Pakistan’s benchmark index bounced more than 600 points in early trade on June 24 and stretched its gains intraday, recovering ground after Tuesday’s profit-taking sell-off, while the rupee clung to 278 against the dollar.
Pakistan’s benchmark KSE-100 Index swung back into the green on Wednesday, June 24, as investors hunted for bargains a day after a late sell-off. The index was up by about 652 points, or 0.37%, hovering near 178,345 at 10:05am, according to Business Recorder, which reported buying observed across the floor in early trade.
The rebound broadened as the session wore on. Trading Economics data showed the KSE-100 at 179,442.14 points on June 24, up 1,749.22 points or 0.98% from the previous session, indicating the index extended its intraday recovery well beyond the opening pop. With the official closing bell not yet independently confirmed at the time of writing, the move is best read as a strong intraday bounce.
Buying momentum was concentrated in index-heavyweight sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, oil marketing companies and power generation, Business Recorder noted.
Wednesday’s recovery followed a downbeat Tuesday session in which the KSE-100 had surrendered early gains to profit-taking, closing at 177,692.92, down 778.95 points or 0.44%, after touching an intraday high of 179,405.56, The Express Tribune reported.
In the currency market, the rupee was little changed, settling around 278.21 against the US dollar in the interbank market, even as the greenback held firm globally on hawkish Federal Reserve expectations, per Business Recorder. The bounce-back leaves the KSE-100 deep in record territory, up more than 46% over the past year, Trading Economics data showed.
