PSX gains over 400 points in early trade

PSX gains over 400 points in early trade

KARACHI: Buying interest continued at the Pakistan Stock Exchange (PSX) on Tuesday, pushing the benchmark KSE-100 Index more than 400 points higher in the opening minutes of trading.

At 10:10am, the KSE-100 Index stood at 171,562.37 points, recording a gain of 409.21 points, or 0.24%.

Investors showed interest across several major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, power generation and refineries.

Several index-heavy stocks also traded in positive territory. Shares of Attock Refinery (ARL), Hub Power Company (HUBCO), Mari Petroleum (MARI), Oil and Gas Development Company (OGDC), Pakistan Oilfields Limited (POL), Habib Bank Limited (HBL), MCB Bank, Meezan Bank (MEBL) and National Bank of Pakistan (NBP) remained in the green.

The market closed Monday’s session with a modest gain after moving within a narrow range. Investors weighed softer international oil prices and expectations of additional Saudi crude supplies against renewed geopolitical tensions in the region. The KSE-100 Index rose 268.58 points, or 0.16%, to settle at 171,153.17.

Global markets also provided a positive backdrop on Tuesday. Asian equities advanced as lower oil prices improved investor sentiment, while hopes for progress in US-Iran discussions supported risk appetite.

Investors are also closely watching a planned meeting between US President Donald Trump and Chinese President Xi Jinping later this week. Market participants are looking for signs of progress in trade relations between the world’s two largest economies, along with possible cooperation on artificial intelligence.

Trump has also indicated that he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to travel to New York for the United Nations General Assembly.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained more than 1% in early trading. South Korea’s technology-heavy stocks climbed nearly 2%, while Taiwan’s market advanced 1.3%. Japan remained closed for a public holiday.

Nasdaq futures rose 0.37%, while European futures added 0.3%. China’s blue-chip index gained 0.75% and Hong Kong’s Hang Seng Index rose 0.4%, with artificial intelligence-related stocks leading gains in both markets.