Pakistan’s benchmark KSE-100 index advanced 9,303.75 points, or 6.35 per cent, during early trading on Tuesday, triggering a temporary market halt after the sharp rally.
Following the surge, trading was suspended in accordance with regulations of the Pakistan Stock Exchange (PSX), according to an official notice issued by the exchange.
The notification stated that the halt was triggered after the KSE-30 index recorded a 5pc increase from the previous trading day’s close, activating the exchange’s market suspension mechanism.
According to the schedule shared by the PSX, trading resumed at 10:27am.
This rally is in sharp contrast to the market’s previous close. On Monday, the KSE-100 index closed the session at 146,480 points, marking a decline of 11,015 points or 6.99 per cent — the second-largest single-day drop in the index’s history, costing investors over Rs1.09 trillion.
The sharp rebound comes a day after the State Bank of Pakistan (SBP) announced that it would maintain its key policy rate at 10.5pc following the latest meeting of the Monetary Policy Committee, in line with expectations of analysts and industry participants.
Investor sentiment was also supported by improved global market conditions.
On Monday, US stocks recovered from a steep sell-off to close higher after Donald Trump suggested that the US-Israeli war on Iran could be nearing an end.
Meanwhile, oil prices declined on Tuesday after hitting a more than three-year high in the previous session. The drop followed comments by Trump indicating that the Middle East conflict could end soon, easing concerns over prolonged disruptions to global energy supplies.
