Profit-taking sets in at Pakistan Stock Exchange
Pakistan's stock market opened sharply higher on Tuesday, with strong buying after reports of mediation efforts between Iran and the US boosted investors' confidence, reported 24NewsHD TV channel.
At 12:00 noon, the PSX’s benchmark index reached 178,119.17 points, up by 2,191.44 points or 1.23%. However, at the end of business, profit-taking got hold of the situation, eating up more of the day's gains with index inched up by 205.83 points or 0.12 percent to 176,133.56 points.
Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, OGDC, PPL, POL, HBL, MEBL, MCB and NBP, traded in the green.
Earlier on Monday, the benchmark KSE-100 Index had gained 124.95 points, or 0.07%, to close at 175,927.74 points.
On Tuesday, Asian stocks gained as mediation efforts in the Middle East pushed oil prices away from a one-month high, while investors braced for a slate of corporate earnings that will test an under-pressure AI trade.
Yemen’s Iran-aligned Houthis said they would impose a naval blockade on Saudi Arabia, a move that could further disrupt energy supplies, amid attacks between the US and Iran, even as efforts were being made to revive a fragile ceasefire.
Brent crude futures eased 0.38% to $88.88 per barrel in early trading on Tuesday as investors latched on to hopes of a resolution. Brent hit its highest since mid-June at $91.42 a barrel in the previous session.
In stocks, MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.25% higher after dropping for three straight sessions. Japan’s gained over 1% while South Korea’s KOSPI rose nearly 3%.