PSX Gains Over 400 Points in Volatile Trading Session
KSE-100 Ends Higher as Key Sectors Support Market Recovery
KARACHI: (Finance Reporter) – The Pakistan Stock Exchange (PSX) witnessed a volatile trading session on Tuesday, with the benchmark KSE-100 Index recovering strongly toward the close and gaining more than 400 points.
At the end of trading, the benchmark index settled at 177,370.70 points, recording an increase of 404.02 points, or 0.23%.
Buying activity was seen across several major sectors, including automobiles, cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs) and power generation.
Several index-heavy stocks remained in positive territory, including HUBCO, MARI, OGDC, PPL, POL, PSO, MCB, MEBL and NBP, providing support to the benchmark index.
Market sentiment also received a boost from Moody’s Ratings’ decision on Monday to upgrade Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to B3 from Caa1.
The previous session had ended on a weaker note after late-day profit-taking in heavyweight stocks wiped out most of the market’s early gains. Selective buying in oil and gas and cement stocks, however, helped limit the decline.
On Monday, the KSE-100 Index fell 199.84 points, or 0.11%, to close at 176,966.69 points.
Meanwhile, international markets remained cautious. Asian shares declined on Tuesday, while oil prices continued to fall after US threats of an “economic D-Day” involving sanctions on Iran failed to produce the expected market impact.
US Treasury yields also eased from recent highs following reports that the Treasury Department could use its cash balance to fund increased debt buybacks. Such a move could reduce the need for additional short-term bill issuance.
Global investors are also closely watching Nvidia’s quarterly results, due on Wednesday, as expectations remain particularly high for the chipmaker.
Analysts are broadly expecting Nvidia’s quarterly revenue to nearly double to around $92 billion, while full-year earnings guidance is projected in the range of $103 billion to $105 billion.
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