Karachi: Pakistan Stock Exchange (PSX) managed to regain upward trend on Tuesday on back of rally in the oil and energy stocks due to sharp rise in crude price. Furthermore, the government deciding to not go towards stringent lockdowns in NCOC meeting also helped the investors’ sentiments.
KSE-100 Index opened the day in positive and by noon managed to breach above 44,000 points level. The benchmark index was trading at 43,929 points with the addition of 382 points at 12:44 pm.
Traders and analysts said the market was already down after four-day decline and today the rally was seen in oil and energy stocks, while government seems to be avoiding strict lockdowns and investors expect the NCOC decision will be in line with the policy, they added.
Oil prices rose early on Tuesday as a drop in the US dollar made crude a more attractive buy, paring losses of more than 4 per cent incurred overnight on the prospect of producers returning more than 2m barrels per day of supply to the market by July.
Brent crude futures jumped 83 cents, or 1.3 per cent, to $62.98 a barrel at 0012 GMT, after falling 4.2 per cent on Monday. US West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.4 per cent, to $59.45 barrel, after sliding 4.6 per cent on Monday.