PSX: Stocks rebound, up over 900 points in early trade

Business Recorder reported that Pakistani shares rebounded at the open on Thursday, as the benchmark KSE-100 index added more than 950 points in the first minutes of trade. At 9:55am the index hovered at 175,734.10, up 957.51 points or 0.55 per cent. The recovery followed Wednesday's sharp losses, when the index closed 0.96 per cent lower at 174,776.60, a decline of 1,690.40 points, as renewed tensions near the Strait of Hormuz and a jump in oil prices weighed on sentiment.

Investors bought shares in car assemblers, cement makers, banks, fertiliser producers, energy explorers, oil marketing firms and power generators. Index heavyweights HUBCO, MARI, OGDC, PPL, POL, HBL, MCB, MEBL and UBL were all trading in positive territory.

Separately, the finance ministry said on Thursday that Pakistan had raised $3 billion through a two-tranche Eurobond issue, which attracted close to $6 billion in orders. Elsewhere, shares and bonds in Asia staged a relief rally on Thursday, while oil eased amid uncertainty over renewed US and Iran strikes.