The Pakistan Stock Exchange (PSX) saw a turbulent session on Tuesday as it struggled to rebound from the previous day’s sharp sell-off.

The index initially gained 464 points at its intraday high, driven by renewed buying interest, but later dipped 561 points before closing with a modest recovery.

At the end of the session, the benchmark KSE-100 index settled at 116,633 points, gaining 193 points (0.17%), according to a market report by Topline Securities.

The fluctuations were largely attributed to ongoing uncertainty regarding the International Monetary Fund (IMF) review, which kept investor sentiment cautious.

The oil and energy sector provided crucial support, with OGDC, HUBC, PSO, MEBL, and SNGP collectively adding 394 points to the index.

However, SYS, TRG, and UBL dragged the market down, erasing 153 points from the gains.

On the corporate earnings front, PAEL announced its 4QFY24 financial results, posting an EPS of Rs0.58, bringing its FY24 EPS to Rs2.72 with no cash payout.

Market activity remained strong, with a trading volume of 267 million shares and a turnover of Rs 19.4 billion. PAEL led the volume chart, with 23.5 million shares changing hands.

According to Ahsan Mehanti of Arif Habib Corp, stocks showed signs of recovery, particularly in the oil sector, as investors speculated on potential resolutions to the power sector’s circular debt.

Reports suggesting the IMF’s conditional readiness to approve the government’s Rs1.5 trillion circular debt management plan fueled optimism.

“Speculations ahead of quarter-end close, China’s debt rollover, and surging global crude oil prices played a catalytic role in the bullish close at PSX,” Mehanti added.

On Monday, the Pakistan Stock Exchange (PSX) experienced selling pressure, with the benchmark KSE-100 Index dropping over 2,000 points. Analysts linked this decline to concerns surrounding the International Monetary Fund (IMF) loan.

Meanwhile, Asian stocks rose on Tuesday, taking cues from Wall Street, as the prospect of less severe US tariffs boosted risk appetite.

The dollar remained near three-week highs following positive economic data that provided some reassurance.

Investors are focused on the upcoming reciprocal tariffs promised by US President Donald Trump and their potential impact on the global economy, as fears of a trade war continue to influence markets.

On Monday, Trump announced that automobile tariffs are on the way, although he suggested that not all of the threatened levies would be implemented on April 2, and some countries might receive exemptions.

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