After shedding nearly 3,900 points during the previous session, the Pakistan Stock Exchange (PSX) rebounded on Tuesday with the benchmark KSE-100 closing the day with a gain of over 600 points.
Positive momentum was largely seen throughout the trading session, pushing the KSE-100 to an intra-day high of 116,692.29.
At close, the benchmark index settled at 115,532.43, an increase of 622.95 points or 0.54%.
The positive momentum was mainly driven by strong performances from LUCK, MARI, MEBL, BAHL, and BAFL, which together contributed 688 points to the index, brokerage house Topline Securities said in its post-market report.
On Monday, after plunging nearly 8,700 points, the largest ever intraday decline in terms of points, the benchmark KSE-100 Index recovered over 50% of its losses and settled at 114,909.48, still lower by 3,882.18 points or 3.27%.
Globally, Asian stocks bounced off 1-1/2-year lows, and U.S. stock futures pointed higher on Tuesday. Markets caught their breath after recent heavy selling on hopes that Washington might be willing to negotiate some of its aggressive tariffs.
US Treasury yields continued their ascent from six-month lows, gold hovered close to a 2-1/2-week low and crude oil recovered from a nearly four-year low, as traders began shifting back to riskier assets from traditional safe havens.
A 5.6% rebound in Japan’s Nikkei far outpaced other regional markets, with Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer tasked with leading trade negotiations with Tokyo.
US business leaders have also begun speaking out about the damage to the economy and financial markets that could be wrought by President Donald Trump’s global trade war, with JPMorgan Chase CEO Jamie Dimon warning on Monday of inflation and a US slowdown.
However, Trump dug in his heels over China, vowing additional 50% levies if Beijing does not withdraw retaliatory tariffs on the United States. Beijing said on Tuesday that it would never accept the “blackmail nature” of US tariff threats.
Even so, Hong Kong’s Hang Seng climbed 1.7% in early trading. Mainland Chinese blue chips added 0.6%.
The Chinese yuan weakened to 7.36 per dollar in the offshore market, the weakest in two months.
Meanwhile, the Pakistani rupee saw slight decline against the US dollar, depreciating 0.06% in the inter-bank market on Tuesday. At close, the currency settled at 280.73, a loss of Re0.16 against the US dollar.
Volume on the all-share index decreased to 530.69 million from 710.79 million recorded in the previous close.
The value of shares declined to Rs33.68 billion from Rs43.02 billion in the previous session.
Cnergyico PK was the volume leader with 121.66 million shares, followed by Bank Al-Falah with 32.60 million shares, and K-Electric Ltd with 19.04 million shares.
Shares of 454 companies were traded on Tuesday, of which 273 registered an increase, 127 recorded a fall, while 54 remained unchanged.
