Web desk: The Pakistan Stock Exchange (PSX) started on Wednesday on a strong note, with the benchmark KSE-100 Index jumping over 600 points in the opening minutes and continuing its record-breaking rally.
By 9:40AM, the KSE-100 was at 147,630.54, up 625.22 points or 0.43 per cent. Buying was strong in automobile assemblers, commercial banks, fertilisers, oil and gas exploration companies, oil marketing companies (OMCs), and refineries.
Major stocks like ARL, OGDC, POL, SNGPL, HBL, MCB, MEBL, and NBP all traded higher, showing strong investor confidence.
Experts say positive corporate earnings and hopes of US investment in key sectors, especially energy, are pushing the market higher.
The gains come after Tuesday’s volatile session, where the PSX managed to recover from heavy profit-taking to close at a record 147,005.32, up 75.48 points or 0.05 per cent.
Global markets also supported the rally. Asian stocks rose, with Japan’s Nikkei crossing the 43,000 mark for the first time after a trade deal with the US boosted business confidence.
On Wall Street, stocks hit new highs on expectations of a US Federal Reserve interest rate cut next month. While cryptocurrency ether reached its highest level in nearly four years.
During intraday trading, the KSE-100 climbed 505.48 points, or 0.34 per cent, to 147,510.80.
Investor mood stayed positive on hopes of economic stability, better corporate results, a trade deal with the US, and higher remittances from overseas Pakistanis.
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