Following weeks of selling pressure, investors turned their attention to buying, and the stock market recovered well on Tuesday.
Strong earnings reports from large banks and excitement about ongoing changes in the energy sector drove much of the market’s momentum, with investors expecting more favorable outcomes from commercial banks.
The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) closed at 113,088.47, up 1,344.94 points, or 1.2%. With an intraday high of 113,252.54 and a low of 111,642.02, the market demonstrated robust investor confidence in a number of industries.
“Market rally was driven partly by strong results from certain large banks and an optimism about continued energy sector reforms driving stocks in that space,” said Muhammad Saad Ali, Director of Research at Intermarket Securities Ltd.
