PSX makes partial recovery amid global rebound

KARACHI: The Pakistan Stock Exchange (PSX) staged a partial recovery from yesterday’s rout as the KSE-100 Index gained 623 points (0.54%), closing at 115,532 level on Tuesday.

“The market rebounded on the back of recovery in international markets, as investors await clarity on the implementation of global tariffs.” Muhammad Awais Ashraf, Director Research at AKD Securities told Hum News English.

The market recovery was in-line with the global trend, the Topline Securities noted.

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“The benchmark index closed on a positive note, partially recovering from yesterday’s losses in line with the rebound seen across the global markets.” Ismail Iqbal Securities research said.

However, caution lingered amid ongoing concerns over the global tariff and counter tariff standoff, with the index shedding nearly 1,000 points from its intraday high as investors sentiment remained fragile, the securities research went on to add.

“Institutional support expecting imminent release of IMF tranche next month, SBP policy easing and government resolve for Rs 1.5 trillion gas circular debt played catalyst role in the bullish close at PSX,” Ahsan Mehanti, CEO at Arif Habib Commodities told Hum News English.

The positive momentum was mainly driven by strong performances from LUCK, MARI, MEBL, BAHL, and BAFL, which together contributed 688 points to the index.

A total of 526 million shares were traded, with a turnover of Rs 33 billion, CNERGY led the trading volume with 121 million shares exchanged.

“This morning Asian markets staged a recovery, this is the reason PSX also made recovery today, plus there was an international mineral conference held on Tuesday in Islamabad which boosted some investors’ sentiment,” Shaheryar Butt, CEO at Darson Securities told Hum News English.

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Looking forward, markets also show some volatility tomorrow largely depending upon how the international and Asian markets behave, Butt added.

The IMF team is also in Pakistan holding talks over the upcoming budget. Any news from there might also affect the market.