Brent crude fell by 7.63% to $91.41 per barrel.
Karachi: The Pakistan Stock Exchange opened strongly on Tuesday as global crude oil prices saw a significant decline, triggering a sharp positive trend in the market.
The KSE-100 Index jumped by 9,728 points at the start of trading, reaching 156,209 points, compared to 146,480 points at the close of trading yesterday. The market is showing a nearly 6% increase, reflecting renewed investor confidence.
On the international front, crude oil prices experienced a substantial drop. Brent crude fell by 7.63% to $91.41 per barrel, while U.S. West Texas Intermediate (WTI) crude decreased by 7.24%, settling at $88.63 per barrel.
Yesterday, crude prices had surged to $120 per barrel, which had triggered a sharp decline in the Pakistan Stock Exchange.
Analysts suggest that the fall in oil prices has positively impacted the stock market, restoring investor confidence and fueling the current rally.
Meanwhile, the President of FPCCI has urged the government to implement an energy emergency in the country to address the ongoing challenges in the energy sector.
