Pakistan Stock Exchange (PSX) started trading under selling pressure amid IMF budget concerns, with the benchmark KSE-100 Index shedding nearly 600 points during the opening hour of trading on Tuesday.
At 10:30am, the benchmark index was hovering at 119,120.61, a decrease of 569.02 points or 0.48%.
Selling pressure was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies and OMCs. Index-heavy stocks including HUBCO, NBP, UBL, MARI, OGDC, PPL and POL traded in the red.
On Monday, the PSX closed flat, entering a consolidation phase as it hovered near record highs. Investors adopted a cautious approach ahead of the upcoming budget announcement.
The benchmark KSE-100 Index reached an intraday high of 120,285.55 points before closing at 119,689.63 on Monday, marking a modest gain of 40 points or 0.03%.
Internationally, Asian stocks rose on Tuesday while US Treasury yields steadied, allowing a bit of breathing room for the US dollar as investors took stock of the debt load of the world’s biggest economy and awaited trade deals.
Moody’s downgrade of its rating for US sovereign credit last week – due to concerns about that nation’s growing $36 trillion debt pile – led to a selloff in Treasuries on Monday, but that stabilised by Asian trading hours on Tuesday.
With little indication of trade deals on the way, markets are struggling for direction, analysts said.
The 30-year bond yield was 3.5 basis points lower at 4.906% after hitting an 18-month high of 5.037% in the previous trading session. Major US stock indexes recovered from early loss to end mostly flat.
That left the MSCI’s broadest index of Asia-Pacific shares outside Japan 0.36% higher, hovering near the seven-month high touched last week. Japan’s Nikkei gained 0.65% in early trade.
Chinese stocks were steady at the open after the local central bank cut benchmark lending rates for the first time since October, while five of China’s biggest state-owned banks also lowered deposit interest rates.
The blue-chip index was 0.15% higher, whereas Hong Kong’s Hang Seng Index rose 1%.
This is an intra-day update
Pakistan Stock Exchange (PSX) started trading under selling pressure amid IMF budget concerns, with the benchmark KSE-100 Index shedding nearly 600 points during the opening hour of trading on Tuesday.
At 10:30am, the benchmark index was hovering at 119,120.61, a decrease of 569.02 points or 0.48%.
Selling pressure was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies and OMCs. Index-heavy stocks including HUBCO, NBP, UBL, MARI, OGDC, PPL and POL traded in the red.
On Monday, the PSX closed flat, entering a consolidation phase as it hovered near record highs. Investors adopted a cautious approach ahead of the upcoming budget announcement.
The benchmark KSE-100 Index reached an intraday high of 120,285.55 points before closing at 119,689.63 on Monday, marking a modest gain of 40 points or 0.03%.
Internationally, Asian stocks rose on Tuesday while US Treasury yields steadied, allowing a bit of breathing room for the US dollar as investors took stock of the debt load of the world’s biggest economy and awaited trade deals.
Moody’s downgrade of its rating for US sovereign credit last week – due to concerns about that nation’s growing $36 trillion debt pile – led to a selloff in Treasuries on Monday, but that stabilised by Asian trading hours on Tuesday.
With little indication of trade deals on the way, markets are struggling for direction, analysts said.
The 30-year bond yield was 3.5 basis points lower at 4.906% after hitting an 18-month high of 5.037% in the previous trading session. Major US stock indexes recovered from early loss to end mostly flat.
That left the MSCI’s broadest index of Asia-Pacific shares outside Japan 0.36% higher, hovering near the seven-month high touched last week. Japan’s Nikkei gained 0.65% in early trade.
Chinese stocks were steady at the open after the local central bank cut benchmark lending rates for the first time since October, while five of China’s biggest state-owned banks also lowered deposit interest rates.
The blue-chip index was 0.15% higher, whereas Hong Kong’s Hang Seng Index rose 1%.
This is an intra-day update
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