Buying momentum returned to the Pakistan Stock Exchange on Tuesday as the benchmark KSE-100 Index settled near 184,000 after gaining more than 1,500 points today.
The index opened slightly higher but dipped early, sliding from around 184,000 to an intra-day low of 180,589.95 amid profit-taking pressure from investors during trading.
Market movement remained volatile through the session, reflecting mixed investor sentiment, before conditions improved steadily from midday onwards across several key sectors of the market.
The benchmark later reached an intra-day high of 184,304.86 and closed at 183,951.50, recording a rise of 1,567.36 points during the Tuesday trading session overall.
Topline Securities said index heavyweights including UBL, NBP, MCB, LUCK and MEBL supported the market by jointly contributing 936 points to the benchmark index strength.
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It added that declines in FFC, SAZEW and HALEON weighed on performance, collectively reducing the benchmark index by 158 points during the same trading session.
Separately, the Federal Board of Revenue asked the business community to propose new taxation measures targeting increased incidence on affluent classes for the upcoming budget.
On Monday, Pakistan’s equity market closed sharply lower as aggressive profit-taking followed strong gains recorded during the previous trading week across the broader stock market.
Internationally, Asian markets rose on Tuesday led by Japanese shares, while European futures edged higher and US futures declined slightly ahead of inflation data releases.
In Pakistan, the rupee improved marginally to 280.00 per dollar, while volumes fell but traded value rose and 480 companies participated in Tuesday’s market session.
