PSX: Benchmark index up over 600 points in early trade

Business Recorder reported that buying surfaced on the Pakistan Stock Exchange on Tuesday, lifting the KSE-100 more than 600 points in the opening minutes. At 9:35am the index stood at 177,610.06, up 643.38 points or 0.36 per cent. Shares of carmakers, cement producers, lenders, explorers, fuel marketers and power generators drew bids, with heavyweights including HUBC, MARI, OGDC, PPL, POL, PSO, MCB, MEBL and NBP trading higher.

On Monday, Moody's Ratings raised Pakistan's sovereign credit ratings to B3 from Caa1, covering both local and foreign currency debt as well as senior unsecured obligations. Late profit-taking in heavyweight stocks had erased most of the early gains that day, leaving the benchmark 199.84 points lower, or 0.11 per cent, at 176,966.69.

Overseas, regional equities eased on Tuesday and crude extended its decline after US threats of sanctions on Iran fizzled. Investors are also awaiting Nvidia's results due Wednesday, while Alibaba is selling $10.2 billion of shares at a steep discount to fund its AI push.