PSX: buying returns at bourse, KSE-100 up over 900 points
Buying returned at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 900 points during the opening minutes of trading on Tuesday. At 9:40am, the benchmark index was hovering at 166,068.84, up 944.43 points or 0.57%. Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies and OMCs. Index-heavy…
The Pakistan Stock Exchange (PSX) experienced a surge in buying activity on Tuesday, with the benchmark KSE-100 Index soaring over 900 points during the initial minutes of trading. By 9:40am, the index had reached 166,068.84, marking an increase of 944.43 points or 0.57%. Investors showed appetite for key sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration companies, and oil marketing companies (OMCs).
Notable index-heavy stocks like LUCK, DGKC, HBL, MCB, MEBL, NBP, OGDC, MARI, and PSO all closed in the green. On Monday, the PSX saw significant losses as domestic political instability following the imposition of emergency and governor rule in Khyber Pakhtunkhwa, along with regional geopolitical tensions involving Saudi Arabia, the Houthis, the United States, and Iran, caused investors to pull back from equities.
The KSE-100 Index dropped 1,964.87 points or 1.18%, closing at 165,124.41 points. On an international level, Asian equities, particularly technology shares, plummeted due to escalating conflict in the Middle East, which kept oil prices high and supported the dollar ahead of an earnings season. Brent crude futures reached $105.9 per barrel, nearing a two-week high.
Meanwhile, MSCI's Asia-Pacific index outside Japan declined by 2%, with tech-heavy South Korea's KOSPI dropping 6%. Japan's Nikkei also experienced a 2.6% decline after returning from a holiday. The tech-heavy Nasdaq suffered a 0.5% drop, mainly due to chipmakers facing increasing competition from the US and China. This cautious sentiment kept the US dollar near an 18-month peak.
Concurrently, the euro was trading at $1.1157, while the Japanese yen was at 158.50 per US dollar. Investors will closely monitor US bank earnings this week to assess the impact of recent Treasury yield surges on dealmaking, lending growth, and funding costs. Four major US lenders, JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo, are scheduled to release their results later in the day. This report reflects an intraday update.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
