Summary PSX opened strong as KSE-100 jumped 3,611 points to 171,456. Asian markets rose on easing Iran war fears, while oil and dollar fell amid mixed US-Iran deal signals
KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) opened the new business week on a strong bullish note, with a sharp surge in early trading on Monday.
At the start of the session, the benchmark KSE-100 Index recorded a massive gain of 3,611 points, pushing it up to 171,456 points.
The strong upward movement reflected renewed investor confidence in the market.
Market activity showed a positive trend as investor sentiment improved significantly. Stock analysts stated that the recovery in investor confidence is a positive sign, suggesting that trading activity may remain strong throughout the day.
Meanwhile, Asian stocks surged on Monday while the US dollar and oil prices slid as the prospect of a deal to end the Iran war buoyed risk appetite although a lack of clarity over when the Strait of Hormuz would open kept enthusiasm in check.
The nearly three-month-long conflict in the Middle East has driven energy prices sharply higher and reshaped the global rates outlook, as inflation concerns intensify following Tehran's effective shutdown of the key strait through which a significant share of the world's energy flows.
US President Donald Trump said on Sunday he had told his representatives not to rush into any deal with Iran, as his administration played down hopes of an imminent breakthrough.
Just a day earlier, Trump said Washington and Iran had "largely negotiated" a memorandum of understanding on a deal that would reopen the waterway, which carried one-fifth of global oil and liquefied natural gas shipments before the war.
Nasdaq futures were 1.2% higher and S&P futures were up 0.7%. Japan's Nikkei jumped 3% to roar past the 65,000 level for the first time. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1%.
