PSX: buying at bourse, KSE-100 up 600 points

The Pakistan Stock Exchange (PSX) witnessed a significant rebound on Tuesday, with the benchmark KSE-100 Index soaring over 600 points within the first minutes of trading. The index opened at 166,521.38, climbing 654.07 points, or 0.39%, to 166,521.38. Trading activity was notably strong in sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration, OMCs, power generation, and refineries.

Prominent index stocks like ARL, HUBCO, OGDC, PPL, POL, HBL, NBP, and UBL closed higher. Previously, political and regional uncertainty, along with high oil prices, had triggered a 2,288.17-point plunge in the KSE-100 Index, which fell 1.36% to 165,867.32. However, the market's recent recovery comes after a tech-driven rally propelled the Nasdaq to a record high, and a decline in oil prices provided further support, while Treasury yields remained near multi-decade highs.

The euro remained near 17-month lows due to fiscal concerns in France, and investors sold French government bonds following an unsatisfactory budget. Political instability in Spain also contributed to market volatility. MSCI's Asia-Pacific index outside Japan rose 0.2%, Japan's Nikkei increased 0.7%, and European stock futures surged 0.5%.

Nasdaq and S&P 500 futures also saw slight gains, with the Nasdaq closing at a record level, buoyed by softer-than-expected jobs data and Nvidia's stock climbing to a record high, reaching a market value of $5.76 trillion.