PSX: buying at bourse, KSE-100 up over 1,300 points
Buying interest was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 1,300 points during the opening minutes of trading on Tuesday. At 9:30am, the benchmark index was hovering at 167,869.45, up 1,305.39 points or 0.78%. Key sectors saw buying, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power…
The Pakistan Stock Exchange (PSX) witnessed a surge in buying activity as the benchmark KSE-100 Index climbed over 1,300 points during the early trading session on Tuesday. At 9:30am, the index reached 167,869.45, gaining 1,305.39 points or 0.78%. Various sectors, such as automobile assemblers, cement producers, commercial banks, oil and gas exploration firms, OMCs, and power generation companies, experienced buying pressure.
Notable index components, including ARL, HUBCO, MARI, OGDC, PPL, POL, PSO, SSGC, HBL, MCB, MEBL, and NBP, also traded in the positive direction. On Monday, the PSX saw a marginal increase as strong support from key stocks was balanced by renewed selling in refinery stocks following the government's decision to absorb higher petrol import costs through a reduction in the Petroleum Levy.
The KSE-100 Index rose by 154.81 points, or 0.09%, closing at 166,564.07 points. Internationally, global stocks slipped at the onset of Asian trade on Tuesday, while oil prices stabilized following their previous day's decline. Market participants remained cautious ahead of the US midterm elections, with MSCI's broad Asia-Pacific index falling 0.9%.
On Wall Street, the S&P 500 e-mini futures rose by 0.1%, while Japanese markets were closed for a holiday. Overnight, US stocks retreated, with the S&P 500 dropping 0.5% due to weak tech sector earnings and disappointing US manufacturing activity data for October. Apple's shares continued their decline, losing 2.8% in after-hours trading after the company announced lower gross margins for the holiday quarter, citing rising memory-chip costs, and reported weaker-than-expected services revenue growth.
Investors are also preparing for the US midterm elections, where President Trump's Republican Party faces a challenge to maintain control of Congress, with opinion polls indicating a higher probability of Democrats gaining control of the Senate.
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