PSX closes higher despite Middle East tensions

KARACHI: The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) ended Monday’s session in positive territory, gaining more than 124 points despite cautious investor sentiment amid escalating tensions in the Middle East.

The KSE-100 Index rose 124.95 points, or 0.07 percent, to close at 175,927.74 points, compared with 175,802.79 points in the previous trading session.

According to market analysts, investors remained cautious due to the worsening geopolitical situation in the Middle East, while profit-taking kept the market volatile throughout the trading session.

Trading activity improved, with 675.92 million shares changing hands, compared with 621.02 million shares in the previous session. The total value of traded shares increased to Rs30.27 billion from Rs29.88 billion.

The market capitalization increased to Rs19.762 trillion from Rs19.790 trillion in the previous session.

Out of 492 active companies in the ready market, 165 advanced, 277 declined, and 50 remained unchanged.

Cnergyico PK led the volume chart with 166 million shares, followed by Pak Refinery with 49 million shares and TPL Properties with 38.43 million shares.

Among the top gainers, Unilever Pakistan Foods Limited advanced by Rs211 to close at Rs25,440, while Baba Farid Sugar Mills Limited gained Rs41.86 to settle at Rs460.42.

On the losing side, Khairpur Sugar Mills Limited declined by Rs187.15 to close at Rs1,684.32, while Rafhan Maize Products Company Limited fell by Rs128.16 to settle at Rs2,071.22.

Iran says diplomatic exchanges with US ongoing via mediators

Notably, Brent crude hit its highest price on Monday since June due to renewed fighting between the United States and Iran, while Asian equities were mixed as investors weighed the fallout of a prolonged Middle East war.

Crude has surged over the past week as Washington and Tehran traded fire, raising fears of a sustained disruption in the Strait of Hormuz, which carries around a fifth of the world’s seaborne oil.

Both Brent crude and US benchmark West Texas Intermediate extended their gains after climbing more than four percent at the end of last week. Brent rose above $91 a barrel, its highest price since June 11.