PSX stages recovery, gains over 2,000 points during intraday trade

The Pakistan Stock Exchange (PSX)’s benchmark index KSE-100 gained over 2,000 points during intraday trade on Tuesday, marking a recovery from yesterday’s losses.

KSE-100 gained 2,161.14 points or 1.26 per cent to stand at 174,357.84 at 11:54am from the previous close of 172,196.70 points.

Trading began on a positive note, with the index gaining as many as 3,100 points at 10:27am, before slipping slightly while remaining in the green.

The bullish momentum follows the State Bank of Pakistan’s (SBP’s) confirmation of it recieving $1 billion from Saudi Arabia as the second tranche of a $3bn deposit.

On Monday, the market plunged by over 1,700 points, failing to sustain last week’s bullish spell as fears of the economic fallout from the ongoing Middle East conflict resurfaced.

The potential second round of US-Iran talks in Islamabad, expected within the next two days, as per media reports, remains a key catalyst for market direction.

While a US delegation is expected to arrive in Islamabad, Iran has yet to reach a final decision on its participation, saying it cannot negotiate under “shadow of threats”.

Sentiment is likely to remain broadly supportive but highly sensitive to headlines, with incremental developments expected to drive near-term momentum and investor positioning.