The Pakistan Stock Exchange (PSX) rallied on Tuesday as the benchmark KSE-100 Index surged by nearly 1,200 points amid emerging reports of mediation between the United States (US) and Iran.
The benchmark index hovered around 177,121.97 points, marking an increase of 1,194.24 points or 0.68%. Widespread buying activity lifted key economic sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies and power generation units.
Index-heavy heavyweights such as HUBCO, MARI, OGDC, PPL, POL, HBL, MEBL, MCB and NBP traded firmly in the green.
The positive market sentiment followed a marginal recovery in the previous session, during which aggressive value hunting in blue-chip stocks helped offset earlier panic selling driven by escalating regional tensions.
Reports from the Reuters indicated that international mediators had proposed a 10-day ceasefire to Tehran, intended to pave the way for a lasting agreement and salvage the Islamabad Memorandum of Understanding (MoU) signed in June.
