The stock market opened on a strong note, witnessing an aggressive rally that pushed the benchmark index to its intra-day high of 167,245.54, indicating robust early buying interest and positive sentiment at the start of trading.

However, the initial surge was followed by a phase of consolidation, with the index moving sideways through much of the midday session.

In the final hours of trading, the index came under sharp selling pressure amid reports of renewed tensions between the US and Iran.

At close, the KSE-100 Index settled at 163,948.94, up by 954.77 points or 0.59%.

“The local bourse opened on a strong footing, buoyed by declining oil prices, with the index rallying to an impressive intra-day gain of 4,251 points. However, late-session jitters emerged as geopolitical tensions escalated, with reports of a missile strike near the Strait of Hormuz dampening sentiment and triggering profit-taking,” brokerage house Topline Securities said in its post-market report.

Index heavyweights including FFC, UBL, MCB, OGDC, and HUBC led the charge, collectively contributing 543 points to the index, it added.

During the previous week, Pakistan’s equity market endured sustained pressure as persistent geopolitical uncertainty and tightening financial conditions dampened investor sentiment.

The benchmark KSE-100 Index declined by 4.5%, shedding 7,677.87 points on a week-on-week basis to close at 162,994.17 points.