PSX gains 1,200 points during intraday trade as oil eases amid US-Iran mediation efforts

The Pakistan Stock Exchange’s (PSX) benchmark index gained nearly 1,200 points during intraday trade on Tuesday.

The KSE-100 index opened in the green, soaring by 2,442.72 points to reach an intraday high of 178,370.45 at 10:09am.

However, it then dipped sharply after 12pm, declining to 177,120.04 points at 12:44pm, up by 1,192.31 (0.68 per cent) from the previous close.

The development came as global oil prices softened on Tuesday, with markets weighing reports of mediation efforts between the US and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen’s Houthis.

Brent crude futures eased 78 cents, or 0.9pc, to $88.44 per barrel by 0415 GMT. US West Texas Intermediate crude was down 73 cents, or 0.9pc, to $82.50 per barrel, while the more active contract for September delivery slipped 41 cents, or 0.5pc, to $82.07 a barrel.

Awais Ashraf, director of research at AKD Securities, said the market extended the previous session’s late recovery as “oil prices retreated from a one-month high amid renewed mediation efforts between the US and Iran”.

“Investor sentiment is also being supported by........

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