PSX rebounds 2,593 points on IMF optimism

Dawn reported that the Pakistan Stock Exchange rebounded on Tuesday after a sluggish overnight start, with the benchmark KSE-100 climbing back above the 168,000 level. According to Topline Securities, the index added 2,593 points, a rise of 1.56 per cent, and finished at 168,460, with a session range of 165,652 to 168,626. Investors bought heavily at attractive valuations, a move that followed the sharp correction in the previous session.

Media reports cited in the story suggested talks with the IMF staff mission could conclude later this week, unlocking about $1.2 billion across two programmes. Buying spread across banks, energy, cement, automobiles and power, with United Bank, Habib Bank, OGDC, PPL and Hub Power among the heavyweights.

Brent crude traded near $98.32 per barrel, about 2 per cent lower on the day. Weekly oil production fell 6.4 per cent to 637,000 barrels per day, while gas output dropped 1.4 per cent to 2,999 mmcfd, mainly from Mari, Sui and Sharf. Trading volume rose 2.36 per cent to 432.01 million shares and turnover jumped 28.19 per cent to Rs20.1 billion, with Cnergyico PK leading the volume chart at 55 million shares. Ali Najib of Arif Habib Ltd linked the rebound to cheaper crude and better Middle East supply, which helped restore investor sentiment.