KARACHI: Pakistan Stock Exchange (PSX) started the business week on a strong note amid easing tensions in the Middle East as the US and Iran have halted attacks against each other.
During early trading session, the KSE-100 index recorded an increase of 7,064.13 points to reach 178,085 points compared with the previous close of 171,021.20 points.
During the session, the index touched an intraday high of 176,214.29 points, while the lowest level recorded stood at 175,153.16 points.
The positive market movement came after the US and Iran paused attacks against each other, raising hopes that diplomatic efforts could help ease tensions and prevent further escalation in the region.
Meanwhile, oil prices tumbled 4% on Monday after the U.S. and Iran paused strikes over the weekend after two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz.
Brent crude futures fell $3.96, or 4.1%, to $92.82 by 0329 GMT after briefly slipping under the key support level of $90 earlier in the session.
U.S. West Texas Intermediate crude was at $85.29 a barrel, down $4.02, or 4.5%.
