PSX Surges as Govt Eyes Major Financing Facility
The Pakistan Stock Exchange opened on a strong note Wednesday, as the KSE-100 Index surged nearly 900 points in the initial trading session.
At 9:40am, the benchmark index was recorded at 158,831.61 points, reflecting a notable increase of 886.59 points or 0.56 percent compared with yesterday.
Investor sentiment improved significantly, with major sectors including commercial banks, cement, fertiliser, power generation, refineries, oil and gas, and OMCs witnessing robust buying activity early in the session.
Index-heavy stocks such as HBL, UBL, MCB, HUBCO, OGDC, PPL, MARI, PSO, SNGPL and SSGC traded firmly in positive territory, boosting overall confidence.
The rally came as the government prepared to finalise a long-awaited Rs1.225 trillion financing facility with 18 banks to address circular debt issues.
Read More: Gold Prices in Pakistan Reach Rs 398,800 Per Tolda
Market optimism followed Tuesday’s positive close, when the KSE-100 Index settled at 157,945.03 points after gaining 390.36 points despite volatility caused by rollover pressure.
Globally, investor mood was less encouraging as Asian markets mirrored Wall Street declines after Jerome Powell avoided clear signals on future US interest rates.
MSCI’s Asia-Pacific index outside Japan slipped 0.4 percent, while Japan’s Nikkei dropped 0.5 percent, following weak manufacturing data showing the steepest contraction in six months.
Australian shares also fell one percent, extending losses triggered by higher-than-expected inflation, while US markets closed lower with the S&P 500 down 0.6 percent.
Despite midweek weakness, Asian equities remain set for their best monthly performance in a year, supported by strong technology stocks and softer dollar pressures.
