The Pakistan Stock Exchange rallied again on Tuesday, with the benchmark KSE-100 index closing 1,454 points, or 0.87%, higher at 168,018. During the session the index touched an intraday high of 168,469.78 and a low of 167,308.66.
The gains came even as reports of a US strike on Iran's Qeshm Island, and an Iranian official's remark that Tehran and Washington remained far from a deal to end the war, kept investors cautious. According to sources, bargain hunting in heavyweight stocks supported the market, with broad-based buying in commercial banks, fertilisers, cement and investment banks. Fauji Fertiliser, Engro Holdings, HBL, Pakistan Services, Meezan Bank and Engro Fertiliser were among the biggest contributors to the index's rise.
Global oil prices rebounded after the previous session's steep fall. Brent crude rose $1.36, or 1.3%, to $106.13 a barrel, while US West Texas Intermediate gained $1.45 to $97.91. Traders are watching the US midterm elections and the US-Iran negotiations being conducted through mediators.
Overall volume rose to 517.3 million shares from Monday's 443.4 million, with shares worth Rs20.7 billion changing hands. Of the 500 companies traded, 270 closed higher, 189 fell and 41 were unchanged. Cnergyico PK led volumes with 114.9 million shares, losing Rs0.54 to close at Rs11.74.