PSX continues recovery as KSE-100 index gains 2,800 points

The Pakistan Stock Exchange’s (PSX) benchmark index continued to recover on Thursday as it surged by around 2,800 points to cross 178,000 points.

The KSE-100 index opened in the green and had already surpassed the 177,000-point level by 10:02am. It then maintained a gain of over 2,000 points compared to the previous close for the rest of the day.

Finally, the index gained 2,837.78 points (1.62 per cent) to close at 178,123.56 points from the previous close of 175,285.78.

Awais Ashraf, director of research at AKD Securities, noted that the market continued Wednesday’s rebound after US President Donald Trump’s recent remarks.

Trump said on Wednesday that Tehran was eager to reach a deal with Washington. “They want to settle so badly. They don’t like what we’re doing, and they do want to settle. We’ll find out whether or not we settle with them, or we just finish it off.”

According to Ashraf, the US president’s remarks indicated that he wanted “to bring Iran back to the negotiation table to end the conflict”.

“Stability in oil prices for the past two days is also adding to investor confidence,” he observed as oil prices turned lower on Thursday.

After initially rising for a fourth straight session, Brent crude futures slipped 24 cents, or 0.28pc, to $84.95 a barrel as of 9:35am PKT, while US West Texas Intermediate futures fell 15 cents, or 0.19pc, to $79.45 a barrel.

The sustained positive momentum at the stock market comes after KSE-100 witnessed val­ue-hunting by equity investors on Wednesday, partially recovering losses from Tuesday’s bloodbath.

On Tuesday, the index had lost 6,408.23 points due to panic-driven selling amid renewed fighting between the US and Iran, which heightened concerns about energy flows through the Strait of Hormuz.

Additional input from Reuters

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