PSX gains over 1,200 points during intraday trade

The Pakistan Stock Exchange’s benchmark KSE-100 index on Tuesday recovered by over 1,200 points during intraday trade. The index gained 1,245.93 points, or 0.82 per cent, to stand at 153,986.30 points at 12:49pm from the previous close of 152,740.37 points. Last week, PSX extended its decline for an eighth consecutive week, with KSE-100 closing lower in a holiday-shortened trading period ahead of Eidul Fitr. The market operated for four sessions during the final week of Ramazan, while the current week was also shortened due to the Pakistan Day holiday on March 23. Topline Securities Ltd said on March 16 that the KSE-100 index declined 0.73pc week-on-week to close at 152,740 points, losing 1,126 points. The decrease was mainly due to rising geopolitical tensions in the Middle East, particularly the US-Israel conflict with Iran, which drove volatility in global energy prices and eroded investor confidence. Analysts at Arif Habib Ltd had observed increased volatility throughout last week, driven by ongoing geopolitical uncertainty and selling pressure. They had expected market direction to remain tied to geopolitical developments and post-Ramazan sentiment. AKD Securities had said investor confidence would depend on progress in easing regional tensions, energy policy measures and developments related to the International Monetary Fund (IMF) review. It had also said that any de-escalation in the Middle East conflict could trigger a market rebound, given relatively attractive valuations, with the forward price-to-earnings ratio estimated at 6.6 times.