Trading currently underway, with upbeat sentiment and celebratory buying still driving the market higher
The Pakistan Stock Exchange (PSX) erupted in celebration on Wednesday as investors cheered the global peace momentum brokered by Pakistan and easing tensions between Iran and the United States, triggering a wave of aggressive buying across the market.
The benchmark KSE-30 index rallied sharply, sparking a powerful surge that led to a market halt after crossing the 5% upper threshold, in accordance with PSX regulations. The rally reflected a jubilant mood on the trading floor, with participants rushing to capitalise on the improved geopolitical outlook.
In its market halt announcement, PSX notified: “All TRE Certificate Holders are hereby informed that due to a 5% increase in the KSE-30 index from the previous trading day close of the same, a Market Halt has been triggered as per PSX Regulations, and all equity-based markets have been suspended accordingly. Please note that as a result of the halt, all outstanding orders have been cancelled automatically by the system, and all equity-based markets shall re-open as per the following schedule.”
Read More: US, Iran agree to Pakistan-brokered two-week ceasefire with reopening of Strait of Hormuz
Following the resumption at 10:42am, the celebration continued as bullish momentum intensified. The index climbed further to 164,973.53, gaining 13,300.08 points (8.77%), underscoring strong investor confidence and widespread optimism. Earlier in the session, the market had already been in a festive mood, reaching 164,035.83 (+8.15%) at around 9:57am.
Speaking to The Express Tribune, KTrade Securities equity trader Ahmed Sheraz said, “KSE-100 opened sharply higher by +12,920 points (+8.5% gap), tracking a major improvement in the external backdrop. Sentiment turned decisively positive after the US and Iran agreed to a Pakistan-brokered ceasefire, with talks set in Islamabad on April 10, triggering a 15-16% drop in global oil prices as risk premium eased. This led to market halt as KSE-30 stayed above 5% for five minutes.”
Commenting on the market’s overall scenario, he added that regionally, improving Pakistan-Afghanistan ties (via China) and stable domestic macros, including $1.43 billion Eurobond repayment and steady reserves/remittances, have further reinforced confidence, alongside continued support commitment from the Asian Development Bank (ADB).
Near-term direction hinges on the outcome of US-Iran talks; sustained de-escalation could keep oil prices soft and support market momentum, Sheraz anticipated.
Trading is currently underway, with the upbeat sentiment and celebratory buying still driving the market higher until the filing of this report.