Key Takeaways
- KSE-100 Index opens at 168,571.04, up 110.94 points or 0.07%.
- Key sectors such as automobile assemblers, cement, and commercial banks see buying.
- FBR reports 1,016 returns filed by retailers/shopkeepers under the Aasan Tax Scheme.
The Pakistan Stock Exchange (PSX) saw a positive start to the trading session on Wednesday, with the benchmark KSE-100 Index opening at 168,571.04, up 110.94 points or 0.07%. This follows a strong recovery from the previous session’s sharp decline.
Buying was observed across several key sectors, including automobile assemblers, cement, commercial banks, oil and gas marketing companies, power generation, and refineries. Index-heavy stocks such as ARL, HUBCO, PSO, POL, MCB, MEBL, and UBL traded in the green, contributing to the overall positive sentiment.
The Federal Board of Revenue (FBR) informed the International Monetary Fund (IMF) that 1,016 returns have been filed by retailers and shopkeepers under the Aasan Tax Scheme. This development came to light during the review talks for the fourth review under the $7 billion Extended Fund Facility (EFF).
On Tuesday, easing concerns over global crude oil prices and active value hunting following the previous session’s decline triggered a strong bullish recovery. The benchmark KSE-100 Index closed at 168,460.11 points, gaining 2,592.79 points or 1.56%. This recovery was bolstered by positive sentiment in US equities, which hit new highs, despite global markets showing mixed performance.
Globally, Asian markets were slightly weaker on Wednesday, with MSCI’s broadest index of Asia-Pacific shares excluding Japan down 0.3%. US stocks ended higher, with the S&P 500 hitting a fresh record, up about 0.6%, and the tech-heavy Nasdaq gaining 0.45%, also an all-time high. The Dow Jones Industrial Average rose 0.5%.
In the energy market, US crude ticked up 1.05% to $90.38 a barrel, while Brent crude rose 1.06% to $101.65 per barrel. The positive sentiment among traders of US equities followed a stabilisation in global bond yields overnight.
The PSX’s positive start to the day reflects a mix of local and global factors, including the Aasan Tax Scheme returns and the overall recovery in US markets. Investors remain optimistic about the future of the stock market, despite global market fluctuations.
