The ongoing bullish momentum at the Pakistan Stock Exchange (PSX) was not stopping, with the benchmark KSE-100 gaining over 600 points during the opening minutes of trading on Wednesday.
At 9:40am, the benchmark index was hovering at 147,630.54, an increase of 625.22 points or 0.43%.
Buying interest was observed in key sectors including automobile assemblers, commercial banks, fertiliser, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including ARL, OGDC, POL, SNGPL, HBL, MCB, MEBL and NBP traded in the green.
Analysts say strong corporate earnings and anticipation of investments from the United States in key sectors, including energy, are driving the positive sentiment at the bourse.
On Tuesday, the PSX navigated a turbulent session, closing at a record high despite heavy profit-taking by investors keen to lock in recent gains.
The benchmark KSE-100 Index ended just 75.48 points, or 0.05% up, at 147,005.32 points.
Globally, stocks in Asia climbed and the US dollar was subdued on Wednesday, as data showed both resilience in major economies and the need for central banks to remain accommodative.
Wall Street scaled new heights on Tuesday, driven by increasing certainty that the Federal Reserve will cut interest rates next month. Japan’s Nikkei broke through the 43,000 level for the first time, and cryptocurrency ether rose to an almost four-year high.
The highly anticipated US inflation readings indicated President Donald Trump’s tariff regime had yet to filter down to consumer prices. In Japan, a report showed manufacturers grew more confident about business conditions after a trade agreement with the United States.
The MSCI All Country World Index of shares climbed for a second day to reach 948.54, a new all-time high. Japan’s Nikkei stock index rose 1.4%, also setting a new peak for a second-straight session.
This is an intra-day update
