KSE-100 climbs over 9% as Pakistan-brokered ceasefire ignites historic rally

It was a historic day at the Pakistan Exchange (PSX) on Wednesday, as investors rejoiced after the US and Iran agreed to a two-week ceasefire amid Pakistan’s mediation efforts. The ceasefire also triggered a global relief rally, with oil prices plunging sharply and equities surging across the US, Europe, and Asia. Bullish momentum was observed right from the opening bell, as the benchmark KSE-100 Index gained over 8%, triggering a market halt at 9:37am. “All TRE Certificate Holders are hereby informed that due to a 5% increase in the KSE-30 index from the previous trading day’s close of the same, a market halt has been triggered as per PSX Regulations, and all equity-based markets have been suspended accordingly,” read the notice. Why does PSX halt trading? The market activity resumed at 10:42am. As the session progressed, the index maintained a sustained upward trajectory driven by aggressive buying, hitting an intraday high of 165,924.13. The KSE-100 Index closed at 165,811, recording its highest-ever single-day gain of 14,138 points or 9.32%. “Today was a short-seller’s nightmare and a buyer’s paradise,” said Behtari Capital on Wednesday.