A day after massive buying, a volatile session was observed at the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 Index gaining over 700 points during the opening hours of trading on Tuesday.
At 10:35am, the benchmark index was hovering at 114,627.07 level, an increase of 702.66 points or 0.62%.
A mixed trend was observed, with buying witnessed in oil and gas exploration companies, OMCs, and automobiles, while selling was seen in commercial banks, power generation, and refineries.
Index-heavy stocks including PPL, POL, OGDC, SNGP, SSGC and SHEL traded in the green.
“The easing of political tensions, with ongoing dialogue between the government and opposition, is expected to create a conducive environment for the rally to sustain,” said Intermarket Securities in a note.
On Monday, massive buying was witnessed at the PSX as the benchmark KSE-100 Index surged over 4,400 points, marking the second largest single-day increase point-wise, to settle at 113,924.41.
Globally, Asian stocks edged up on Tuesday, though moves were subdued in a holiday-curtailed week. The greenback held near a two-year high, helped by elevated U.S. Treasury yields as investors prepared for fewer Federal Reserve rate cuts in 2025.
After a recent run of central bank decisions, this week is much quieter, with Japan’s October meeting minutes and Australia’s December minutes released on Tuesday morning, providing more details on their decisions to hold rates at the time. There are no Fed speeches and U.S. data is of secondary importance.
Otherwise, the themes were largely the same, with the dollar’s strength a burden for commodities and gold.
It is also a headache for emerging market countries from Brazil to Indonesia that are having to intervene to stop their currencies from falling too far and stoking domestic inflation.
MSCI’s broadest index of Asia-Pacific shares outside Japan, rose 0.35% early in the session, tracking Wall Street’s overnight gain.
This is an intra-day update
Source: Brecorder
