PSX gains over 1,000 points as investors look past rate hike

The KSE-100 was 1,030.21 points higher at 164,068.67 by 12:54pm on Tuesday, gaining 0.63%, according to The Express Tribune. Earlier, the benchmark had advanced 875.75 points shortly after trading began; during the session it ranged between 163,545.69 and 164,368.47. Turnover stood at Rs4.96 billion across 63.83 million shares.

Investors continued buying even after the State Bank of Pakistan lifted its policy rate by 50 basis points to 12%. The report linked some relief in sentiment to hopes of progress towards ending the US-Israeli war on Iran, while purchases in cement, commercial banks, oil and gas exploration, and oil marketing shares helped the market rise. International crude prices slipped about 1% as supply fears eased, though Houthi attacks on Saudi Arabia kept geopolitical tensions in view. Brent was at $114.81 a barrel and US West Texas Intermediate at $100.88.