PSX makes meagre recovery after meltdown

Pakistani shares on Tuesday staged a partial recovery of staggering overnight losses as global equities bounced back a day after world markets rattled on fears of a US recession. Ahsan Mehanti of Arif Habib Corporation said stocks closed higher, led by second and third scrips, amid a recovery in global equities and strong corporate earnings. He added that the discovery by the Pakistan Oilfield at the TAL block and a surge in international crude oil prices also helped the index stay in the green. Topline Securities Ltd said equities experienced recovery, mirroring the trends of international markets. Hub Power gained on the news that the Chinese automotive giant BYD is set to make its official entry into the Pakistani market with a grand brand launch scheduled for August 17.