Driven by ME ceasefire, PSX soars over 6,000 points
Pakistan Stock Exchange (PSX) skyrocketed over 6,000 points on Tuesday as US President Donald Trump announced a ceasefire between Israel and Iran, bringing an end to hostilities in the Middle East region.
The benchmark KSE-100 index surged at the open, where bullish momentum drove it to the intra-day high of 122,725, up 6,557 points. As the session progressed, investor confidence strengthened, culminating in the KSE-30 index hitting its upper circuit breaker — a rare and historic moment that sent a wave of excitement.
At the close of trading, the KSE-100 index recorded an increase of 6,079.17 points, or 5.23%, and settled at 122,246.64.
According to JS Global analyst Mubashir Anis Naviwala, the PSX soared as the ceasefire in the Middle East triggered a buying spree. 'Just seconds after the market halt ended, the KSE-100 index surged over 6,500 points, sparking widespread euphoria,' he said.
Bullish sentiment dominated the entire session, pushing the index to the intra-day high of 122,725. Investors jumped in across sectors, encouraged by signs of geopolitical de-escalation.
'Near-term outlook remains positive, with fresh opportunities in cement, banking and fertiliser sectors,' the analyst added.
Topline Securities, in its review, commented that the local bourse opened with a bang as investors cheered the breakthrough ceasefire agreement between Israel and Iran, which brought a welcome pause to rising geopolitical tensions in the region.
Riding on this wave of optimism, the KSE-100 index surged at the open, clocking in an eye-popping 4,202-point jump from the previous close. The bullish momentum intensified as the session progressed, culminating in a historic moment, when the KSE-30 index hit its upper circuit breaker — an exceptionally rare feat, Topline said.
The KSE-100 index went on to post the intra-day high of 6,557 points, before settling at 122,246, up a whopping 6,079 points, or 5.23%, for the day. It was a remarkable session that reflected renewed investor confidence and a broader risk-on sentiment returning to the market, it added.
Overall trading volumes increased to 804.8 million shares compared with Monday's tally of 595 million. The value of shares traded was Rs37.6 billion. Shares of 477 companies were traded. Of these, 407 stocks closed higher, 35 fell, and 35 remained unchanged.
WorldCall Telecom was the volume leader with trading in 65.4 million shares, gaining Rs0.11 to close at Rs1.46. It was followed by K-Electric with 54.3 million shares, gaining Rs0.35 to close at Rs5.24, and Cnergyico PK with 37.9 million shares, gaining Rs0.53 to close at Rs7.16.
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