Bulls in charge as PSX opens week by gaining 1,700 points during intraday trade
The Pakistan Stock Exchange (PSX) opened the week in the green, gaining more than 1,700 points during intraday trade. At 11am, the benchmark KSE-100 index had gained 2273.78 points, from the previous close of 176,094.11 points. By 2:18pm, the index’s gains had dropped to 1781.72 points. The development came as global oil prices tumbled on Monday as Donald Trump said fresh talks with Iran will…
The Pakistan Stock Exchange (PSX) experienced a significant surge during the first week of the current fiscal year, opening the week with a gain of over 1,700 points during intraday trade. This notable increase was attributed to easing geopolitical tensions following the announcement by US President Donald Trump that fresh talks with Iran would commence later in the day.
The positive momentum was further bolstered by the anticipation of a swift agreement between the US and Iran, as well as the return of inflation to single digits in July. However, despite the strong start, the KSE-100 index closed the first month of the fiscal year lower, down 4,208 points or 2.3 per cent month-on-month, as escalating US-Iran tensions drove global crude oil prices higher, negatively impacting investor sentiment.
Brief written by urgent.news from Dawn's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
