Buying interest returned to the Pakistan Stock Exchange (PSX) on Tuesday as investors thronged the market after the previous session’s sharp decline, reported 24NewsHD TV channel.
At the close of business, the PSX’s benchmark index surged to 180,301.70 points, up by 1886.91 points or 1.05%.
Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including OGDC, MARI, POL, PPL, HUBCO, ARL, PSO, SSGC and UBL, traded in the green.
The strong start marked a turnaround from Monday’s trading, when the stock market came under heavy selling pressure as investors reacted to renewed geopolitical uncertainty over the weekend.
Widespread profit-taking erased gains made in the previous session, dragging the benchmark index down by 1,156.47 points, or 0.64%, to close at 178,414.80 points.
Market participants said Tuesday’s recovery reflected improved investor confidence, with bargain hunters taking advantage of lower share prices after Monday’s decline.
Analysts also noted that easing concerns in global energy markets and relatively stable international equities helped improve sentiment.
Internationally, Asian stock markets traded mixed as investors approached the end of a strong quarter while monitoring global economic developments and geopolitical risks.
Japan’s Nikkei index remained largely unchanged in early trading but stayed on track for a record quarterly gain of more than 36%. South Korea’s KOSPI index slipped around 1% as investors booked profits following a powerful rally driven by semiconductor stocks, although the benchmark remains set for a quarterly gain of nearly 65%.
Global energy markets also appeared calmer, with Brent crude trading near $72.49 per barrel as fears of a prolonged disruption to oil supplies eased despite continued uncertainty surrounding the fragile ceasefire between the United States and Iran.
Meanwhile, Wall Street ended higher overnight, providing support to investor sentiment across Asia. US stock futures were broadly flat during Tuesday’s Asian session as traders awaited key economic data expected later this week.
Reporter Kavish Memon