There was no stopping the bullish momentum at the Pakistan Stock Exchange (PSX), buoyed by earnings optimism, rupee stability, and strong institutional activity from local and foreign investors. The benchmark KSE-100 Index gained over 1,400 points during the intra-day trading on Wednesday.
At 1:05pm, the benchmark KSE-100 Index was hovering at 151,227.48, an increase of 1,456.74 points or 0.97%.
Buying interest was observed in key sectors including automobile assemblers, commercial banks, power generation and refinery. Index-heavy stocks, including PRL, ARL, HUBCO, MEBL, NBP and BOP traded in the green.
In a key development for Pakistan’s corporate sector, Moody’s Ratings upgraded the local and foreign-currency long-term deposit ratings of five Pakistani banks: Allied Bank Limited (ABL), Habib Bank Ltd (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd (UBL) to Caa1 from Caa2.
Rating actions followed Moody’s decision to upgrade the government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2, to reflect Pakistan’s improving external position, supported by its progress in reform implementation under the IMF Extended Fund Facility (EFF) programme.
On Tuesday, the PSX extended its record-setting rally as the benchmark KSE-100 Index closed at an all-time high of 149,770.75 points, up 1,574 points or 1.06%.
Internationally, global share markets came under pressure on Wednesday after a tech-led selloff on Wall Street, while the dollar gained some ground ahead of a key meeting of central bankers later in the week.
Stock futures pointed to a lower opening in Europe and most Asian bourses were in the red, with tech-heavy indexes in Taiwan and South Korea among the biggest losers, in part due to worries about the Trump administration’s growing influence on companies in the sector.
MSCI’s broadest index of Asia-Pacific shares outside Japan slid more than 1%, while EUROSTOXX 50 futures lost 0.64% and DAX futures shed 0.63%.
S&P 500 futures dipped 0.27% and Nasdaq futures lost 0.44%, extending a fall from the cash session overnight.
Japan’s Nikkei lost 1.7% and Hong Kong’s Hang Seng Tech Index shed 1.3%.
This is an intra-day update
