Buying activity returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 200 points during intra-day trading on Wednesday.
At 11:05am, the benchmark index was hovering at 114,411.13, an increase of 233.48 points or 0.2%.
Buying was observed in key sectors including oil and gas exploration companies, OMCs, refinery and power generation. Index-heavy stocks including HUBCO, ARL, PSO, OGDC, PPL and MCB traded in the green.
In a key development, Prime Minister Shehbaz Sharif on Tuesday said the second tranche of about $1 billion from the International Monetary Fund (IMF) is critical, asserting that the government’s hard work and support of the global lender helped Pakistan achieve macroeconomic stability.
On Tuesday, the PSX saw a volatile session, as the benchmark KSE-100 Index swayed in both directions before closing the day marginally lower by 179 points at 114,177.65.
Internationally, Asian equities mostly fell Wednesday as investors fret over Donald Trump’s ever-changing trade policies amid increasing concern that his tariffs could send the US economy into recession.
Global markets have endured some severe volatility this month as the president looks to ramp up pressure on global partners by imposing or threatening hefty duties on their goods, citing huge trade imbalances.
In the latest move, sweeping 25% levies on all US aluminium and steel imports are due to come into effect at midnight in Washington (0400 GMT Wednesday), hitting numerous nations from Brazil to South Korea, as well as the European Union.
Asian stocks slide as market selloff deepens on US growth worries
On Tuesday, Trump threatened to double those on Canada after the province of Ontario imposed an electricity surcharge on three US states. The president called that off after Ontario halted the charge.
This is an intra-day update
