\u201cThe ceasefire and the subsequent plunge in oil prices have triggered the rally today,\u201d says expert
\n Islamabad
\nThe equity market surged on Tuesday, posting its second-highest single-day gain on a closing basis, as a ceasefire between Iran and Israel and a steep drop in oil prices sparked institutional buying and renewed investor confidence.
\nThe Pakistan Stock Exchange\u2019s (PSX) benchmark KSE-100 Index settled at 122,246.63, up 6,079.16 points, or 5.23%, from the previous close of 116,167.47.
\nDuring the session, the index climbed to an intraday high of 122,045.62, gaining 5,878.15 points, or 5.06%, and touched a low of 120,369.53, reflecting a rise of 4,202.06 points, or 3.61%.
\n\u201cThe ceasefire and the subsequent plunge in oil prices have triggered the rally today,\u201d said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. \u201cThe falling oil prices and the ending of the threat of a prolonged conflict in the Middle East has calmed the markets. They are giving investors the confidence to re-enter the market.\u201d
\nTrading was halted at the PSX after the KSE-30 Index surged 5%, triggering a mandatory one-hour cooling-off period. The market re-opened an hour later at 12:31pm as scheduled.
\nUS President Donald Trump announced late Monday that a ceasefire had been agreed between Iran and Israel.
\n\u201cIt has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE… for 12 hours, at which point the War will be considered, ENDED!\u201d Trump wrote on Truth Social.
\nEarlier, Trump had urged Iran to seek peace with Israel, saying he did not expect further retaliation from Tehran after its missile strike on a US base in Qatar.
\n\u201cCongratulations world\u2014it\u2019s time for peace,\u201d he said, adding that Iran had \u201cgotten it all out of their \u2018system\u2019\u201d and expressing hope for future \u201cPeace and Harmony in the Region.\u201d
\n\u201cCeasefire news and institutional buying helping stock market to recover yesterday\u2019s losses,\u201d said Mohammed Sohail, CEO of Topline Securities.
\nThe rally came after a steep plunge on Monday, when the KSE-100 Index dropped 3,855.77 points, or 3.21%, to close at 116,167.47. The day\u2019s high and low were recorded at 118,798.52 and 115,887.49 points, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201cThe ceasefire and the subsequent plunge in oil prices have triggered the rally today,\u201d says expert Islamabad The equity market surged on Tuesday, posting its second-highest single-day gain on a closing basis, as a ceasefire between Iran and Israel and a steep drop in oil prices sparked institutional buying and renewed investor confidence. The Pakistan […]<\/p>\n","protected":false},"author":2,"featured_media":466983,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-486376","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n