Bourse averts selling pressure, gains 574 points

Pakistan Stock Exchange (PSX) extended gains on Tuesday as the KSE-100 index closed up by over 550 points, driven by the easing of political uncertainty, rising global oil prices and expectations of a reduction in policy rate by the State Bank of Pakistan (SBP). While the bourse came under some selling pressure earlier in the trading session, when it dipped to the intra-day low of 113,836.61 points, bulls swiftly took charge, providing the needed momentum, which took the index to the intra-day high of 115,044.79 later in the day. The recovery was led by heavyweight sectors such as banks, oil and gas companies and refineries. Arif Habib Corp MD Ahsan Mehanti wrote, "Stocks closed bullish, led by blue chips, in an earnings season rally due to attractive valuations."