PSX surges over 600 points as investors return to buying

By 9:35am, the index had climbed 643.38 points, or 0.36%, to 177,610.06. Buying activity was recorded across automobile, cement, commercial

KARACHI: The Pakistan Stock Exchange (PSX) opened on a strong note on Tuesday, with the benchmark KSE-100 Index gaining more than 600 points as investors showed renewed interest in major sectors.

By 9:35am, the index had climbed 643.38 points, or 0.36%, to 177,610.06. Buying activity was recorded across automobile, cement, commercial banking, oil and gas exploration, oil marketing and power sectors.

Several heavyweight stocks, including HUBCO, MARI, OGDC, PPL, POL, PSO, MCB, MEBL and NBP, traded higher during early dealings, providing significant support to the benchmark.

Market sentiment also received a boost from Moody’s Ratings, which upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to B3 from Caa1. The development was viewed as a positive signal for the country’s credit outlook.

The previous trading session had ended lower after late-session profit-taking erased most of the market’s early gains. The KSE-100 Index fell 199.84 points, or 0.11%, to settle at 176,966.69.

Meanwhile, international markets remained under pressure. Asian equities declined amid falling oil prices and uncertainty surrounding possible US sanctions on Iran. Japan’s Nikkei and South Korea’s Kospi also recorded notable losses, while the MSCI Asia-Pacific index excluding Japan slipped.

Investors are also closely watching Nvidia’s upcoming results, with expectations for a sharp rise in quarterly revenue. Weak sentiment surrounding major technology companies, including Alibaba and Samsung Electronics, has added to uncertainty in global markets.

Despite mixed international cues, strong buying in key Pakistani sectors and the recent ratings upgrade helped the local market maintain a positive tone in early trading.