KSE-100 jumps 4,654 points as crude prices slide
The benchmark index reached 178,540.36 points by midday, up 2.68%, after Brent fell to $91.88 a barrel following Donald Trump's remarks on Iran.
Investors returned to the Pakistan Stock Exchange on Tuesday after a long weekend and drove the benchmark KSE-100 index up by as much as 4,654 points, with falling crude prices cited as the trigger.
The index opened firm and stood at 176,739.00 points by 9:34am, a gain of 2,852.32 points, or 1.64%, on a previous close of 173,886.68 points, the level implied by both moves quoted by The Express Tribune.
Buying gathered pace through the morning. By 12:04pm the KSE-100 was at 178,540.36 points, up 4,653.68 points or 2.68% on the day.
The figures were intraday readings, not closing levels. The index touched a session high of 178,606.21 points against a low of 176,273.72. Turnover at that point was 227.49 million shares, with traded value of Rs21.35 billion.
The exchange had been shut on Monday for Iqbal Day.
Crude prices fell for a second session. Brent futures slipped 70 cents, or 0.75%, to $91.88 a barrel by 0246 GMT, and US West Texas Intermediate fell 78 cents, or 0.90%, to $86.07.
The Express Tribune reported that the slide followed remarks by US President Donald Trump playing down the need for military action against Iran at this stage, which eased concern about prolonged supply disruption in the Middle East and about the economic fallout of wider regional tension.
Investify and Profit, carrying the rally in headlines, also cited rising remittances alongside easing fears of an Iran war. Neither headline gave a figure for remittance inflows. The Express Tribune's report did not mention remittances.
How the reports differ
The Express Tribune carried the session's full numbers and put the rally down to easing oil prices and reduced fear of a US-Iran escalation, with no mention of remittances. Investify and Profit, in headlines, attributed the rise to easing Iran war fears and to rising remittances. Neither of the two gave a figure for remittance inflows.
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