Pakistan stocks post record gain as US-Iran deal boosts investor sentiment

KARACHI: Pakistani shares surged on Monday, posting their biggest single-day points gain in history, fueled by investor optimism over a potential breakthrough in US-Iran peace talks.

The Pakistan Stock Exchange benchmark KSE-100 index skyrocketed by 4,639 points, or 2.69 percent, to close at an all-time high of 177,039 points.

During intra-day trading, the index touched a historic peak of 177,176 points.

Traders said the massive rally was triggered by news that the United States and Iran are moving closer toward a formal agreement to halt their war and reopen the strategic Strait of Hormuz, easing global energy supply concerns and boosting regional sentiment.

The bullish momentum added roughly Rs612 billion ($2.2 billion) to the market capitalisation.

Out of 564 active corporate stocks on the board, shares of 349 companies advanced, 119 declined, while the remaining 96 closed unchanged.