The Pakistan Stock Exchange (PSX) kicked off Wednesday’s session with strong upward momentum, as the benchmark KSE-100 index posted a significant recovery after Tuesday’s steep losses.
The index was seen firmly in the green during early trade, gaining 862.65 points to reach 138,827.46 by around 10:07 AM, with trading volume at that time recorded at over 20 million shares.
Momentum continued to build as the session progressed, with the index hitting an intraday high of 138,965.67 by 10:24 AM. This marked an increase of 1,000.86 points or 0.73 per cent from the previous close.
The KSE-100 moved within a range of 138,120.03 to 138,965.67 during the early hours, while trading volume climbed to 28 million shares with a turnover of over Rs3.15 billion.
The sharp recovery came after Tuesday’s heavy sell-off, where the KSE-100 closed at 137,964.81, down by 1,415.24 points or 1.02 per cent.
That session saw heightened volatility, with the index moving in a wide range of 2,694 points, touching a high of 140,331.01 and a low of 137,636.37. Over 212 million shares were traded during the day.
Despite the volatility, analysts continue to see strength in the market’s broader trend.
According to Ali Najib, Deputy Head of Trading at Arif Habib Limited, the 137,000 level is still acting as a solid support zone. However, if breached, the index could slide towards 135,000, where market participants may return on the back of attractive stock valuations and expected monetary easing.
Top gainers in early trading included CSIL, which surged by 21.02 per cent to Rs4.26, followed by GRYL, PIL, SASML, UDPL, and SUHJ, all recording double-digit percentage increases.
On the flip side, major decliners included ASIC, HWQS, and TSMF, each dropping by 10 per cent, along with notable losses in FSWL, AHTM, and FIMM.
In a related development from the currency market, the US dollar edged lower by 5 paisas against the Pakistani rupee in intraday interbank trade.
According to the Exchange Companies Association, the dollar is now being traded at Rs283.
So far, the KSE-100 index has gained 20.71 per cent year-to-date, while its one-year return stands at an impressive 76.74 per cent.
The index has moved between a 52-week low of 76,943.24 and a high of 140,585.39, reflecting the market’s substantial upward journey over the past year.