Bulls continued to make further inroads at the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 Index crossing the 131,000 level, a new record high, during the opening minutes of trading on Thursday.
During trading, the KSE-100 hit an intra-day high of 131,325.10.
At 10:50am, the benchmark index was hovering at 130,745.75 level, an increase of 401.72 points or 0.31%.
Buying was observed in the energy sector, with index-heavy stocks including OGDC, MARI, PPL, PSO, and WAFI trading in the green.
Analysts attribute the market’s record-breaking trajectory to aggressive institutional buying, strong earnings expectations and positive macroeconomic indicators.
On Wednesday, the PSX delivered a historic performance, surpassing the psychological milestone of 130,000 points for the first time ever. The benchmark KSE-100 Index soared by 2,144 points or 1.67% to settle at 130,344 points.
Globally, Asian shares edged higher on Thursday as investors braced for a key US jobs report that may justify imminent rate cuts by the Federal Reserve and waited on the passage of a massive US tax and spending bill in Congress.
Wall Street climbed overnight to close at new record highs after President Donald Trump announced that the US has struck a trade deal with Vietnam, including a 20% tariff on exports to the US. That fuelled hopes that more deals will be forthcoming, with negotiations underway for a trade agreement with India.
The MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.2% to hover just below a near four-year top. Japan’s Nikkei was flat.
China’s blue chips edged up 0.2%, while Hong Kong’s Hang Seng index fell 0.6% after data showed China’s services activity expanded at the slowest pace in nine months in June.
Both Nasdaq futures and S&P 500 futures were little changed in Asia. Investors were waiting for Trump’s massive tax and spending bill to pass the House of Representatives for possible final approval.
The bill is expected to add $3.3 trillion to the national debt, slash taxes and reduce social safety net programs.
This is an intra-day update
