PSX: Benchmark index up over 600 points in early trade | Market Intelligence API | Briefly NewsStream
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PSX: Benchmark index up over 600 points in early trade
Buying was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 600 points during the opening minutes of trading on Tuesday. At 9:35am, the benchmark index was hovering at 177,610.06, a gain of 643.38 points or 0.36%. Buying interest was observed in key sectors, including automobile, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, OGDC, PPL, POL, PSO, MCB, MEBL and NBP, traded in the green. In a key development, Moody’s Ratings (Moody’s) on Monday upgraded the Government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to B3 from Caa1. On Monday, late-session profit-taking in heavyweight stocks erased most of the PSX’s early gains, leaving the benchmark KSE-100 Index marginally lower in a volatile session, while selective buying in oil and gas and cement stocks provided support and prevented a deeper market decline. The benchmark KSE-100 Index declined by 199.84 points, or 0.11%, to close at 176,966.69 points. Globally, Asian shares slipped on Tuesday while oil prices extended losses, after threats from the US for an “economic