PSX Climbs as Asian Equities Hit Records
The Pakistan Stock Exchange gained fresh momentum on Tuesday, echoing strong performances in global markets. The KSE-100 Index surged nearly 950 points to trade at 156,333.45 in early hours, continuing Monday’s bullish trend.
Key local sectors led the way, including banking, energy, and cement. Heavyweights such as OGDC, HUBCO, POL, and UBL supported the rally, while widespread buying interest strengthened the overall market outlook.
Investors welcomed the State Bank’s decision to maintain the policy rate at 11%. Analysts said the steady stance provided clarity for businesses despite economic challenges from recent floods.
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The rally in Karachi mirrored gains across Asia. MSCI’s Asia-Pacific index touched a four-year high as expectations grew that the US Federal Reserve would cut rates this week. Japan’s Nikkei and Topix also scaled fresh records, reinforcing optimism among global investors.
Markets appeared largely unmoved by political developments in the US, including Senate confirmation of a new Fed governor. Traders remain focused on Wednesday’s Fed meeting and the possibility of multiple rate cuts in the coming months.