Automobile assemblers, cement, banks, exploration firms, OMCs support gains amid rising oil prices
KARACHI:
The Pakistan Stock Exchange (PSX) traded in positive territory on Tuesday, supported by buying in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies and oil marketing companies, as rising international oil prices and geopolitical tensions kept investors focused on regional developments.
The benchmark KSE-100 Index was trading at 166,130.38 at 12.28pm, up 164.30 points, or 0.10%. The market opened on a positive note, with the index gaining 312.38 points, or 0.19% to reach 166,278.46 points. The market maintained a generally positive bias during the morning session, although the index fluctuated between gains and losses.
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Early buying lifted the benchmark, which subsequently pared some gains before recovering modestly. The movement reflected a cautious trading pattern, with investors continuing to seek opportunities in major sectors.
Internationally, oil prices advanced, with Brent crude hovering around a five-month high as traders priced in a geopolitical risk premium following Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. The developments kept geopolitical risks in focus amid concerns over potential disruptions to regional energy supplies.
Trading volume stood at 81.49 million shares, with the traded value amounting to Rs4.34 billion, compared with the previous close of 165,966.08 points.
