Debt Deal and Banks Lift Market Sentiment
The Pakistan Stock Exchange (PSX) continued its positive momentum on Thursday morning, with the KSE-100 Index rising over 500 points in early trading.
At 10:05am, the benchmark index recorded 158,758.04 points, reflecting an increase of 521.37 points or 0.33 percent during the session’s initial hours.
Strong buying interest emerged in cement, commercial banks, oil marketing companies, and power stocks, with key players like HUBCO, HBL, and UBL performing strongly.
Market optimism grew after the government finalized a Rs1.225 trillion financing facility agreement with eighteen banks to ease financial pressures in the power sector.
In parallel political developments, Prime Minister Shehbaz Sharif is set to meet United States President Donald Trump today, weeks after reaching a bilateral trade deal.
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On Wednesday, the market closed higher despite volatility, as the benchmark index settled at 158,236.68 points, gaining 291.65 points or 0.18 percent.
Across Asia, markets took a breather from their recent rally, with investors adjusting positions ahead of month-end flows and quarterly portfolio adjustments.
Wall Street futures inched upward as investors awaited statements from Federal Reserve officials, with San Francisco Fed President Mary Daly signaling potential rate cuts.
Fed Chair Jerome Powell recently adopted a cautious approach, following the central bank’s first rate cut this year, keeping investors uncertain about future monetary easing.
The MSCI Asia-Pacific index excluding Japan dipped 0.2 percent, while Japan’s Nikkei managed modest gains, supported by strong monthly and quarterly performance indicators.
