PSX: Buying continues, KSE-100 settles with nearly 250 points gain

Buying continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 250 points on Tuesday.

The benchmark index initially moved higher and touched an intraday high of 171,680.73 during the session. The index then came under selling pressure, with gains gradually reversing through late morning and early afternoon.

The benchmark declined steadily after around 11:30am, falling to an intraday low of 170,866.93, indicating notable profit-taking and selling pressure during the middle of the session.

The market subsequently staged a sharp recovery, rebounding above 171,100 before moving sideways for much of the afternoon.

Another brief dip around the final minutes was followed by a strong late-session buying spell, with the index surging towards its intraday high before easing slightly near the close.

At close, the KSE-100 settled at 171,402.08, up 248.92 points or 0.15%.

“Easing international oil prices and expectations of potential US-Iran de-escalation, which helped ease concerns surrounding inflation and Pakistan’s external account,” said Topline Securities, in its post market commentary.

However, continued geopolitical uncertainty kept investors cautious and limited broader market gains, it added.

“MARI, PPL, HUBC, FCCL, and LUCK were the major contributors to the index, collectively adding approximately 233 points. On the other hand, BAHL, FFC, and MCB emerged as the leading drags, collectively shaving around 172 points from the KSE-100,” the brokerage house said.

On Monday, the PSX witnessed a range-bound and mixed trading session, as investors balanced easing international oil prices and expectations of additional Saudi crude supplies against renewed regional geopolitical tensions.

The benchmark KSE-100 Index gained 268.58 points, or 0.16%, to close at 171,153.17 points.

Internationally, technology stocks powered Asian markets higher on Tuesday as lower oil prices lifted sentiment and investors ​pinned their hopes on US-Iran talks, while the dollar stood tall on bets that more hikes are needed to rein ‌in inflation.

Attention is also turning to a high-stakes meeting between Donald Trump and Xi Jinping later this week, with investors watching for signs the leaders of the world’s two largest economies can prevent a further deterioration in relations.

Xi arrives in Washington on Wednesday for the first time in more than a decade amid growing optimism that ​a trade truce deal between the two nations will be extended and potential cooperation over artificial intelligence.

President Trump said he ⁠would be open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York this week for the UN General Assembly, ​helping lift sentiment and pushing bond yields lower.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose over 1% in early trading. Tech-heavy South Korean stocks jumped nearly 2% while Taiwan shares were 1.3% higher. Japan markets are closed for a holiday.

Nasdaq futures rose 0.37% while European ​futures were 0.3% higher. Much of the AI enthusiasm has been centred on the strong reception to the launch of Meta’s Muse AI assistant.

China’s ​blue-chip stock index rose 0.75%, while Hong Kong’s Hang Seng index gained 0.4%. AI stocks in China and Hong Kong also surged.

Meanwhile, the Pakistani rupee extended its marginal gains against the US dollar in the interbank market on Tuesday. The local unit closed the day at 277.21, a gain of Re0.01 against the greenback.

Volume on the all-share index decreased to 641.83 million from 692.88 million recorded in the previous close.

The value of shares declined to Rs18.47 billion from Rs20.10 billion in the previous session.

Tasdeeq Information was the volume leader with 133.19 million shares, followed by Media Times Ltd with 72.72 million shares, and WorldCall Telecom with 48.57 million shares.

Shares of 494 companies were traded on Tuesday, of which 226 registered an increase, 221 recorded a fall, and 47 remained unchanged.