Bulls return as KSE-100 surges past 9,000 points, market closes in the green – Business
Pakistan’s benchmark KSE-100 index advanced 9,696.98 points on Tuesday, closing in the green, up 6.62 per cent from its previous close.
Shortly after opening, the index gained 9,303.75 points, or 6.35pc, in early trading before a temporary market halt was enacted following the sharp rally.
Trading was temporarily suspended in accordance with regulations of the Pakistan Stock Exchange (PSX), according to an official notice issued by the exchange.
The notification stated that the halt was triggered after the KSE-30 index recorded a 5pc increase from the previous trading day’s close, activating the exchange’s market suspension mechanism. Trading resumed at 10:27am.
After the resumption of trade at 10:30am, the index had risen to 11,000 points, after which it dipped to 10,085.15 points by 12:55pm. It later pared some gains before closing in the green at 2pm, up 9,696.98 points.
This rally is in sharp contrast to the market’s previous close.
On Monday, the KSE-100 index closed the session at 146,480 points, marking a decline of 11,015 points or 6.99 per cent — the second-largest single-day drop in the index’s history, costing investors over Rs1.09 trillion.
The sharp rebound comes a day after the State Bank of Pakistan (SBP) announced that it would maintain its key policy rate at 10.5pc following the latest meeting of the Monetary Policy Committee, in line with expectations of analysts and industry participants.
Investor sentiment was also supported by improved global market conditions.
On Monday, US stocks recovered from a steep sell-off to close higher after Donald Trump suggested that the US-Israeli war on Iran could be nearing an end.
Meanwhile, oil prices declined on Tuesday after hitting a more than three-year high in the previous session. The drop followed comments by Trump indicating that the Middle East conflict could end soon, easing concerns over prolonged disruptions to global energy supplies.
