PSX gains 249 points on US-Iran optimism

The Express Tribune reported that the Pakistan Stock Exchange recovered from an afternoon sell-off on Tuesday and finished higher as fresh buying offset profit-taking. Closing at 171,402.08, the benchmark KSE-100 index was up 248.92 points, or 0.15%. Its intraday range ran from a high of 171,680.74 to a low of 170,866.94, and the session opened strongly before a brief dip below the previous close.

Hopes that tensions between the US and Iran could ease lent support, and oil prices dropped to a two-week low. Reports indicate that Iran has informed Washington that the Strait of Hormuz might reopen inside seven days, provided the blockade ends. Saudi Arabia, meanwhile, is readying shipments from Yanbu, its Red Sea port. Gains were led by oil and gas explorers, cement makers and power companies, whereas banks and fertiliser counters lagged.

Volume on the day slipped to 641.8 million shares, down from 692.8 million on Monday. Across the ready market, 494 companies changed hands, with 226 advancing, 221 declining and 47 unchanged. Tasdeeq Information topped the volume table with 133.2 million shares, ending at Rs4.91 after a fall of Rs0.09.