KARACHI: After losing a substantial amount in market capitalisation over the last couple of sessions due to panic-driven selling amid worsening geopolitical tensions, the Pakistan Stock Exchange (PSX) on Wednesday witnessed value-hunting by equity investors, which helped the benchmark KSE-100 index close the session in the green, partially recovering some losses.
Topline Securities Ltd said the index staged a strong recovery, closing at 175,285 points, up 1,767 points or 1.02 per cent, recouping part of the losses from the first two sessions of the week. The index remained firmly in positive territory throughout the session, reaching an intraday high of 176,701 points and a low of 173,870 points, reflecting renewed buying interest across key sectors.
Value-hunting helps index reverse two-day downturn
Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the PSX rebounded on renewed buying interest, as investors accumulated select blue-chip stocks trading at attractive valuations. However, geopolitical uncertainty persisted, with no meaningful signs of de-escalation following last week’s ceasefire between the US and Iran, keeping overall investor sentiment cautious.
On the macro front, media reports indicate that the government is considering adopting a daily pricing mechanism for domestic petroleum products, with the Oil & Gas Regulatory Authority (Ogra) expected to oversee its implementation.
