KARACHI: The KSE-100 Index jumped as much as 5,356.81 points, or 3.13%, to 176,378.01 on Monday, July 27, as falling oil prices lifted sentiment during a pause in US-Iran attacks.
The benchmark stood at 175,832.11 at 11:18am, up 4,810.91 points, or 2.81%, according to data from the Pakistan Stock Exchange.
The index recorded an intraday low of 175,153.16. That level remained 4,131.96 points, or 2.42%, above Friday’s close.
Ahfaz Mustafa, chief executive officer of Ismail Iqbal Securities, attributed the rebound to easing tensions and the possibility of renewed diplomatic talks. “The reversal in the market is primarily due to the cooling of tensions and the potential restart of the ceasefire talks,” Mustafa told Geo News.
Read: PSX Market Fall Deepens as KSE-100 Sheds 2,690 Points
West Texas Intermediate crude fell 4.3% to $85.45 a barrel at about 0230 GMT. Brent crude declined 3.9% to $92.97, while briefly dropping below $90 earlier in the session.
Oil prices retreated after the United States and Iran completed a second day without reported attacks. Neither government announced a formal ceasefire.
Lower crude prices eased concerns about another inflation shock and further interest-rate pressure. The decline also supported sentiment across international equity markets.
The PSX had closed lower on Friday. The KSE-100 Index lost 718.25 points, or 0.42%, to settle at 171,021.20.
