The Pakistan Stock Exchange opened up over nine per cent on Monday after a ceasefire over the weekend with India, returning calm to the markets.
Saturday’s ceasefire, announced by US President Donald Trump, followed four days of tit-for-tat strikes between the nuclear-armed neighbours, as well as diplomacy and pressure from Washington.
The KSE-100 index opened with a gain of 9,929.48 points, or 9.26pc, to stand at 117,104.11 points from the previous close of 107,174.63 at 9:30am.
Due to the massive gains, the PSX was suspended briefly soon after opening to control excessive volatility.
“The market has reacted jubilantly to the ceasefire announcement after Pakistan established effective deterrence against India,” noted Yousuf M. Farooq, research director at Chase Securities.
“The PSX has saluted the Pakistan Air Force this morning with a surge of over 9pc in the KSE-100 Index,” he remarked, in reference to the PAF’s actions in response to India’s strikes.
Additionally, Farooq highlighted, the recent interest rate cut and the approval of $1 billion tranche by the International Monetary Fund (IMF) “further fueled investor enthusiasm”.
Commenting on the future investor mood, Farooq said market participants were now expected to shift their focus towards the upcoming federal budget for the next fiscal year, which is expected on June 2.
Samiullah Tariq, head of research and development at Pak Kuwait Investment Company Ltd, pointed out three main reasons for the robust market activity.
Other than the ceasefire and the IMF’s green light to the disbursement, Tariq mentioned US President Donald Trump’s recent statement on increasing trade with Pakistan.
Indian shares also rallied today.
More to follow
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