After shedding nearly 3,900 points during the previous session, the Pakistan Stock Exchange (PSX) rebounded with the benchmark KSE-100 gaining over 1,300 points during intra-day trading on Tuesday.
At 2:50pm, the benchmark index was hovering at 116,238.68, an increase of 1,329.20 points or 1.16%.
Buying momentum was observed in key sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including HUBCO, ARL, PSO, SNGPL, MARI, OGDC, PPL, HBL, MCB and NBP traded in the green.
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.
This is an intra-day update
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