KSE-100 regains 168,000-point level as PSX rally continues
The KSE-100 Index gained more than 1,300 points on Tuesday as buying continued across key sectors. Analysts linked the move to diplomatic progress in the Middle East conflict.
For information only, not investment advice. Prices change quickly: check the time and source of every figure.
- KSE-100 rose 1,383 points, or 0.83%, to 167,947.06 at 1:19pm on Tuesday, The Express Tribune reported
- Intraday high was 168,469.78, and the low was 167,308.65
- Buying was seen in banks, cement, oil and gas exploration, OMCs and power stocks
The Pakistan Stock Exchange saw a strong rally on Tuesday, with the benchmark KSE-100 Index gaining more than 1,300 points as investors kept buying across key sectors, The Express Tribune reported.
The index opened up 1,305.39 points, or 0.78%, at 167,869.45. It reached an intraday high of 168,469.78 and an intraday low of 167,308.65. At 1:19pm it stood at 167,947.06, up 1,383 points or 0.83% from the previous close of 166,564.06.
According to the 24NewsHD TV channel, the index regained the 168,000-point level in the opening session because of diplomatic progress in the Middle East conflict. At 12:20pm it was at 167,803.00, up 1,238.94 points or 0.74%.
Analysts said the buying interest reflects a change in how investors are reading the geopolitical situation. An economic expert said renewed diplomatic engagement has pulled international oil prices lower, which matters for Pakistan's import bill, current account and inflation.
The same expert said: "At the same time, the market had corrected through October, so investors who stayed on the sidelines are now selectively re-entering index heavyweights in banks, E&Ps and cement, where valuations look reasonable against earnings."
Buying was seen in automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including ARL, HUBCO, MARI, OGDC, PPL, POL, PSO, SSGC, HBL, MCB, MEBL and NBP traded in the green.
The Express Tribune said oil prices edged higher after reports that the United States struck Iran's Qeshm Island, which raised fears of further escalation in the eight-month conflict and prolonged disruption to Middle Eastern oil supplies. Investors, it said, largely shrugged this off.
On Monday the KSE-100 gained 154.81 points, or 0.09%, to close at 166,564.07. Refinery stocks faced renewed selling after the government decided to absorb higher petrol import costs through a cut in the Petroleum Levy.
Elsewhere, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.9% at the start of Asian trade, led by a fall of as much as 3.8% in Korean shares. Voting for the US midterm elections was set to begin.
Why it matters
PSX movements affect the investments, pensions and savings of many people in Pakistan, and oil prices bear on the country's import bill, current account and inflation.
