Karachi: The Pakistan Stock Exchange staged a strong recovery on Tuesday, with the benchmark KSE-100 Index gaining nearly 1,900 points by midday as investors returned to the market following the previous session’s steep decline.
At 12:38pm, the index stood at 169,877.21, up 1,906.56 points, or 1.14 per cent, from Monday’s closing level of 167,970.65.
During the session, the KSE-100 climbed as high as 169,988.11, while its intraday low was recorded at 169,189.29.
Investor sentiment improved after the State Bank of Pakistan decided on Monday to maintain its policy rate at 11.5pc. The decision eased concerns about an unexpected change in monetary policy and provided support to sectors sensitive to interest rates.
The rebound was broad-based, with buying reported in automobile assemblers, cement companies, commercial banks, oil and gas exploration firms, refineries, power producers and oil marketing companies.
The widespread participation across major sectors indicated renewed buying interest following Monday’s market sell-off.c