Key Takeaways
- The KSE-100 Index gained over 1.2% in early trading.
- Positive momentum observed across key sectors, including automobile and cement.
- Pakistan reportedly requested China to refinance a $1.3 billion loan.
The Pakistan Stock Exchange (PSX) witnessed a buying rally with the KSE-100 Index up by 2,132.98 points or 1.20% at 9:30am on Wednesday. The benchmark index was hovering around 179,216.20.
Key sectors such as automobile assemblers, cement, commercial banks, fertiliser, oil marketing companies (OMCs), power generation and refineries showed positive momentum during the early trading session.
Leading stocks like ARL, MARI, OGDC, PPL, POL, PSO, HBL, MCB, MEBL, and UBL traded in the green, contributing to the overall rise of the index.
Pakistan reportedly requested China to refinance a $1.3 billion commercial loan, with funds expected to be received later this month once terms are finalised.
The market opened on a positive note, extending the previous session’s momentum and climbing to an intraday high of 178,768.83 points.
Globally, Asian stock markets jumped as robust earnings and renewed appetite for tech propelled Wall Street to record highs. Japan's Nikkei climbed 3.0%, South Korea added 4.1%, and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 2.4%.
China’s blue chips gained 0.7%, while the tech rally continued despite setbacks for companies like AMD, which fell 8.8% after hours, and SpaceX, which shed 7.5%. Nasdaq futures were flat on earnings results, while S&P 500 futures added 0.3%.
On Tuesday, PSX ended sharply lower as widespread profit-taking erased strong early gains following Monday’s robust rally.
