Investor Optimism Drives PSX to Fresh Record Highs
Investor optimism drives the buying rally at the Pakistan Stock Exchange, as the benchmark KSE-100 Index jumped nearly 1,000 points during early trade Wednesday.
At 9:50am, the index was seen at 166,482.33 points, recording an increase of 988.75 points or 0.60 percent in the opening session.
Strong buying was reported in automobile, banking, fertilizer, oil and gas exploration, marketing companies, and power generation sectors during active market activity.
Index-heavy stocks including HUBCO, MARI, OGDC, PPL, POL, PSO, WAFI, MCB, NBP and UBL remained in the green, supporting the overall rally.
Market analysts believe the current upward trend will likely continue as positive sentiment builds further across major sectors of the bourse.
Meanwhile, the International Monetary Fund has asked Pakistan to ensure progress on the National Finance Commission process, which remains central to fiscal resource sharing.
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The Ministry of Finance and IMF officials are holding technical discussions under the Extended Fund Facility and Resilience and Sustainability Facility reviews.
On Tuesday, the PSX closed on a bullish note, with the benchmark KSE-100 Index gaining 1,645.90 points or one percent to finish at 165,493.59.
In global markets, Wall Street futures slipped while gold touched another record high, and Asian stocks posted mixed performances on Wednesday morning.
A looming United States government shutdown is delaying crucial jobs data, as 750,000 federal workers face furloughs costing $400 million each day.
S&P 500 futures and Nasdaq futures declined 0.5 percent, while gold soared to $3,875 an ounce, marking a fresh record for the third consecutive session.
Japan’s Nikkei index slipped more than one percent after an 11 percent quarterly gain, while South Korean shares advanced as exports improved sharply.
