Bulls returned to the Pakistan Stock Exchange (PSX) on Tuesday, as the benchmark KSE-100 Index staged a strong rebound, rising over 4,500 points in the opening hours following a day of heavy selling.
According to the PSX website, the market opened on a bullish trend, with the KSE-100 climbing to the highest level of 162,969.67 points, an increase of 4,526.25 points as of 10:18 am.
Market experts attributed Tuesday’s rebound, following Monday’s sharp sell-off, to heavy buying supported by reduced political uncertainty in the country.
Across-the board buying was witnessed in sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation and refinery stocks. Index-heavy stocks including HUBCO, ARL, MARI, OGDC, POL, PPL, PSO, SSGC, SNGPL, and WAFI traded in positive territory.
On Monday, the PSX had plunged 4,654.77 points or 2.85%, closing at 158,443.42.
As of 10:42 am, the market was hovering at 162,905.21 level, with an increase of 4461.79 points or 2.82% from the previous close.
Globally, Asian stocks struggled on Tuesday amid uncertainty over upcoming US-China trade talks, despite initial optimism that a durable deal could be reached.
MSCI’s broadest index of Asia-Pacific shares outside Japan and S&P 500 futures traded flat after early gains. Wall Street’s main indexes rose as much as 2.2% overnight, led by chipmakers, after President Donald Trump signaled a more conciliatory approach on trade tensions with China.
In Asia, gains were mixed. Hong Kong’s Hang Seng Index fell 0.4%, while China’s CSI 300 slipped 0.1%, reflecting investor caution ahead of potential trade developments.
