KSE-100 climbs over 2% as Iran strike fears ease
The benchmark index stood at 177,374.56 by 10:50am, up 3,487.88 points, after Donald Trump said US military action against Iran is not necessary at this point
Pakistan's benchmark stock index climbed more than 2% in morning trade on Tuesday after US President Donald Trump said US military action against Iran is not necessary "at this point", Business Recorder reported.
The KSE-100 stood at 177,374.56 at 10:50am, up 3,487.88 points or 2.01% on Monday's close, according to Business Recorder.
An earlier reading from the same outlet put the index at 177,168.09 at 9:45am, a gain of 3,281.41 points or 1.89%. Profit by Pakistan Today reported the rise as 4,540 points.
The index closed Monday at 173,886.69. Business Recorder reported that it added 7,477.44 points, or 4.5%, over the week, the strongest weekly rally in nearly six months.
Buying ran through automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies and power generation, the report said. Index-heavy shares MARI, OGDC, PPL, PSO, HUBCO, HBL, MCB, MEBL and UBL all traded higher.
Trump's remarks pulled crude prices down across Asia. Brent futures were last down 1% at $91.56 a barrel, their lowest since early September and below $100, as traders weighed possible talks between Washington and Tehran, Business Recorder reported.
The US-Israeli war with Iran, which began at the end of February, has pushed inflation higher internationally and led major central banks to raise interest rates in recent months.
Nick Twidale, chief market strategist at ATFX Global, said the latest developments offered hope that an end to the conflict could be approaching, though a considerable gap remained between diplomacy and a lasting peace agreement, according to the report.
Asian markets rose alongside Pakistan's. South Korea's KOSPI gained more than 5%, Japan's Nikkei about 3% and MSCI's broadest Asia-Pacific index 1.5%, moving off the seven-month low it hit last week.
On Monday the S&P 500 closed 2.35% higher, its biggest one-day jump since April, and the Nasdaq 2.7%, its best day in more than four months, after a sweeping Democratic victory in the US midterm elections raised concern about new regulation of the AI trade. Earnings from tech companies including CoreWeave are due this week.
How the reports differ
Business Recorder's two files give different readings from the same session: 177,168.09, up 3,281.41 points, at 9:45am, and 177,374.56, up 3,487.88 points, at 10:50am. Profit by Pakistan Today reported the gain as 4,540 points. All three tied the buying to Trump's remarks on Iran, and Business Recorder's reports also carried the previous week's 4.5% rally and the Asian market levels; Profit's account, as published, gave the point gain without a level.
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