Bulls continued to gain further traction at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 900 points during intra-day trading on Wednesday.
At 2pm, the benchmark index was hovering at 158,871.96, a gain of 926.94 points or 0.59%.
During the trading session, the KSE-100 hit an intra-day high of 159,046.60.
Buying momentum was observed in key sectors including commercial banks, cement, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks traded in the green, including NRL, HUBCO, MARI, OGDC, POL, PPL, PSO, SNGPL, SSGC, HBL, MCB, MEBL, NBP and UBL.
The government of Pakistan and a consortium of 18 banks are set to sign a long-awaited Rs1.225 trillion financing facility agreement on Wednesday to address the circular debt crisis in the power sector.
On Tuesday, the PSX closed on a positive note in a session marked by volatility due to rollover pressure. The benchmark KSE-100 Index gained 390.36 points, or 0.25%, to settle at 157,945.03.
Globally, stocks in Asia fell on Wednesday, following declines on Wall Street as remarks by Federal Reserve Chair Jerome Powell gave little indication about the future path of interest rates and economic data fuelled concerns about slowing growth.
MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.4% in mid-morning trade, after US stocks ended the previous session lower.
The S&P 500 was down 0.6%, marking its biggest one-day loss in three weeks.
Australian shares led regional declines, down 1%, extending losses after a bigger-than-expected rise in consumer prices in August. US stock futures were flat.
Asian stocks are pausing for breath after hitting a four-year high and remain on track this month for their best monthly performance in a year, following weakness in the dollar, a surge in regional technology stocks and a resumption of the Federal Reserve’s policy easing cycle.
Japan’s Nikkei stock index slid 0.5% after manufacturing sector activity fell at the fastest pace in six months in September, driven by further declines in new orders, a private sector survey showed on Wednesday.
This is an intra-day update
