PSX recoups losses, surpasses 64,000 mark

Despite early volatility, the Pakistan Stock Exchange (PSX) managed to notch up significant gains on Tuesday, surpassing the 64,000 barrier in a rally powered by the strengthening rupee and foreign corporate inflows. In the morning, the bourse made a bearish start and dropped to its intra-day low at 63,549.60 points. The dip came on the back of selling pressure, which emerged following the Ministry of Finance’s rejection of a debt settlement plan in line with the commitment to the International Monetary Fund (IMF) to restrict unbudgeted spending. However, just before the second half of the day, bullish activity took place with investors resorting to significant stock buying. They capitalised on the opportunity provided by lower stock valuations due to the government’s resolve to address the circular debt crisis along with easing of border tensions. Consequently, the KSE-100 index reached its intra-day high at 64,658.17 points in the final trading hours. Notably, improved trading volumes were seen in banking and cement stocks. The market closed near the day’s peak with substantial gains.