KARACHI: After receiving a massive battering overnight, the Pakistan Stock Exchange (PSX) witnessed another highly volatile session on Tuesday but managed modest gains on selective value-hunting amid sharply lower volume.

Topline Securities Ltd said the PSX experienced a volatile session attempting to recover from Monday`s sharp sell-off.

The index initially strengthened, climbing 464 points at its intraday high as buying activity resurfaced. However, the momentum was shortlived, with profit-taking pushing the index to an intraday low of 561 points.

Despite the turbulence, the market regained some ground, closing at 116,633.17, up 193.55 points or 0.17 per cent day-onday. This volatility can be attributed to the lack of clarity regarding the IMF review and the Staff-Level Agreement, which haskept investor sentiment cautious.

Oil and Gas Development Company, Hub Power, PSO, Meezan Bank, and Sui Northern Gas Pipeline largely supported the positive momentum, which collectively added 394 points to the index.Conversely, Systems Ltd, TRG Pakistan, and United Bank weighed on sentiment, wiping out 153 points from the gains.

Ahsan Mehanti of Arif Habib Corporation said the market showed recovery led by oil scrips as investors eye resolution of power sec-tor circular debt amid reports of IMF`s conditionalreadiness to approve the government`s Rs1.5tr debt management plan.

He added that speculations ahead of quarterend, China`s debt rollover and surging global crude oilprices also lifted inves-tor sentiments.

Ali Najib, Head of Sales at Insight Securities, said the market kicked off negatively by carrying forward overnight bearish sentiment. However, value hunters came to rescue the index and did some cherrypicking, which providedthe necessary impetus to lift the overall sentiment.

Market activity remained slow as the trading volume fell 14.06pc to 268.09 million shares while the traded value decreased 7.14pc to Rs19.45bn dayon-day.

Stocks contributing significantly to the traded volume included Pak Elektron (23.53m shares), TRG Pakistan (22.82m shares), Cnergyico PK (14.45m shares), Worldcall Telecom (12.41m shares) and The Bank of Punjab (10.20m shares).

The shares registering the most significant increases in their share prices in absolute terms were Unilever Foods (Rs23.50), Indus Motor (Rs18.77), Abbott Lab (Rs18.06), Al-Abbas Sugar (Rs13.93) and Pakistan State Oil (Rs11.98).

The companies registering significant decreases in their share prices in absolute terms were Rafhan Maize (Rs91.06), Service Industries (Rs25.45) and Shield Corporation (Rs22.80).