Lead
The Pakistan Stock Exchange (PSX) opened the week on a strong note Monday, with the benchmark KSE-100 index climbing more than 2,100 points to close above the 178,000 mark, according to Dawn. The rally was attributed to easing geopolitical tensions following US President Donald Trump's announcement of fresh talks with Iran, which also pushed global oil prices lower.
Coverage Comparison
Reports on the day's trading presented slightly varying intraday gains. One account described the market as gaining over 1,700 points during intraday trade, while another cited gains of more than 2,000 points. All reports agreed, however, that at 11am the KSE-100 index had surged 2,273.78 points from its previous close of 176,094.11 points.
All the reporting comes from Dawn, which provided multiple updates through the trading day. The newspaper noted that the index gave back some gains by 2:18pm, when it was up 1,781.72 points, but staged a recovery after 2pm to close at 178,200.02 points, up 2,105.91 points or 1.20 per cent.
Key Claims
- The KSE-100 index surged 2,273.78 points at 11am, before closing up 2,105.91 points (1.20 per cent) at 178,200.02 points, as reported by Dawn.
- The index touched an intraday low of 177,759.88 points before recovering.
- Topline Securities identified FFC, MEBL, LUCK, PPL, and ENGROH as the top contributors, collectively adding approximately 699 points to the benchmark index.
- Total traded volume reached 785 million shares, with traded value at Rs33bn, according to Topline Securities.
- Global oil prices tumbled after Trump announced fresh talks with Iran, as reported by Dawn.
- The KSE-100 index ended July down 4,208 points or 2.3 per cent month-on-month, according to Topline Securities, as escalating US-Iran tensions pushed crude prices higher and weighed on sentiment.
- Average daily traded volume in July stood at 845 million shares, with average daily traded value at Rs37.5bn, according to the same firm.
Perspectives
Market Analysts: Awais Ashraf, director of research at AKD Securities, said investor optimism extended the positive momentum from the previous week, driven by expectations of a swift US-Iran agreement. He added that the return of inflation to single digits in July, with data due for release that day, would strengthen expectations of monetary easing and further boost investor confidence.
Financial Portal: Mettis Global said the positive momentum came as "investors took cues from easing geopolitical tensions after Trump called off a planned strike on Iran, reducing immediate concerns over a wider regional conflict."
Brokerage House: Topline Securities attributed the rally to "renewed risk appetite as investors welcomed signs of easing regional tensions and softer energy prices."