PSX rebounds as KSE-100 index jumps nearly 10,000 points

Buying returned to the Pakistan Stock Exchange (PSX) on Tuesday after a sharp fall a day earlier. The benchmark KSE-100 Index recovered strongly and gained nearly 10,000 points.

At the end of trading, the index closed at 156,177.12, rising 9,696.98 points, which is an increase of 6.62%.

Strong buying was seen in several major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies, and power generation companies.

Major companies such as Attock Refinery Limited (ARL), Hub Power Company (HUBCO), Mari Petroleum Company (MARI), Oil and Gas Development Company (OGDC), Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), Habib Bank Limited (HBL), National Bank of Pakistan (NBP), and United Bank Limited (UBL) ended the day in positive territory.

On Monday, the stock market had faced one of its most difficult trading sessions in recent times. Heavy selling pressure led to a major decline across many sectors. The KSE-100 Index dropped 11,015.95 points, or 6.99%, closing at 146,480.15 points.

The earlier fall was mainly caused by rising tensions in the Middle East and a sharp increase in global oil prices.

However, oil prices dropped on Tuesday after reaching their highest level in more than three years in the previous session. Donald Trump, the President of the United States, said the war in the Middle East could end soon, which helped reduce concerns about long-term disruptions in global oil supply.

In the international market, Brent crude oil fell $6.51 (6.6%) to $92.45 per barrel, while West Texas Intermediate crude oil dropped $6.12 (6.5%) to $88.65 per barrel.