The Pakistan Stock Exchange (PSX) extended its strong upward momentum on Thursday, with the benchmark KSE-100 Index gaining more than 1,700 points as investor confidence strengthened amid optimism over a proposed Iran-Oman deal that could help ease tensions in the Middle East.
The market opened on a bullish note, with the KSE-100 Index rising more than 1,500 points in early trading before maintaining its gains throughout the session.
At the close of trading, the benchmark index settled at 181,776.59 points, up 1,761.66 points, or 0.98%, from the previous session.
Broad-based buying was witnessed across major sectors, including automobile assemblers, cement, chemicals, commercial banks, fertilizer, oil and gas exploration, oil marketing companies (OMCs), and power generation.
The latest advance follows Wednesday’s strong rally, when the KSE-100 Index climbed 2,931.71 points (1.66%) to close at 180,014.93, reclaiming the key 180,000-point level for the first time in 16 trading sessions.
Investor sentiment improved after reports of a proposed agreement between Iran and Oman, which markets interpreted as a positive step toward reducing the ongoing US-Iran conflict. The easing geopolitical concerns, coupled with lower international crude oil prices, encouraged fresh buying across Pakistani equities.
Global markets also traded higher as investors welcomed stronger corporate earnings and viewed the proposed Iran-Oman initiative as a sign of possible de-escalation in the region. However, sentiment remained mixed after several US technology companies, including chipmakers, reported earnings that fell short of market expectations.
Meanwhile, international oil prices remained relatively stable as traders assessed whether Iran-Oman talks could help restore shipping through the Strait of Hormuz, while reports of attacks on Saudi oil tankers in the Red Sea and Gulf of Aden continued to raise concerns over global energy supplies.
At the time of reporting, Brent crude was trading at $79.54 per barrel, up 0.11%, while West Texas Intermediate (WTI) crude edged up 0.07% to $75.27 per barrel.
