PSX: buying at bourse, KSE-100 gains over 950 points
Buying was observed at the Pakistan Stock Exchange (PSX) following the State Bank of Pakistan (SBP) decision to raise the policy rate by 50bps , with the benchmark KSE-100 Index gaining over 950 points during the opening minutes of trading on Tuesday. At 10:05am, the benchmark index was hovering at 163,997.54, up 959.08 points or 0.59%. Buying was observed in key sectors, including cement,…
The Pakistan Stock Exchange (PSX) witnessed a significant surge in buying activity following the State Bank of Pakistan's (SBP) decision to raise the policy rate by 50 basis points. This move led to a remarkable gain of over 950 points in the KSE-100 Index during the opening minutes of trading on Tuesday. By 10:05am, the benchmark index was trading at 163,997.54, marking a rise of 959.08 points or 0.59%.
The buying activity was particularly prominent in key sectors such as cement, commercial banks, oil and gas exploration companies, and oil marketing companies (OMCs). The previous day, the PSX had shown resilience amidst a volatile trading session as investors awaited the State Bank of Pakistan's Monetary Policy Committee announcement, positioning themselves for an anticipated policy rate increase.
Internationally, Asian stocks experienced a boost on Tuesday, with AI-focused company Anthropic's IPO filing generating positive sentiment ahead of tech earnings, which would serve as a litmus test for the AI sector. Meta Platforms' announcement to raise up to $95 billion in its largest-ever equity fundraising also contributed to the overall positive market sentiment.
Meanwhile, currency markets remained relatively stable, with economists anticipating that the Federal Reserve, European Central Bank, and Bank of Japan would maintain their current interest rates. This allowed market focus to shift to the comments from policymakers, which could provide insights into future interest rate expectations.
The surge in Asian markets extended to other regions, with South Korea's KOSPI gaining more than 4% in early trading and Japan's Nikkei rising by 1.9%. Additionally, MSCI's Asia-Pacific index, excluding Japan, rose by 1.2%. Nasdaq futures also saw a 0.4% increase, driven by a substantial 2.8% rise in US chip stocks overnight, marking the stock index's biggest one-day jump in a month. Conversely, European stock futures experienced a slight dip of 0.23%.
Brief written by urgent.news from Business Recorder's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
