PSX recovers in midday trade after previous session losses

KARACHI: The Pakistan Stock Exchange moved back into positive territory during Thursday’s midday session, with the benchmark KSE-100 Index showing gains after coming under selling pressure a day earlier.

According to the latest market update, the KSE-100 stood at 169,794.61, up 367.17 points, or 0.22 per cent, from the previous close of 169,427.44. During the session, the index touched a high of 169,824.08 and a low of 168,682.25, indicating movement within a relatively supportive range.

Trading activity reached around 63.2 million shares, while the total value of transactions was approximately Rs5.78 billion. In the broader market, 175 scrips advanced, 240 declined and 147 remained unchanged, showing mixed participation despite the benchmark’s recovery.

Selective buying supports index

Analysts attributed the improvement to selective buying in major sectors, particularly amid expectations of stable macroeconomic indicators and the possibility of supportive triggers from upcoming corporate earnings. Banking and oil and gas stocks were reported to have provided key support, helping the market rebound from declines seen earlier in the session.

The market has been passing through a corrective phase in recent sessions after a strong rally earlier in the year. Even with short-term pressure, the KSE-100 remains substantially higher on a year-on-year basis.

Investors remain cautious

Market participants were said to be watching upcoming economic data and international developments closely, especially changes in global oil prices linked to the Israel-US war on Iran, as well as trends in foreign exchange reserves. Analysts said the session could end in positive territory if buying interest remains intact through the rest of the trading day.

In the previous session, the benchmark index had closed at 169,427.44, down 903.12 points, or 0.53 per cent, after volatile trading. That session was marked by profit-taking and investor caution amid worsening tensions in the Middle East and a rise in oil prices, which kept sentiment fragile and pulled the market below the 170,000-point level by the close.