PSX increases by more than 350 points as global oil prices decline

KARACHI: The Pakistan Stock Exchange (PSX) recovered from yesterday’s loss on Tuesday, as a recovery in global equity markets and a decline in international crude oil prices rekindled investor interest.

Oil prices fell to their lowest level in nearly three weeks as Russia signaled its support for resuming the Iran nuclear deal as soon as possible. Brent futures fell $8.90, or 8.3 percent, to $98 a barrel, while West Texas Intermediate (WTI) crude fell $8.97, or 8.7 percent, to $94.04 a barrel in the United States.

Despite small changes, the benchmark KSE-100 index ended the day in the green.

The KSE-100 index finished the day up 352.93 points, or 0.81 percent, at 43,719.82 points.

According to Muhammad Naeem Akhtar, capital market strategist at Zafar Securities, the benchmark KSE-100 index mounted a return immediately after yesterday’s selling amid better market participation.

“Declining worldwide crude prices, along with oversold market circumstances, boosted investor morale at the PSX, as the benchmark KSE-100 index rose almost 350 points on the strength of increased market activity,” he added.

During the session, 346 businesses’ shares were exchanged. 211 scrips finished in the green, 105 in the red, and 30 stayed unchanged at the end of the trade.

Overall trading volume increased to 189.04 million shares, up from 115.11 million on Monday. During the day, Rs4.68 billion worth of shares were exchanged.

Telecard Limited was the most actively traded stock, with 19.56 million shares changing hands. The stock gained Rs0.95 to settle at Rs11.36. TPL Properties was next with 15.28 million shares traded, up Rs1.02 to Rs22.73, and Treet Corporation with 13.73 million shares traded, up Rs1.01 to Rs30.99.