The Pakistan Stock Exchange (PSX) saw positive growth on Tuesday, with the benchmark KSE-100 index rising by 0.83% or 346.72 points. Salman Naqvi, Head of Research at Aba Ali Habib Securities, attributed the growth to a momentary end to political unrest, recent falls in international crude oil and coal prices, and reduced petrol prices in Pakistan. Naqvi stated that the cement sector had also benefited from falling coal prices, but warned that the market could take several days to determine its direction, depending on the political situation. First National Equity CEO, Ali Malik, echoed Naqvi’s view that political turmoil needed to be resolved for the market to stabilise. The IMF’s recent statement denying that it had asked Pakistan to raise $8bn in fresh financing was also viewed positively, raising hopes that the country may be able to avert default. While the market gained strength, it saw relatively low levels of activity, indicating that many investors are taking a wait-and-see approach.
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