Positive sentiments drive PSX, KSE-100 up 1,400 points
- Benchmark index was hovering at 179,856.53
The Pakistan Stock Exchange's KSE-100 Index surged by nearly 1,200 points on Tuesday, recovering from Monday's decline, driven by broad buying across key sectors.
- Key sectors driving the PSX recovery.
- Previous day's PSX decline and geopolitical uncertainty.
- Global market trends, including Asian stocks and currency shifts.
Buying interest returned at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 1,400 points during the opening hours of trading on Tuesday.
At 11:25am, the benchmark index was hovering at 179,856.53, up by 1,441.74 points or 0.81%.
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.
On Monday, PSX came under renewed selling pressure on Monday as investor sentiment weakened following fresh geopolitical uncertainty over the weekend, prompting widespread profit-taking that dragged the market, erasing the previous session’s gains. The benchmark KSE-100 Index declined by 1,156.47 points, or 0.64%, to close at 178,414.80 points.
Globally, Asian stocks wobbled toward the end of a sparkling quarter on Tuesday, while a resurgent dollar pushed the yen to a four-decade low and was headed for a fourth straight quarterly rise.
Japan’s Nikkei, which was steady in early trade, is set for a record rise of more than 36% for the quarter. South Korea’s chipmaker-driven KOSPI slipped 1%, though it was set for an eye-popping second-quarter rise of nearly 65%, having more than doubled year-to-date.
The oil market’s worries about war have receded into memory with benchmark Brent crude futures at pre-war prices of $72.49 a barrel, even though the interim ceasefire is strained.
Wall Street indexes rose overnight, and futures were flat in the Asian morning. The dollar eyed a quarterly rise thanks to a remarkable re-pricing of the U.S. interest rate outlook, which has flipped from cuts to hikes on U.S. economic strength and inflationary pressures.
The dollar’s rise has driven gold to its largest quarterly fall in more than a decade, while the yen touched a four-decade trough of 162.41 per dollar in Asian trade, setting traders on edge about possible Japanese intervention.
This is an intraday update