KARACHI: A day after the global stock markets came tumbling over the coronavirus and the plunge in cruel oil prices, the Pakistan Stock Exchange on Tuesday stablised and ended on a positive note.
Asian stock markets took a breather after yesterday’s market rout which saw oil prices decline to its lowest level in the last three decades. Saudi Arabia launched an all-out war on oil prices after OPEC failed to clinch a reject to reduce supplies.
However, markets in Asia and Europe staged a recovery on Tuesday after calm returned to stock market. Oil prices also bounced back from a record decline and gained over seven percent. The US is also proposing a massive economic stimulus for companies affecting by the oil plunge.
The Pakistan Stock Exchange (PSX) performed on Tuesday when stock trading opened. The benchmark KSE 100 index gained by 636.80 points, an increase of 1.69 percent and closed at 37,695.75 points. The bourse saw an upward trajectory for most of the day before trading was suspended. The total volume of shares was 225.939 million valued at Rs15.473 billion.
Meanwhile, the lower bench KSE 30 index closed by 265.87 points (1.59 percent) and closed at 16,952.55 points. The total volume of shares was 153.523 million. The top active stocks were MLCF (2.54), PPL (-5.58%), FCCL (-1.44%), OGDC (-2.35%), KEL (2.83%), followed by PIOC (6.97%), DGKC (2.76%), BOP (3.45%), Unity (0.30%) and Hascol (1.69%).
Stock markets in Asia and Europe have recovered some ground after some fell as much as 30 percent on Monday. Brent crude gained 6.7 percent but still was down by nearly half from its January peak. The main share indexes in France and Germany have also risen, climbing more than two percent.
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