ISLAMABADD: Pakistan Stock Exchange witnessed a bullish sentiment today as investors took fresh positions.
Buying activity returned to the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 Index surged nearly 2,000 points during early trading.
By 9:35am, the index had gained 1,999.58 points, or 1.19%, to reach 169,970.23 points.
Positive sentiment spread across several major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, power generation and refineries.
Major stocks including Attock Refinery Limited, Hub Power Company, Mari Petroleum, Oil and Gas Development Company and Pakistan Petroleum Limited traded higher.
Pakistan Oilfields Limited, Pakistan State Oil, MCB Bank, Meezan Bank, Habib Bank and National Bank of Pakistan also remained in positive territory.
Market Recovers After Heavy Sell-Off
The recovery followed a steep decline during Monday’s session, when the KSE-100 Index plunged 2,541.20 points to close at 167,970.66.
Investors reacted to growing concerns about escalating tensions between the United States and Iran, disruptions around the Strait of Hormuz and crude oil prices exceeding $100 per barrel.
Consequently, market participants remained concerned about rising fuel costs, inflationary pressures and Pakistan’s import bill.
They also assessed the possible impact of higher energy prices on the future direction of monetary policy.
Foreign Reserves Reach Record Level
Meanwhile, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan reached a record $21.4 billion following fresh Eurobond proceeds.
Pakistan raised around $3 billion through a dual-tranche Eurobond during the first week of September.
The transaction represented the country’s largest-ever global bond offering through a single issuance.
The stronger reserves position provided additional support to investor sentiment as the stock market recovered.
However, international markets remained under pressure on Tuesday as investors monitored Middle East developments, elevated oil prices and rising bond yields.
Investors also remained focused on upcoming central bank meetings and their potential impact on global financial markets.
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