Bulls storm PSX as KSE-100 surges 4,654 points

The Pakistan Stock Exchange (PSX) witnessed a powerful rally on Tuesday as investors returned from the long weekend with renewed buying interest, driving the benchmark KSE-100 index up by more than 4,600 points during morning trading.

The market opened on a positive note after remaining closed on Monday for Iqbal Day. By 9:34am, the benchmark index had climbed to 176,739.00 points, gaining 2,852.32 points or 1.64 per cent against its previous close.

Buying activity intensified as the session progressed, pushing the index to 178,540.36 points by 12:04pm, representing an increase of 4,653.68 points or 2.68 per cent.

During the session, the KSE-100 touched an intraday high of 178,606.21 points, while its lowest level stood at 176,273.72 points. A total of 227.49 million shares changed hands, with the traded value reaching Rs21.35 billion.

The strong performance reflected improving investor confidence, supported partly by a decline in international oil prices following remarks by US President Donald Trump suggesting that military action against Iran was not immediately necessary.

Global crude benchmarks extended their losses on Tuesday, easing concerns about a potential disruption to energy supplies from the Middle East.

Brent crude futures dropped 70 cents, or 0.75 per cent, to $91.88 per barrel by 2:46am GMT. Meanwhile, US West Texas Intermediate (WTI) crude declined 78 cents, or 0.90 per cent, to $86.07 per barrel. Both benchmarks had earlier fallen by around one per cent.

The decline in oil prices provided some relief to financial markets amid fears that an escalation in regional tensions could disrupt global energy supplies and increase economic uncertainty.

The improved international sentiment helped support buying activity at the local bourse, with investors driving the benchmark index sharply higher.