PSX recovers slightly after previous day’s sharp sell-off

KARACHI: The Pakistan Stock Exchange (PSX) made a partial recovery from the previous session’s plunge, closing 193 points higher (0.17 per cent) at 116,633.16 on Tuesday amid a volatile trading day.

The bourse remained choppy throughout the session, attempting to rebound from Monday’s sharp sell-off.

The index initially exhibited strength, jumping 464 points at its intraday high as buying interest resurfaced.

Govt’s debt grows by Rs324.4 billion in a week

However, the momentum was short-lived, with profit-taking dragging the index down 561 points to its intraday low, Topline Securities said.

Despite the turbulence, the market regained some ground by the close.

“The volatility can be attributed to the lack of clarity regarding the IMF review and the Staff-Level Agreement (SLA), which has kept investor sentiment cautious,” a note from Topline Securities stated.

The recovery was largely supported by OGDC, HUBC, PSO, MEBL, and SNGP, which collectively contributed 394 points to the index.

On the flip side, SYS, TRG, and UBL weighed on sentiment, erasing 153 points from the gains.

PSX opens in red, KSE-100 plunges over 500 points

“The market took a breather after massive corrections in the previous session. With the rollover week underway and long holidays approaching, investors are adjusting their outstanding positions,” Al Habib Capital noted.

On the external front, the Pakistani rupee remained stable against the US dollar.

On the corporate results front, PAEL announced its 4QFY24 financial results, reporting an EPS of Rs 0.58, bringing its FY24 EPS to Rs 2.72, with no cash payout.

Market activity remained robust, with 267 million shares traded and a turnover of Rs19.4 billion.

PAEL led the volume chart, with 23.5 million shares changing hands.

In the previous session, the market had plunged 2,000 points (-1.69 per cent), closing at 116,439.62, driven by massive corrections amid the rollover week.