PSX rebounds 1,422 points on broad-based buying

According to The Express Tribune, the Pakistan Stock Exchange rebounded on Tuesday, with the benchmark KSE-100 index adding 1,421.67 points, or 0.85 per cent, to close at 169,392.33. Trading ranged between an intraday low of 169,189.30 and a high of 169,988.12 as investors rebuilt holdings in index-heavy stocks. Participation was wide, with automobile assemblers, cement makers, lenders, exploration firms, refiners, power producers and fuel marketers among the buyers. The gain came after the State Bank of Pakistan held its policy rate at 11.5 per cent a day before, easing worries about a surprise shift in monetary policy.

Oil prices rose almost 2 per cent that day as supply concerns persisted after attacks on Saudi energy facilities knocked the kingdom's East-West pipeline out of service. Ahmed Sheraz of KASB KTrade said the market held a positive tone for the full session, with banks, cement, pharmaceutical and oil and gas stocks providing support. He also named United Bank, Fauji Fertiliser, Lucky Cement and Bank Alfalah as notable contributors to the advance.

Trading volume fell to 372 million shares from 570.4 million on Monday, with shares worth Rs17.2 billion changing hands. Of the 494 companies traded in the ready market, 280 closed higher, 166 declined and 48 ended unchanged. Cnergyico PK led by volume with 56.3 million shares, closing unchanged at Rs12.81.