PSX’s KSE-100 Index Surpasses 131,000 Mark

The Pakistan Stock Exchange (PSX) witnessed continued bullish activity as the benchmark KSE-100 Index ascended beyond the 131,000 threshold, achieving a fresh record high during the initial trading hours on Thursday.

During the session, the KSE-100 reached an intraday peak of 131,325.10.

As of 10:50 am, the benchmark index was trading around 130,745.75, reflecting an increase of 401.72 points, or 0.31%.

Significant purchasing activity was evident in the energy sector, with major stocks like OGDC, MARI, PPL, PSO, and WAFI exhibiting positive movement.

Market analysts suggest that this unprecedented market performance is driven by robust institutional buying, promising profit forecasts, and favorable macroeconomic trends.

On Wednesday, the PSX marked a milestone by exceeding the 130,000-point barrier for the first time. The KSE-100 Index jumped by 2,144 points, or 1.67%, to close at 130,344 points.

Globally, Asian markets experienced slight gains on Thursday as investors awaited a key US jobs report, which could potentially influence imminent rate reductions by the Federal Reserve. They also monitored the progress of a substantial US tax and spending bill in Congress.

Overnight, Wall Street reached new record closing highs following President Donald Trump’s announcement of a trade agreement with Vietnam, which included a 20% tariff on exports to the US. This development has raised expectations for further trade agreements, with ongoing negotiations for a trade deal with India.

The MSCI’s broadest index of Asia-Pacific shares, excluding Japan, rose by 0.2%, nearing a four-year high. Japan’s Nikkei remained stable.

China’s blue chips saw a modest increase of 0.2%, while Hong Kong’s Hang Seng index declined by 0.6% after data revealed that China’s services sector expanded at its slowest rate in nine months in June.

In Asia, both Nasdaq futures and S&P 500 futures showed minimal change. Investors are keenly observing the House of Representatives’ progress on Trump’s extensive tax and spending bill, anticipating potential final approval.

The proposed bill is projected to increase the national debt by $3.3 trillion, while also implementing tax cuts and reducing social welfare programs.

This information reflects an intra-day market update.