Equities recover 404 points despite volatility
KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday shrugged off prevailing uncertainty following Chief of Army Staff Field Marshal Asim Munir’s visit to Iran, which revived hopes of de-escalation between Washington and Tehran, helping the benchmark index settle in the green zone. Topline Securities Ltd said the index closed at 177,370.71, gaining 404.02 points or 0.23 per cent. The market…
The Pakistan Stock Exchange (PSX) experienced a significant recovery, surging 404 points to close at 177,370.71, marking a 0.23% gain. The index had initially retreated but rebounded due to selective buying in key sectors. Despite the overall volatility, investor sentiment remained cautious, with most attention on selected blue-chip and cyclical stocks.
The market was unable to break the 178,000 resistance level, leaving the outlook uncertain for the near term. Positive contributors included United Bank, Meezan Bank, Fauji Fertiliser, Habib Bank, and Lucky Cement, collectively adding 667 points to the index, while Oil and Gas Development Company and Engro Holdings and Systems Ltd were among the major drag factors, pulling 201 points out of the index.
Trading volume dropped 30.92% to 644.8 million shares, with the traded value contracting 28.87% to Rs31.4 billion. The PSX saw a slightly positive session, staying within a 1,200-point range, with intraday highs at 177,776 and lows at 176,577. Geopolitically, Chief of Army Staff Field Marshal Asim Munir's visit to Iran aimed to ease tensions between Washington and Tehran, with the visit described as "highly fruitful" and producing valuable diplomatic results.
The trade's impact will become clearer in the coming days, as Pakistan observes a public holiday for Eid Miladun Nabi (PBUH) on Wednesday.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
