Positivity returned to the Pakistan Stock Exchange (PSX) on Tuesday, with the benchmark KSE-100 index gaining over 250 points during the intra-day trading.
At 11am, the benchmark index was hovering at 118,486.68, an increase of 265.56 points or 0.22%.
Buying was observed in key sectors including automobile assemblers, power generation, oil and gas exploration companies, OMCs and commercial banks. Index-heavy stocks, including HBL, HUBCO, MEBL, NBP, OGDC, PPL, PSO and SNGPL traded in the green.
On Monday, the KSE-100 index fell sharply as investors reacted to the postponed budget and uncertainty over the IMF’s approval of the circular debt plan. The benchmark index dropped by 881.55 points, or 0.74%, settling at 118,221 points.
Internationally, the Asian shares eased on Tuesday, though US futures rose after President Donald Trump delayed his threatened 50% duties on European Union shipments, while the US dollar was headed for a fifth straight monthly loss.
In Japan, yields on super-long government bonds fell early in the session, retreating from their all-time highs in the wake of last week’s heavy selloff in the bonds.
Markets in the US were closed on Monday for a holiday, making for thin overnight trading conditions and leaving investors latching on to lingering optimism from Trump’s U-turn on his threat to impose 50% tariffs on imports from the EU next month, restoring a July 9 deadline.
Nasdaq futures were up 1.26% in Asia while S&P 500 futures similarly rose 1.11%. FTSE futures advanced 0.94%. UK markets were also closed on Monday.
Results from Nvidia are due on Wednesday, where the AI darling is expected to report a 65.9% jump in first-quarter revenue.
Elsewhere, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.17%, while Japan’s Nikkei similarly fell 0.15%.
China’s CSI300 blue-chip index edged 0.06% lower while the Shanghai Composite Index was little changed. Hong Kong’s Hang Seng Index dipped 0.1%.
Focus for investors this week will also be on speeches from a slew of Federal Reserve policymakers and Friday’s US core PCE price index, for clues on the outlook for US rates.
This is an intra-day update
