KSE-100 surges nearly 4,500 points as ceasefire hopes drives rally
Buying spree returned to the Pakistan Stock Exchange (PSX) as investors rejoiced after US President Donald Trump said Iran and Israel had agreed to a ceasefire, with the benchmark KSE-100 Index gaining nearly 4,500 points during the opening minutes of trading on Tuesday.
At 9:40am, the benchmark index was hovering at 120,639.00 level, an increase of 4,471.53 points or 3.85%.
Across-the-board buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, ARL, SSGC, PSO, MARI, OGDC, PPL, POL, UBL and HBL traded in the green.
Intense selling pressure gripped the PSX on Monday amid escalating geopolitical tensions following a US attack on Iran, with the benchmark KSE-100 settling with a loss of nearly 3,900 points.
At close, the KSE-100 Index settled at 116,167.47 level, a decrease of 3,855.77 points or 3.21%.
Internationally, global shares rallied and the dollar extended declines on Tuesday after US President Donald Trump said Iran and Israel had agreed to a ceasefire, sending oil prices into a deep dive as concerns over supply disruptions ebbed.
While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks.
Oil prices fell over 3%, having already slid 9% on Monday when Iran made a token retaliation against a US base, which came to nothing and signalled it was done for now.
With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, U.S. crude futures fell another 3.4% to $66.15 per barrel, the lowest since June 11.
Risk assets rallied, with S&P 500 futures up 0.6% and Nasdaq futures 0.9% higher.
EUROSTOXX 50 futures jumped 1.3% and FTSE futures rose 0.4%.
The MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.8% while Japan's Nikkei rallied 1.4%.
This is an intra-day update
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
43 minutes ago
- Business Recorder
Ali Asghar Textile Mills denies unusual price movement reports
Ali Asghar Textile Mills Limited (AATM) has dismissed news of unusual price movement. 'No matter as such. And no information other than what has been disclosed in the Director's Report of March 2025 regarding the company's performance and future plan,' the company wrote to the Pakistan Stock Exchange (PSX). It further said that its subsidiary, Fazal Solar Energy, has also initiated its solar project, and key machinery/solar panels are being installed. 'Management is confident that the solar plant, based on the latest technology, will be operational by early July 2025,' said the former textile unit turned logistic service provider. It is worth noting that AATM's share price has surged from Rs40 to over Rs70 per share in recent weeks. At the time of filing this report, the stock was trading around Rs72. As per information available on the company's website, Ali Asghar Textile Mills Limited was established in 1969 as a textile spinning unit. However, in 2011, the management decided to exit the textile spinning unit and invest in warehousing/logistics.
Business Recorder
an hour ago
- Business Recorder
Netanyahu says Israel has agreed to Trump's proposal for ceasefire with Iran
OCCUPIED JERUSALEM: Israel has agreed to US President Donald Trump's proposal for a ceasefire with Iran after it achieved its goal of removing Tehran's nuclear and ballistic missile threat, Prime Minister Benjamin Netanyahu's office said in a statement on Tuesday. 'Israel thanks President Trump and the United States for their support in defense and their participation in eliminating the Iranian nuclear threat,' the statement said. 'In light of the achievement of the operation's goals, and in full coordination with President Trump, Israel agreed to the President's proposal for a mutual ceasefire,' the statement added. Trump said on Tuesday a ceasefire between Israel and Iran was now in place and asked both countries not to violate it, only hours after Iran launched waves of missiles, which Israel's ambulance service said killed at least four people. Netanyahu, who will deliver a statement later on Tuesday, also said Israel would respond forcefully to any violation of the ceasefire. Israel, joined by the United States on the weekend, has carried out attacks on Iran's nuclear facilities, after alleging Tehran was getting close to obtaining a nuclear weapon. Iran denies ever having a nuclear weapons programme, but Supreme Leader Ali Khamenei has said that if it wanted to, world leaders 'wouldn't be able to stop us'.
Business Recorder
2 hours ago
- Business Recorder
KSE-100 surges over 6,500 points amid ceasefire reports
Buying spree returned to the Pakistan Stock Exchange (PSX) as investors rejoiced after US President Donald Trump said Iran and Israel had agreed to a ceasefire, with the benchmark KSE-100 Index gaining over 6,500 points, just seconds after market halt ended, during the intra-day trading on Tuesday. At 12:35pm, the benchmark index was hovering at 122,723.80 level, an increase of 6,556.33 points or 5.64%. Earlier, following a 5% gain, trading activity at PSX halted for 1 hour, the market opened at 12:31pm. 'All TRE Certificate Holders are hereby informed that due to a 5% increase in the KSE-30 index from the previous trading day's close of the index, a Market Halt has been triggered as per PSX Regulations and all equity and equity-based markets have been suspended accordingly,' read the notice. Across-the-board buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, ARL, SSGC, PSO, MARI, OGDC, PPL, POL, UBL and HBL traded in the green. 'The ceasefire announcement and a 3-4% drop in international oil prices are driving the buying rally at the bourse,' Sana Tawfik, Head of Research at Arif Habib Limited (AHL), told Business Recorder. 'The market believes the geopolitical situation will now come under control,' she added. Waqas Ghani, Head of Research at JS Global, echoed similar sentiments. 'Market participants responded positively to Trump's ceasefire announcement aimed at easing Middle East tensions and a decrease in global oil prices. Widespread buying activity was witnessed across all sectors, driving a strong rally,' he said. Intense selling pressure gripped the PSX on Monday amid escalating geopolitical tensions following a US attack on Iran, with the benchmark KSE-100 settling with a loss of nearly 3,900 points. At close, the KSE-100 Index settled at 116,167.47 level, a decrease of 3,855.77 points or 3.21%. Internationally, global shares rallied and the dollar extended declines on Tuesday after US President Donald Trump said Iran and Israel had agreed to a ceasefire, sending oil prices into a deep dive as concerns over supply disruptions ebbed. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks. Oil prices fell over 3%, having already slid 9% on Monday when Iran made a token retaliation against a US base, which came to nothing and signalled it was done for now. With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, U.S. crude futures fell another 3.4% to $66.15 per barrel, the lowest since June 11. Risk assets rallied, with S&P 500 futures up 0.6% and Nasdaq futures 0.9% higher. EUROSTOXX 50 futures jumped 1.3% and FTSE futures rose 0.4%. The MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.8% while Japan's Nikkei rallied 1.4%. This is an intra-day update
