Buying momentum returned to the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark KSE-100 Index closing the day with a gain of over 950 points.
Positivity was observed throughout the trading session at the bourse, pulling the KSE-100 to an intra-day high of 120,106.21.
At close, the benchmark index settled at 119,931.45, a gain of 960.33 points or 0.81%.
“Investors remained active ahead of the FY26 budget, strategically realigning portfolios in anticipation of key fiscal measures,” said brokerage house Ismail Iqbal Securities, in its commentary.
Investor sentiment remained upbeat, particularly in large-cap stocks, which drew considerable interest. Notably, NBP, BAHL, UBL, OGDC, and PPL collectively contributed around 480 points to the index’s rise, said another brokerage house Topline Securities in its post-market report.
“The refinery sector also saw increased activity following the government’s approval to clear Rs34 billion in pending dues through petroleum pricing,” Topline said.
The move paved the way for all five refineries to initiate $6 billion in upgrade projects. Stocks like NRL, PRL, and ATRL closed higher in response to the development, it added.
On Tuesday, PSX witnessed a negative session, as the KSE-100 Index closed lower by 700 points at 118,971.12, amid concerns related to the upcoming budget for the financial year 2025-26.
Internationally, Asian equities edged higher on Wednesday, with risk appetite contained by elevated bond yields as investors remained nervous about the fiscal outlook of major developed economies and the lack of progress on fresh trade deals.
Crude prices rose more than $1 a barrel after a CNN report said that Israel was preparing a strike on Iranian nuclear facilities, raising supply concerns out of the key Middle East producing region and bringing geopolitical concerns back into focus.
All eyes are also on the Japanese bond markets, a day after yields on super-long tenors surged to record highs on worries about demand for the country’s debt after a weak 20-year auction.
In early trading on Wednesday, the yield on 20-year bonds edged up 2 basis points, while those on the 30-year JGB slipped 1.5 bps.
In stocks, China’s blue-chip index was muted in early trading, while Hong Kong’s Hang Seng Index rose 0.58%.
China said it could take legal action against any individual or organisation assisting or implementing US measures that advise companies against using advanced semiconductors from China.
The MSCI’s broadest index of Asia-Pacific shares outside Japan crept up 0.5%, while Japan’s Nikkei was down 0.18%.
Meanwhile, the Pakistani rupee slipped lower against the US dollar, depreciating 0.02% in the inter-bank market on Wednesday. At close, the local currency settled at 281.97, a loss of Re0.05 against the greenback.
Volume on the all-share index increased to 667.68 million from 437.92 million recorded in the previous close.
The value of shares rose to Rs26.62 billion from Rs20.81 billion in the previous session.
K-Electric Ltd was the volume leader with 103.65 million shares, followed by Kohinoor Spining with 40.32 million shares, and WorldCall Telecom with 36.28 million shares.
Shares of 463 companies were traded on Wednesday, of which 287 registered an increase, 125 recorded a fall, while 51 remained unchanged.
