PSX resists bearish trend, gains 193 points

Pakistan Stock Exchange (PSX) on Tuesday gained some ground just before the concluding session of trading after a lean day, resisting bearish trend in the market, reported the 24NewsHD TV channel.

At the outset of trading, the PSX’s benchmark KSE-100 Index declined to 115,877 losing 562 points. But soon it recovered the lost ground and climbed up to 116,904 with a gain of 400 points.

At the end of trading, the KSE-100 Index gained 193.54 points or 0.17 percent to reach 116,633.16 points.

Buying activity was noted in major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), and refineries. 

Key stocks such as NRL, PRL, PSO, SNGPL, MARI, OGDC, and PPL were trading positively.

Earlier on Monday, the PSX had closed at 116,439 losing 2,002 points. It took the plunge because of selling pressure.

Key sectors including oil and gas exploration companies, OMCs, refineries, automobile assemblers and fertilizer traded in the red.

This sustained surge was driven by optimism surrounding a potential staff-level agreement for the release of the $1 billion second EFF tranche by the International Monetary Fund (IMF).

Reporter: Basim Iftikhar