PSX stages mild recovery after meltdown
After receiving a massive battering overnight, the Pakistan Stock Exchange (PSX) witnessed another highly volatile session on Tuesday but managed modest gains on selective value-hunting amid sharply lower volume. Topline Securities Ltd said the PSX experienced a volatile session attempting to recover from Monday’s sharp sell-off. The index initially strengthened, climbing 464 points at its intraday high as buying activity resurfaced. However, the momentum was short-lived, with profit-taking pushing the index to an intraday low of 561 points. Despite the turbulence, the market regained some ground, closing at 116,633.17, up 193.55 points or 0.17 per cent day-on-day. This volatility can be attributed to the lack of clarity regarding the IMF review and the Staff-Level Agreement, which has kept investor sentiment cautious. Oil and Gas Development Company, Hub Power, PSO, Meezan Bank, and Sui Northern Gas Pipeline largely supported the positive momentum, which collectively added 394 points to the index. Conversely, Systems Ltd, TRG Pakistan, and United Bank weighed on sentiment, wiping out 153 points from the gains.