PSX: Buying at bourse, KSE-100 up over 1,600 points
Buying interest was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 800 points during the opening minutes of trading on Wednesday. At 10:10am, the benchmark index was hovering at 171,244.99, up by 1,644.59 points or 0.97%. Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration…
The Pakistan Stock Exchange (PSX) saw significant buying interest on Wednesday, with the KSE-100 Index surging over 1,600 points during the opening minutes of trading. By 10:10am, the benchmark index was trading at 171,244.99, up by 1,644.59 points or 0.97%. The buying activity was concentrated in sectors such as automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration, OMCs, and refineries.
Index stocks like ARL, HUBCO, MARI, OGDC, PPL, POL, HBL, MCB, MEBL, and NBP posted positive gains. The Ministry of Finance (MoF) introduced a Strategic Action Plan for Pakistan’s Local Currency Bond Market (LCBM) under an IMF-supported program to enhance market liquidity, expand the investor base, stabilize government borrowing, and reform the legal, tax, and financial market infrastructure for rupee-denominated securities.
The PSX temporarily faced selling pressure on Tuesday due to rising global crude prices and ongoing Middle East tensions, causing it to dip below 170,000 points. However, global bonds struggled that day, marking their worst monthly performance in years, driven by deteriorating government finances, a high issuance volume, and elevated inflation amid the ongoing US-Israeli conflict in Iran.
Despite these challenges, stocks remained resilient, largely unaffected by the bond yield surge. Meanwhile, global markets experienced mixed performances, with MSCI's Asia-Pacific index edging higher and key indices in major economies showing gains or slight losses.
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