PSX maintains bullish momentum as KSE-100 adds over 300 points
KARACHI – The Pakistan Stock Exchange continued with bullish trend on Wednesday driven primarily by the investors’ confidence as the Iran-Israel ceasefire has cooled the Middle East tensions. During intraday trading, the KSE-100 index has gained 396.
47 points to reach 122,643.10, with a positive change of 0.32%. A day earlier, the benchmark gained eye-popping 6,079.17 points to hit 122,246.64 points after investors cheered the ceasefire. On Tuesday, a total of 804,779,730 shares were traded during the day as compared to 595,010,639 shares the previous trading day, whereas the price of shares stood at Rs 37.614 billion against Rs 23.488 billion on the last trading day. As many as 477 companies transacted their shares in the stock market, 407 of them recorded gains and 35 sustained losses, whereas the share price of 35 companies remained unchanged.Oil prices climbed on Wednesday as investors assessed the stability of a ceasefire between Iran and Israel, but held near multi-week lows on the prospect that crude oil flows would not be disrupted. Brent crude futures rose 85 cents, or 1.3%, to $67.99 a barrel at 0341 GMT, while U.S. West Texas Intermediate crude gained 87 cents, or 1.4%, to $65.24. Brent settled on Tuesday at its lowest since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13. "Global energy prices are moderating following the Israel-Iran ceasefire. The base case for our oil strategists remains anchored by fundamentals, which indicate sufficient global oil supply," said JP Morgan analysts in a client note.World Bank approves 194mn dollars for two projects in BalochistanBreaking: Earthquake Hits Swat Fear Among People
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