PSX rebounds after heavy losses as KSE-100 gains over 4,000 points

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a strong rebound in early trading on Tuesday, recovering sharply after losing more than 4,600 points in the previous session. The benchmark KSE-100 Index opened on a positive note, showing renewed investor confidence following a steep decline on Monday.

Strong start after Monday’s rout

At the start of the trading day, the KSE-100 Index was seen gaining 2,378.3 points to reach 160,821.72 around 9:31 AM, with a trading volume of nearly 2.9 million shares. Momentum continued to build, and by 9:38 AM, the index had surged further by 4,106.71 points to 162,550.13 as activity picked up, with the volume jumping to over 35 million shares.

As of 9:54 AM, the index was up by 4,054.55 points at 162,497.97, marking a rise of 2.56 percent. During this period, the market recorded an intraday high of 162,550.13 and a low of 160,821.72, with total traded volume reaching 88 million shares.

Market performance and key indicators

In broader terms, the PSX has shown remarkable growth this year. On a year-on-year basis, the exchange is up by 90.59 percent, while the year-to-date increase stands at 41.15 percent. Over the past 52 weeks, the KSE-100 Index has traded between a low of 84,856.21 and a high of 169,988.62.

Tuesday’s rally came as investors appeared to regain some confidence after the heavy losses in the previous session, driven by a mix of political tension, security concerns along the Afghan border, and global market uncertainty. The market’s sharp recovery suggested some bargain-hunting and fresh buying interest among investors taking advantage of discounted share prices.

Top performers and laggards in early trade

Among the leading gainers in early trade were Kohinoor Oil Mills Limited (KOIL), First Equity Modaraba (FEM), Frontier Ceramics Limited (FRCL), Dawood Hercules Corporation (DMC), and Pakistan Services Limited (PSEL), each hitting the upper limit with a 10 percent rise.

Other notable gainers included Systems Limited (SYS), which climbed 8.35 percent to Rs162.51, and LOTTE Chemical Pakistan Limited (LOTCHEM), up 5.64 percent to Rs26.60. The Bank of Punjab (BOP) advanced nearly 5 percent to Rs33.36, while Airlink Communication Limited and Nishat Mills Limited (NML) both gained around 4 percent.

On the losing side, Arpak International Investments Limited (ARPAK) led the decliners with a 10 percent fall to Rs54.42, followed by Reliance Weaving Mills Limited (REWM) which slipped 9.97 percent to Rs100.02. Other stocks that saw mild declines included Pakistan Aluminium Beverage Cans (PABC), Packages Limited (PKGS), and Rafhan Maize Products Limited (RMPL), though their losses were relatively limited.

Previous session

On Monday, October 13, the benchmark KSE-100 Index had plunged by 4,654.77 points, or 2.85 percent, to close at 158,443.42. The index moved within a wide range of 4,310 points during that session, hitting an intraday high of 161,988.12 and a low of 157,678.01.

Rising political unrest, security concerns along the border, and global market pressures had triggered a sell-off, leading to a sharp drop in investor sentiment. Out of the 100 index companies, 93 closed lower, while only six managed to end the day in positive territory.

However, the latest trading session’s recovery indicates that investors may be viewing the dip as a short-term correction rather than a long-term decline, suggesting the potential for stabilisation if external and domestic conditions improve.

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