Bullish momentum continued at the Pakistan Stock Exchange (PSX) amid improved investor sentiments, with the benchmark KSE-100 Index closing with a gain of over 1,100 points on Tuesday.
Positive sentiments prevailed throughout the trading session, pushing the KSE-100 to an intra-day high of 168,414.13.
At close, the benchmark index settled at 167,346.83, an increase of 1,103.93 points or 0.66%.
The bullish trend was largely fuelled by exceptional performances in BAHL, FFC, MCB, OGDC, and PPL, which collectively added 830 points to the benchmark index. However, the overall advance was modestly curtailed by profit-taking in ENGROH, KEL, and UBL, subtracting a combined 161 points, brokerage house Topline Securities said in its post-market report.
Market participants attributed the rally to renewed investor confidence and sustained buying interest across key sectors amid reduced geopolitical noise and improved macroeconomic indicators.
Pakistan’s current account (C/A) posted a significant surplus of $110 million in September, a sharp contrast against $52 million deficit recorded in the same month last fiscal, data released on Monday by the State Bank of Pakistan (SBP) showed.
The surplus came on the back of a significant increase in remittance inflows during the month, which clocked in at $3.18 billion, reflecting an increase of 11% on a yearly basis.
On Monday, PSX opened the week on a resounding bullish note as investors responded positively to a landmark diplomatic breakthrough between Pakistan and Afghanistan, which significantly boosted market sentiment.
The KSE-100 Index surged by 2,436.69 points, or 1.49%, closing at 166,242.90 points.
Internationally, Asian stocks rose on Tuesday as the prospect of easing trade tensions between the world’s top two economies boosted risk sentiment, while the near-certainty of Sanae Takaichi becoming Japan’s next prime minister sent the Nikkei to a record high.
US President Donald Trump said he expects to reach a fair trade deal with Chinese President Xi Jinping and downplayed risks of a clash over the issue of Taiwan.
Trade tensions between the US and China have weighed on the markets in recent weeks, with investor focus now on Trump’s planned meeting with Xi on the sidelines of an economic conference in South Korea next week.
The lingering hope that a resolution could be on the cards lifted investor sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan hit an over four-and-a-half-year high and was last up 0.94%.
China stocks rose 0.2% while Hong Kong’s Hang Seng was 1% higher in early trading.
Australian shares surged as investors snapped up rare earths and critical minerals stocks after the country signed a supply deal with the United States.
Meanwhile, the Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Tuesday. At close, the local currency settled at 281.06, up by Re0.01 against the US dollar, according to the State Bank of Pakistan (SBP).
Volume on the all-share index increased to 1,819 million from 1,478 million recorded in the previous close. The value of shares rose to Rs56.82 billion from Rs51.87 billion in the previous session.
K-Electric Ltd was the volume leader with 547.32 million shares, followed by WorldCall Telecom with 260.92 million shares, and B.O.Punjab with 128.92 million shares.
Shares of 486 companies were traded on Tuesday, of which 216 registered an increase, 229 recorded a fall, and 41 remained unchanged.
