The Pakistan Stock Exchange (PSX) extended its winning streak on Monday, with investors returning to the market as easing tensions in the Middle East lifted sentiment and encouraged fresh buying across major sectors.
The benchmark KSE-100 Index got off to a strong start, climbing nearly 1,900 points within minutes of the opening bell after hopes of a diplomatic breakthrough grew when US President Donald Trump backed away from launching a fresh attack on Iran.
By 1:40pm, the index was trading at 177,963.53, up 1,869.42 points, or 1.06 percent.
Buying interest remained firm through the afternoon. By 3:20pm, the KSE-100 had risen to 178,214.29, gaining 2,120.18 points, or 1.20 percent, from Friday’s close of 176,094.11.
The PSX touched an intraday high of 178,985.94 and a low of 177,759.88, while more than 233.5 million shares had changed hands. The benchmark index has now gained 2.39 percent since the start of the year and is up 26.36 percent over the past 12 months.
Most of the buying was seen in heavyweight sectors, including banking, cement, oil and gas exploration, oil marketing companies and power generation. Major stocks such as HBL, MCB, MEBL, NBP, OGDC, PPL, POL, PSO and HUBCO all traded higher, helping keep the market firmly in positive territory.
Among the busiest counters, TPL Properties, Pakistan Refinery Limited, Cnergyico, TPL Corp, Maple Leaf Cement and Bank of Punjab attracted strong investor interest.
TPL Properties emerged as one of the session’s top performers with a 10.02 percent gain. Other notable gainers included FECM, JATM, ZAL, EWIC, ASTM, CHAS, GADT, TSPL and SURC, each rising by around 10 percent.
On the downside, Waves Home Appliances was the biggest loser, falling 12.63 percent, followed by ASLPS, IMS, TRSM, DBCI, OML, ASLCPS, GEMMEL, JDMT and FPRM.
The latest gains build on last week’s strong recovery, when the benchmark index rose more than 5,000 points, ending a three-week losing run. Investor confidence improved after the United States and Iran signalled a willingness to de-escalate tensions, while a sharp fall in global oil prices further supported market sentiment.
International markets also reacted positively to the prospect of fresh talks between Washington and Tehran. Brent crude slid more than 6 percent to $82.41 a barrel after Trump said negotiations with Iran would take place on Monday.
US stock futures moved higher, although trading across Asia remained mixed, with Japan’s Nikkei and South Korea’s KOSPI closing lower amid continued regional volatility.
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