Key Takeaways
- The KSE-100 Index rose by 686.85 points or 0.41% to 169,146.95.
- Key sectors such as automobile assemblers, cement, and commercial banks saw buying.
- The FBR informed the IMF that 1,016 returns were filed under the Aasan Tax Scheme.
The Pakistan Stock Exchange (PSX) witnessed a positive start to the trading session on Wednesday, with the benchmark KSE-100 Index gaining 686.85 points, or 0.41%, to reach 169,146.95 by 12:50pm.
Traders noted significant buying activity across various sectors, including automobile assemblers, cement, commercial banks, oil and gas marketing companies, power generation, and refineries.
Notable index-heavy stocks such as ARL, HUBCO, PSO, POL, MCB, MEBL, and UBL were among those trading in the green, contributing to the overall positive sentiment.
The previous day, the KSE-100 Index closed at 168,460.11 points, marking a gain of 2,592.79 points or 1.56%.
Easing concerns over global crude oil prices and active value hunting following the previous session’s sharp decline triggered a strong bullish recovery at the PSX.
Globally, Asian markets were slightly weaker on Wednesday, despite US stocks touching new highs. Oil prices rose due to a storm heading for the Gulf of Mexico and tensions between Saudi Arabia and Yemen’s Iran-backed Houthis.
MSCI’s broadest index of Asia-Pacific shares excluding Japan was down 0.3%, while the S&P 500 hit a fresh record, up about 0.6% on the day.
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 US equities followed a stabilisation in global bond yields overnight.
In a related development, the Federal Board of Revenue (FBR) informed the International Monetary Fund (IMF) that 1,016 returns had been filed by retailers and shopkeepers under the Aasan Tax Scheme during the review talks for the fourth review under the $7 billion Extended Fund Facility (EFF).
