PSX starts shortened week higher as KSE-100 jumps over 2,800 points

KARACHI: The Pakistan Stock Exchange opened the shortened trading week on a strong footing on Monday, with the benchmark KSE-100 index rising 2,870 points in early trade.

By 9:39am, the index had climbed to 170,714 points from the previous close of 167,844.24 points, according to the reported market data.

The rise came amid expectations that a United States-Iran arrangement on opening the Strait of Hormuz could be brokered. International oil prices also moved lower on Monday, with North Sea Brent crude falling close to five per cent to $99.41 a barrel and West Texas Intermediate slipping to $92.49 a barrel.

The market had ended last week in positive territory as improving diplomatic signals linked to the Middle East conflict supported investor sentiment and prompted value-buying in major sectors, lifting the KSE-100 index above the 167,000-point mark. According to Arif Habib Ltd, the benchmark index added 2,248 points, or 1.36 per cent, on a week-on-week basis to settle at 167,844.24 points. The brokerage said the rally was mainly driven by expectations of progress in US-Iran talks, with Pakistan reportedly helping facilitate backchannel diplomacy, easing concerns about possible oil supply disruptions and supporting equities.