PSX claws back losses as easing oil prices support sentiment

Profit by Pakistan Today reported that the Pakistan Stock Exchange regained ground on Tuesday, with the benchmark KSE-100 index adding more than 1,300 points as lower international crude rates and rising Middle East oil shipments lifted sentiment. Trading dipped as low as 165,651.67 before midday buying lifted the index to a peak of 167,147.83. By 2:15 pm the index stood at 167,164.37, which was 1297.06 points or 0.78% above the prior close.

Buyers targeted auto assemblers, cement, commercial banks, upstream energy names, fuel marketers, power generators and refiners. Monday's slump, which took 2,288.17 points off the benchmark, left it at 165,867.32 after a 1.36% decline. Political unease in the region and at home, along with costly international crude, had driven the broad sell-off.

Across the week, the index slid 2,610 points, or 1.5%, to 168,155, while daily turnover averaged 647 million shares, a 45% drop. Asian peers also advanced, with Japan's Nikkei up 1.1% and Hong Kong's Hang Seng 0.7% higher. Brent crude closed $1.93 lower at $100.32 a barrel, a drop of 1.89%.