PSX opens on a positive note, gains over 500 points
At 9:40am, the benchmark KSE-100 was hovering at 138,763.05 level, an increase of 545.47 points or 0.39%.
Buying was observed in key sectors including commercial banks, cement, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including MARI, OGDC, PPL, POL, PSO, SNGPL, HUBCO, MCB and MEBL traded in the green.
On Monday, PSX opened the new week on a volatile note. The downturn was largely attributed to investor profit-taking ahead of July's end and cautious sentiment following a record-breaking run.
The benchmark KSE-100 Index declined by 379.78 points, or 0.27%, to close at 138,217.58 points.
Internationally, Asian share markets held their ground near a four-year peak on Tuesday, buoyed by Wall Street's closing record high ahead of a slate of corporate earnings. At the same time, investors took stock of tariff negotiations between the US and its trading partners.
Japanese shares briefly jumped at the open before trading modestly higher, while bonds had a muted reaction as the election results were largely priced in and were not as bad as investors had feared. The yen rallied 1% on Monday, recouping some of the losses from past weeks and was last little changed at 147.46 per dollar on Tuesday.
MSCI's broadest index of Asia-Pacific shares outside Japan hit its highest level since October 2021 in early Asian hours but was last little changed. The index is up nearly 16% this year.
Overnight, the S&P 500 and the Nasdaq notched record-high closes on Monday, lifted by Alphabet and other megacaps ahead of a burst of earnings reports this week.
Investor focus has been on tariff negotiations ahead of the August 1 deadline with the European Union exploring a broader set of possible countermeasures against the United States a
This is an intra-day update
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
19 hours ago
- Business Recorder
Economist presents research book to Japanese envoy
KARACHI: Renowned economist and academic Professor Dr. Abdul Waheed, presented his latest edition of the book 'Quantitative Research Methods: A Practical Approach' to Japan's Ambassador to Pakistan, Mr. Shoichi Akamatsu, and the Consul General of Japan in Karachi, Mr. Hattori Masaru, during a recent visit to the Japanese Consulate here. Invited on special invitation, Dr. Waheed discussed academic and research collaborations during the meeting and shared copies of his book, which offers a comprehensive guide to research methodologies and quantitative techniques. Aimed at students of BS, MPhil, and PhD levels, the book's second edition—published in 2025—features enhanced learning tools such as datasets, discussion questions, self-assessment tests, and PowerPoint slides to support research training. Professor Dr. Abdul Waheed currently serves as the Chairman of the Department of Economics at the University of Karachi. He is widely recognized for his expertise in quantitative development analysis, particularly in addressing economic challenges in South Asia. A recipient of the Japanese government scholarship, Dr. Waheed earned his PhD from Nagoya University in 2005. His doctoral and postdoctoral research in Japan focused on macroeconomic modeling and debt reduction strategies for Pakistan. Notably, he developed Pakistan's Financial Social Accounting Matrix (SAM) under a prestigious JSPS fellowship. In 2007, he was invited by the South Korean government to present this research internationally. With over three decades of academic and research experience, Dr. Abdul Waheed continues to contribute significantly to the field of economics and research education in Pakistan and beyond. Copyright Business Recorder, 2025
Business Recorder
19 hours ago
- Business Recorder
Nikkei falls as traders lock in gains after rally
TOKYO: Japan's Nikkei share average dropped on Friday, trimming a weekly advance that brought the index to the brink of a record, as traders locked in gains spurred by a newly inked trade deal with the United States. The Nikkei 225 Index slid 0.9% to close at 41,456.23, trimming its five-day advance to 4.1%. The broader Topix, which hit an all-time high on Thursday, also dropped 0.9%. The trade deal, announced late on Tuesday by US President Donald Trump, reduced a reciprocal tariff on Japanese goods and autos-specific levies to 15% from the 25% Washington had threatened previously. Shares of industrial robot maker Yaskawa Electric dropped 6%, paring a steep three-day advance. Mitsubishi Motors plunged 7.9% after the automaker reported an 84% drop in first-quarter operating profit. The Nikkei's 14-day relative strength index (RSI), a technical measure for an investment momentum, reached 77.8 on Thursday, the highest since the stock gauge hit its all-time high of 41,889.16 in July 2024.
Business Recorder
20 hours ago
- Business Recorder
Asian currencies: Philippine peso and S Korean won down
BENGALURU: Asian stocks took a breather from their rallies on Friday, with equities in Singapore snapping a 14-day winning streak, as investors expressed caution ahead of a key tariff deadline next week and central bank meetings. Next week, the US calendar is packed with President Donald Trump's August 1 trade deadline, a Federal Reserve rate decision, the monthly jobs report and major corporate earnings all on tap. The Bank of Japan will also hold its policy meeting next Thursday. 'It looks like markets are going to take much of a breather going into the weekend and also into the next week, where there can be more trade-related updates as we build up to the 1 Aug deadline,' said analysts at Maybank. Still, equities across the region remained on course for solid weekly gains, buoyed by improved risk sentiment and hopes of more agreements ahead of a key August 1 deadline. Most Southeast Asian bourses rallied over the past two weeks after Vietnam, Indonesia, the Philippines and Japan sealed favourable trade pacts with Washington. The MSCI Emerging Asia equities index dropped 0.7% after reaching its highest level since September 2021 on Thursday. The benchmark is still up over 3% this month and on track for a fourth consecutive month of gains. In Kuala Lumpur, equities fell nearly 1%, paring back a rally that had lifted the index more than 10% since its April lows. Stocks in the Philippines and Indonesia also slipped on the day, though both were set to post weekly gains of between 2% and 3%. Regional currencies softened alongside equities, as the Philippine peso and South Korean won each dropped 0.6%, while the Malaysian ringgit and Indian rupee slipped 0.1% and 0.2%, respectively. Vietnam bucked the trend, with the benchmark index jumping 0.7% to 1,531.1 points — its highest level since January 2022. Vietnamese equities have surged since early July, after the country struck a trade deal with Washington that cut expected tariffs to 20% from a feared 46%. Singapore's FTSE Straits Times Index declined 0.8%, snapping a 14-session winning streak, as investors took profits following a five-week rally driven by industrials, REITs and defensives. The city-state's central bank is set to meet next week, with economists split over whether the Monetary Authority of Singapore will ease policy or hold steady. Analysts at Barclays expect further monetary easing across major emerging Asian central banks, though at a slower, more cautious pace, reflecting 'a greater willingness to wait and see amid the ebb and flow of US trade policy,' they wrote.
