PSX: buying at bourse, KSE-100 up over 1.5%
- Benchmark index settles at 168,460.10
The Pakistan Stock Exchange's KSE-100 Index surged over 2,000 points on Tuesday, recovering from Monday's losses, as buying returned to key sectors despite global uncertainties.
- KSE-100 Index's 2,000-point surge.
- Key sectors and stocks driving market recovery.
- Global market trends and their influence.
Buying returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 2,600 points on Tuesday.
The KSE-100 index witnessed a volatile trading session, initially gaining before coming under pressure around midday, when it touched an intraday low of 165,651.67.
The benchmark subsequently staged a strong recovery, with buying momentum accelerating in the afternoon and pushing the index above the 167,000 and 168,000 levels.
The index hit an intraday high of 168,626.18 in the final moments of trading before paring some gains.
At close, the KSE-100 Index settled at 168,460.10, up 2,592.79 points or 1.56%.
On Monday, heightened regional and domestic political uncertainty, coupled with elevated international crude oil prices, triggered broad-based risk aversion at the PSX, sending the market into a nosedive as selling pressure intensified across major sectors. The benchmark KSE-100 Index plunged 2,288.17 points, or 1.36%, to settle at 165,867.32 points.
Globally, Asian stocks rose on Tuesday after a tech-fuelled rally lifted the Nasdaq to a record close, with a retreat in oil prices offering further support even as longer-dated Treasury yields hovered near multi-decade highs.
The euro languished near 17-month lows after briefly touching $1.116 overnight, pressured by mounting fiscal concerns in France. Investors dumped French government bonds after an underwhelming budget, while political uncertainty deepened after Spanish Prime Minister Pedro Sanchez called a snap election.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2%, while Japan’s Nikkei gained 0.7%. European stock futures climbed 0.5%.
Nasdaq futures edged up 0.2%, and S&P 500 futures rose 0.1%. The Nasdaq notched up a record close overnight, buoyed by softer-than-expected jobs data that dampened expectations for a rate hike from the Federal Reserve this month.
AI heavyweight Nvidia climbed 2.1%, reaching a record-high close and boosting its market value to $5.76 trillion.
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