Stocks recover overnight losses in cautious trade

The stock market reversed its overnight bearish trend on Tuesday, as value-hunting by investors helped the KSE-100 index close in the green zone. Despite volatility caused by rollover pressure, the benchmark index settled at 157,945, up 390 points. The index touched an intraday high of 158,831.22 and a low of 157,416.54 during the session. Gains in major stocks, including United Bank, Bestway Cement, and Bank Al-Habib, contributed 432 points to the index. However, losses in stocks such as Lucky Cement, Meezan Bank, Habib Bank, Fauji Fertiliser, and Bank of Punjab collectively weighed down the index by 255 points. Ali Najib, Deputy Head of Trading at Arif Habib Ltd, described the session as a battle between bullish and bearish forces. Despite this, the index managed to stay firm around the 158,000 mark.