KARACHI
The Pakistan Stock Exchange (PSX) rebounded sharply on Tuesday, with the benchmark index jumping more than 6% after sentiment in global markets improved following US President Donald Trump’s prediction that the ongoing war in the Middle East could soon de-escalate. The KSE-100 Index settled at 156,177.12 points, up 9,696.98 points, or 6.62%, from the previous close of 146,480.14, marking its second-highest single-day increase.
During the session, the index climbed to an intraday high of 158,354.12 (up 11,873.98 points, or 8.12%) and fell to a low of 155,294.65 (up 8,814.51 points, or 6.02%). During the previous session on Monday, the index shed 11,015.96 points, marking the second-largest single-day drop in the index’s history.
“Market is rebounding due to lower oil prices and improving sentiment in regional markets,” Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company, told media.
Topline CEO Mohammad Sohail told Thenews.pk that a sharp decline in global oil prices has prompted investors to aggressively buy local stocks. Trading at the PSX was temporarily suspended after the benchmark KSE-30 Index declined by more than 5% from the previous day’s close, triggering a market-wide circuit breaker.
The exchange’s notice noted that outstanding orders were cancelled automatically and set out the re-opening schedule (Market Halt Time 09:22am; Pre-Open 10:22am; Open 10:27am).
The index indicated at 155,783.89 (up 9,303.75 points, or 6.35%) when trading was temporarily suspended. Oil prices fell on Tuesday after hitting an over three-year high in the prior session, after Trump’s prediction eased concerns about prolonged disruptions to global oil supplies. — DNA
