Stocks extend overnight gains on select buying

The Pakistan Stock Exchange (PSX) extended its recovery drive for the third straight session, propelling the benchmark KSE 100 index above 114,000 on select buying on strong valuations on Tuesday. Ahsan Mehanti of Arif Habib Corporation said that easing political noise, higher global crude oil prices, and speculations over monetary policy easing kept attracting buying interest from investors. Topline Securities Ltd said the index reached an intraday high of 815 points before settling at 114,804, reflecting an increase of 574 points or 0.50pc day-on-day. BF Biosciences Ltd from the pharma sector maintained its upward momentum, hitting its upper circuit, while Engro Holdings weighed down the index, contributing a loss of up to 145 points. Major contributors to the positive movement included United Bank, Mari Petroleum, Systems Ltd, Attock Refinery, and PSO, which added 486 points. Ali Najib, Head of Sales at Insight Securities, said consolidation continued at PSX as the index drifted in both directions amid a dearth of any positive or negative triggers.