KARACHI, June 15 -- The Pakistan Stock Exchange (PSX) recorded a strong rally on Monday as investor sentiment improved following a breakthrough US-Iran peace deal, a sharp decline in global oil prices and optimism over Pakistan's latest federal budget.

The benchmark KSE-100 Index surged to an intraday high of 176,917.76 points, gaining 4,517.86 points, or 2.62%, before fluctuating slightly during the session. The market also touched a low of 175,524.22 points, still reflecting strong gains from the previous close.

Market participants said the rally was driven by easing geopolitical tensions after the United States and Iran announced an agreement to end their conflict and reopen the Strait of Hormuz, a key global energy route. The develo...