After some selling pressure that saw a correction of around 4%, positivity returned to the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index gained nearly 500 points during the trading on Tuesday.
At 3:30pm, the benchmark index was hovering at 79,016.83, an increase of 477.65 points or 0.61%. It earlier hit an intra-day high of 79,585.34.
Experts attributed the shift in sentiment to market expectations of another cut in the policy rate by the State Bank of Pakistan (SBP) in its upcoming Monetary Policy Committee (MPC) meeting, which is reportedly scheduled to meet on 29 July (Monday).
However, the central bank has yet to release an official calendar for MPC.
Meanwhile, the International Monetary Fund (IMF) has not yet included Pakistan on the agenda of its executive board meetings scheduled till July 31.
According to the Fund’s website, the IMF issued the schedule of the executive board meeting set to be held on July 24, 26, 29 and 31, but Pakistan’s 37-month Extended Fund Facility (EFF) of about $7 billion on the agenda is not included.
During the trading session across-the-board buying was witnessed in key sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies and OMCs.
Index-heavy stocks including OGDC, PPL, HBL, MCB, UBL and NBP traded in the green.
On Monday, selling pressure persisted throughout the trading session at the PSX, with the benchmark KSE-100 Index suffering nearly a 2% loss that was triggered by rising political uncertainty in the country. The index settled at 78,539.19, a loss of 1,578.70 points.
Globally, Asian stocks bounced from one-month lows on Tuesday, with Taiwan’s market snapping a five-day losing streak as semiconductor shares took a lead from a Wall Street recovery, while sagging commodity prices weighed on the Aussie dollar.
MSCI’s broadest index of Asia-Pacific shares outside Japan , which touched a one-month low on Monday, rose 0.55%.
Japan’s Nikkei steadied thanks to stabilising chip stocks and the share average gained 0.3%.
This is an intra-day update
After some selling pressure that saw a correction of around 4%, positivity returned to the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index gained nearly 500 points during the trading on Tuesday.
At 3:30pm, the benchmark index was hovering at 79,016.83, an increase of 477.65 points or 0.61%. It earlier hit an intra-day high of 79,585.34.
Experts attributed the shift in sentiment to market expectations of another cut in the policy rate by the State Bank of Pakistan (SBP) in its upcoming Monetary Policy Committee (MPC) meeting, which is reportedly scheduled to meet on 29 July (Monday).
However, the central bank has yet to release an official calendar for MPC.
Meanwhile, the International Monetary Fund (IMF) has not yet included Pakistan on the agenda of its executive board meetings scheduled till July 31.
According to the Fund’s website, the IMF issued the schedule of the executive board meeting set to be held on July 24, 26, 29 and 31, but Pakistan’s 37-month Extended Fund Facility (EFF) of about $7 billion on the agenda is not included.
During the trading session across-the-board buying was witnessed in key sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies and OMCs.
Index-heavy stocks including OGDC, PPL, HBL, MCB, UBL and NBP traded in the green.
On Monday, selling pressure persisted throughout the trading session at the PSX, with the benchmark KSE-100 Index suffering nearly a 2% loss that was triggered by rising political uncertainty in the country. The index settled at 78,539.19, a loss of 1,578.70 points.
Globally, Asian stocks bounced from one-month lows on Tuesday, with Taiwan’s market snapping a five-day losing streak as semiconductor shares took a lead from a Wall Street recovery, while sagging commodity prices weighed on the Aussie dollar.
MSCI’s broadest index of Asia-Pacific shares outside Japan , which touched a one-month low on Monday, rose 0.55%.
Japan’s Nikkei steadied thanks to stabilising chip stocks and the share average gained 0.3%.
This is an intra-day update
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