Share prices rebound at Pakistan Stock Exchange
Share prices at Pakistan Stock Exchange (PSX) rebounded significantly on Tuesday after it witnessed a massive sell-off a day earlier, reported 24NewsHD TV channel.
The PSX’s benchmark KSE-100 index recovered 2,668.62 points till 10:20 am with index standing at 149,511.59 points, marking a positive change of 1.78 percent. At the end of business, the index recorded a net increase of 1,900.34 points to 148,743.31 points or 1.28 percent.
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 ARL, HUBO, MARI, POL, PSO, SNGPL, SSGC and WAFI, traded in the green.
Out of 567 active companies in the ready market, 281 advanced, 137 declined, while 149 remained unchanged.
Markets turned a little more upbeat after The Wall Street Journal reported that US President Donald Trump told aides he is willing to end the military campaign against Iran even if the Strait of Hormuz remains largely closed.
Earlier, PSX remained under heavy selling pressure, extending its losing streak for a fourth consecutive Monday as geopolitical tensions over the weekend and cautious investor participation dragged the Index. The KSE-100 Index closed at 146,842.97 points, shedding 4,864.54 points or 3.21%.
During the session, the ready market recorded a trading volume of 529.130 million shares with a traded value of Rs 29.603 billion, compared to 435.513 million shares valuing Rs 23.989 billion in the previous session.
The market capitalization declined to Rs 16.327 trillion from Rs 16.885 trillion a day earlier.
Reporter Baseem Iftikhar