Bullish momentum continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 900 points during the opening hours of trading on Tuesday.
At 11:25am, the benchmark index was hovering at 168,966.68, an increase of 904.49 points or 0.54%.
Buying interest was observed in key sectors including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies and OMCs. Index-heavy stocks, including MARI, OGDC, POL, LUCK, HBL, MCB, MEBL and UBL, traded in the green.
On Monday, PSX opened the first session of December on a strong upward trajectory, with major indices, market capitalisation, and trading volumes all showing robust improvement, mainly due to strong institutional buying. The benchmark KSE-100 Index surged by 1,384.50 points to close at 168,062.19.
Internationally, stocks made muted gains on Tuesday, as traders remained wary following a slide in cryptocurrencies and a global bond selloff triggered by a looming interest rate hike in Japan.
S&P 500 futures were steady in early trade, after falls on Wall Street overnight, while Japanese government bonds remained under pressure ahead of a 10-year auction after a weeks-long tumble on concern about the nation’s fiscal outlook.
Ten-year JGB yields ticked up 1.5 basis points to a 17-year top of 1.88% in morning trade.
Bitcoin, which has been a talisman for sentiment, had an unsettling 5.2% slump on Monday and at $87,000 is down 30% from an October peak.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6% while Tokyo’s Nikkei crept 0.5% higher after logging a sharp drop on Monday.
