PSX: buying returns at bourse, KSE-100 up over 900 points

Business Recorder reported that buyers returned to the Pakistan Stock Exchange on Tuesday, pushing the KSE-100 index above 900 points in the opening minutes. At 9:40am the index was near 166,068.84, which was 944.43 points or 0.57 per cent higher. Demand was visible in automobile assemblers, cement, commercial banks, exploration firms and oil marketing companies.

The rebound followed a steep sell-off on Monday, when political uncertainty linked to emergency and governor rule in Khyber Pakhtunkhwa, along with regional geopolitical tensions, led investors to cut their equity exposure. That session the KSE-100 dropped 1,964.87 points, or 1.18 per cent, to close at 165,124.41. Index-heavy names such as LUCK, DGKC, HBL, MCB, MEBL, NBP, OGDC, MARI and PSO were trading higher.

Globally, Asian equities fell sharply on Tuesday, with technology shares leading the decline as the Middle East conflict kept oil prices high. Brent crude futures were at $105.9 per barrel, close to a two-week high, while the US dollar hovered near an 18-month peak. Investors are also watching this week's US bank earnings for signs of how the recent rise in Treasury yields is affecting dealmaking, lending and funding costs.