PSX Climbs as Investors Track Global Tech-Driven Rally
The Pakistan Stock Exchange (PSX) opened Tuesday with strong momentum, as the KSE-100 Index surged nearly 1,200 points during early trading hours.
At 10:55 am, the index stood at 158,734.28, marking a rise of 1,179.62 points or 0.75%.
Buying interest was noted across key sectors including automobiles, cement, commercial banks, oil and gas exploration, OMCs, and power generation.
Heavyweight stocks such as HUBCO, MARI, OGDC, POL, PPL, PSO, MCB, MEBL, and UBL all traded higher, supporting the index’s advance.
The rally came after Monday’s dip when profit-taking pushed the index down by 482.71 points, closing at 157,554.66.
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Analysts suggest the rebound reflects both domestic buying activity and strong global cues.
Globally, Asian markets were buoyed by renewed appetite for technology stocks, driven by Nvidia’s announcement of a $100 billion investment in OpenAI.
The news pushed Wall Street to fresh records and lifted chip-related shares across the region.
South Korean stocks have surged nearly 9% this month, while Taiwan is up 7%. MSCI’s Asia-Pacific index outside Japan rose 0.3%, gaining 5.5% in September.
Meanwhile, gold hit a record $3,755.47 per ounce, extending its rally as investors continued betting on U.S. interest rate cuts.
On the trade front, Pakistan has asked China for unilateral tariff concessions on around 700 items in the ongoing third phase of the China-Pakistan Free Trade Agreement (CPFTA).
Officials say Pakistan’s exports to China rose after the second phase, but preferential access has weakened as Beijing expands FTAs with other partners.