PSX opens with a jump, recovery sets in after yesterday’s slump

KARACHI: The Pakistan Stock Exchange (PSX) opened Tuesday’s session with an almost instant jump of 250 points right of the bat, pushing the market further upwards as trading progressed.

Opening at Monday’s closing of 118,877.80 points, the benchmark KSE-100 index was seen hovering around at 119,672.99 points, before 10 AM. This is nearly 800 points recovery after yesterday’s 800 points loss.

Monday’s session remained volatile, gaining almost 900 points before the index slipped, losing the gains and deepening the losses by the closing time.

Also read: Pakistan stocks volatile amid inflation uptick

Market experts attributed the uncertainty surrounding the upcoming budget, coupled with the uptick in inflationary pressures as causes for this shift in the market sentiment. Global markets trend also played a part in PSX’s decline yesterday.

Meanwhile, the energy sector remains strong, primarily after the government secured the deal to settle circular debt of the energy sector. That is also expected to bring some investor confidence back in Tuesday’s session.

Around 9:45 AM, the index looked like this: