Stocks gain over 218 points as oil prices ease

Pakistan equities opened the week on a firmer footing on Monday, with the benchmark KSE-100 index gaining ground as easing oil prices and hopes for diplomatic progress on the Iran conflict encouraged buying interest, although the early rally lost some momentum by midday. The KSE-100 index was trading at 171,102.84 at 12.58pm, up 218.26 points or 0.13% The index had climbed as much as 752.54 points, or 0.44%, to 171,637.12 at 9:33am before surrendering part of its gains. The market moved between an intraday high of 171,732.62 and a low of 170,902.75, while trading volume stood at 65.08 million shares with traded value at around Rs5.76 billion. The firmer opening was also linked to signs of a partial recovery in Saudi Arabian oil shipments, offering some relief to markets worried about prolonged disruptions to regional supplies. However, the improvement remained tempered by continuing attacks by Yemen’s Houthis, keeping concerns over the security of energy flows in the region in focus.