hormuz may take longer than initially assumed.
Brent crude rose 26 cents to $83.42 per barrel, while US West Texas Intermediate gained 46 cents to $81.12 per barrel, as of 0108 GMT.
