KARACHI: The Pakistan Stock Exchange (PSX) staged a partial recovery on Tuesday, with the benchmark KSE-100 Index briefly reclaiming the 189,000-point mark during intraday trading, despite relatively subdued market activity.
The index gained more than 800 points in early trade, climbing to an intraday high of 189,434 points, as investor sentiment remained cautiously optimistic following recent record-breaking sessions. Market participants largely attributed the early gains to selective buying in key sectors after the strong rally witnessed a day earlier.
On Monday, the PSX had posted an exceptional performance, with the KSE-100 Index surging by over 1,800 points to reach an all-time high of 191,032 points. The sharp rise was driven by renewed investor confidence, expectations of macroeconomic stability, and continued interest in heavyweight stocks.
However, Tuesday’s upward momentum proved difficult to sustain. Profit-taking emerged during the latter half of the session, triggering a swift reversal in market direction. Selling pressure intensified as investors opted to lock in gains after the recent rally.
As a result, the benchmark index retreated from its intraday high and closed at 188,587 points, reflecting a decline of 579 points by the end of the trading day. Despite the pullback, market analysts noted that the index remained at elevated levels, indicating underlying resilience.
Experts said the near-term direction of the market is likely to depend on upcoming economic indicators, corporate earnings announcements, and developments on the fiscal and monetary fronts. They added that while volatility may persist, investor interest in fundamentally strong stocks continues to provide support to the market.
