KARACHI: Pakistan Stock Exchange (PSX) witnessed a robust pullback session on Tuesday, recouping a portion of recent losses as investor confidence made a notable comeback.
The benchmark KSE-100 index opened on a positive trajectory and sustained its upward momentum throughout the trading session settling at 162,896 points, up 1,091 points or 0.67% at close.
An analyst at Topline Securities said market sentiment remained buoyant amid encouraging developments in the ongoing negotiations between the United States and Iran, which helped ease geopolitical concerns.
“Additionally, a slight decline in international oil prices provided further comfort to investors by alleviating inflationary worries and strengthening expectations of macroeconomic stability.”
On the stock-specific front, heavyweight names including United Bank (UBL), Bank Al Falah (BAHL), Fauji Fertilizer (FFC), Oil & Gas Development (OGDC), and Pakistan Petroleum (PPL) remained in the spotlight, collectively contributing 751 points to the benchmark index’s gain.
An analyst at Ismail Iqbal Securities said the benchmark closed on a positive note, breaking last week’s streak, as the session recovered some of earlier day’s losses. “However, investors remained cautious amid ongoing geopolitical tensions”.
Overall market participation remained subdued, with total traded volume clocking in at 391 million shares, while market turnover improved to PKR 22.9 billion, surpassing the previous session. CNERGY emerged as the volume leader, with 23.9 million shares changing hands during the day.
Earlier, Pakistan Stock Exchange (PSX) benchmark index closed lower by 3,791 points, or 2.29%, settling at 161,805 points on Monday, as a lack of progress in diplomatic talks and fresh uncertainty over U.S.-Iran tensions fueled a highly volatile session.
An analyst at Topline Securities said KSE-100 shares index traded under sustained pressure throughout a highly volatile session, as investor sentiment remained cautious amid the lack of meaningful progress in ongoing negotiations and continued uncertainty surrounding developments between the United States and Iran.
More read, PSX plunges 2.3% as US-Iran tensions, stalled talks fuel volatility
“Elevated crude oil prices further weighed on market confidence. During the session, the index experienced pronounced intraday volatility, hitting a low of 3,982 points.”
