PSX: stocks surge, KSE-100 up over 1,000 points in early trading
Buying interest returned at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 1,000 points during the opening minutes of trading on Wednesday. At 9:58am, the benchmark index was hovering at 166,176.01, up 1,024.37 points or 0.62%. Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs…
The Pakistan Stock Exchange (PSX) saw a significant surge on Wednesday, with the KSE-100 Index gaining over 1,000 points within the first few minutes of trading. By 9:58am, the benchmark index was trading at 166,176.01, marking a rise of 1,024.37 points or 0.62%. Investors showed strong buying interest in various sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation.
Index-related stocks like ARL, HUBCO, MARI, OGDC, PPL, POL, SSGC, SNGPL, HBL, MEBL, NBP, and UBL also performed well, trading in the green.
The previous day, the PSX experienced a decline due to persistent selling pressure, cautious investor sentiment, and lingering macroeconomic and geopolitical concerns. The KSE-100 Index dropped by 814.44 points, or 0.49%, closing at 165,151.64 points. Globally, Asian stocks experienced an upward trend as trading commenced on Wednesday.
Following Wall Street's gains, bonds exhibited stability. The MSCI Asia-Pacific index outside Japan saw a 1.5% increase, driven by a 4% rise in Korean shares. Japan's Nikkei 225 also climbed 1.3%. S&P 500 e-mini futures rose by 0.3%. The region's stocks have stabilized since a major sell-off last week, although they have remained within a narrow range.
However, French stocks declined due to concerns over the government's efforts to control recent unrest. Prime Minister Sebastien Lecornu announced a "massive" deployment of police to manage protests planned for Saturday.
Emerging markets await a decision from Indonesia's central bank, which is working to stabilize the rupiah after a market rout following an MSCI warning about excluding the country's stocks from its major benchmarks.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
