Share prices recovered some losses at the Pakistan Stock Exchange (PSX) on Tuesday, with the benchmark KSE-100 Index staging a strong rebound after a bloodbath in the previous session, reported 24NewsHD TV channel.
At the end of the business, Pakistan Stock Exchange’s KSE-100 gained 5,159.10 points or 3.28% to reach 157,132.09 points.
Out of 567 futures-market companies, 189 recorded gains, 185 declined while 193 remained unchanged.
Despite the rebound, investors seem to be cautious, with sentiment still influenced by uncertainty linked to the evolving situation in the Middle East.
Buying interest was visible across key sectors, including cement, commercial banks, fertilizer, exploration and production, oil marketing companies and power generation.
Index-heavy stocks such as Oil and Gas Development Company Limited, Pakistan Oilfields Limited, Pakistan Petroleum Limited, Hub Power Company, MCB Bank Limited, Meezan Bank Limited and National Bank of Pakistan traded in positive territory.
The recovery follows a steep decline on Monday, when trading was halted after the benchmark index plunged more than 9% under PSX regulations. The KSE-100 Index closed at 151,972.99, down 16,089.17 points, or 9.57%.
The sharp drop was linked to escalating regional tensions following joint US-Israel strikes on Iran and Tehran’s retaliatory actions, including attacks targeting US military installations in Gulf countries.
Globally, stocks resumed their selloff and the dollar strengthened in early Asian trading on Tuesday as investors considered the implications of U.S. and Israeli strikes on Iran on energy prices and the global economy.
The ongoing military conflict has also created fears that vital routes like the Strait of Hormuz, which carries nearly a fifth of the world’s seaborne oil and liquefied natural gas, could face disruption. Any sustained rise in oil prices would not only worsen inflation but also increase the cost of living and doing business in Pakistan and beyond.
Reporter: Kawish Memon