KARACHI:
The Pakistan Inventory Change (PSX) staged a major rebound on Tuesday, marking a reversal of the latest corrective classes, as traders returned to construct recent positions. The benchmark KSE-100 index closed close to 184,000, with a achieve of over 1,500 factors.
Earlier, buying and selling opened on a cautious notice, when the index edged increased briefly earlier than coming below stress. Forward of noon, profit-taking pushed the index all the way down to the intra-day low of 180,590. Market momentum improved within the latter half as shopping for curiosity strengthened throughout the board. The index moved steadily increased, touching the intra-day peak of 184,305, earlier than settling barely decrease.
KTrade Securities talked about that the PSX staged a robust rebound, with the KSE-100 index closing at 183,952, up 1,567 factors (+0.86%), marking a transparent reversal after latest corrective classes. Early-session promoting stress was successfully absorbed by retail and selective institutional shopping for, permitting momentum to construct decisively within the second half, it mentioned.
The index traded inside a variety, hitting the intra-day low close to 180,590 and the excessive of 184,305, whereas volumes clocking in at 437 million shares. Sector-wise, the rally was broad-based, led overwhelmingly by business banks, which contributed most factors to the index.
Help additionally got here from oil & fuel, cement and know-how shares, reinforcing the power of the transfer. Amongst particular person shares, UBL, Nationwide Financial institution, MCB Financial institution, Fortunate Cement, Meezan Financial institution, PTCL, OGDC and Pakistan Petroleum had been the foremost gainers. The momentum is predicted to proceed, topic to developments on the geopolitical entrance, notably the Iran-US tensions. Barring any exterior shocks, the outlook for the PSX stays optimistic, KTrade remarked.
Arif Habib Restricted Deputy Head of Buying and selling Ali Najib wrote that consolidation continued on the PSX on Tuesday because the KSE-100 closed at 183,952, up 1,567 factors. The market skilled notable intra-day volatility, hitting a excessive of 184,305 and a low of 180,590. Nevertheless, worth shopping for emerged at decrease ranges, enabling the index to settle within the optimistic territory, he mentioned.
On the diplomatic entrance, Indonesia’s defence minister met Pakistan’s air pressure chief in Islamabad to debate a possible defence deal, together with the sale of fight jets and drones. This follows studies of rising worldwide curiosity in Pakistan’s defence exports, a significant optimistic for the general economic system and the notion.
The PSX restoration was led by banks and cement shares, which collectively added 938 factors, whereas Fauji Fertiliser, Sazgar Engineering and Haleon Pakistan weighed on the efficiency, erasing 157 factors. The consolidation part could persist inside the 180-187k vary amid geopolitical uncertainty, whereas any pullback is prone to be handled as a shopping for alternative, given robust underlying fundamentals, Najib mentioned.
