PSX Continues Bullish Trend, Surpasses 1,100 Points

The Pakistan Stock Exchange (PSX) experienced unstoppable bullish momentum, fueled by optimistic earnings forecasts, a stable rupee, and robust institutional investment from both domestic and international sources. The KSE-100 Index benchmark saw gains exceeding 1,100 points during Wednesday’s initial trading hours.

As of 11:40 am, the KSE-100 Index benchmark was recorded at 150,889.48, reflecting an upswing of 1,118.74 points, which translates to a 0.75% increase.

Notable buying activity was evident within vital sectors, including automobile manufacturing, commercial banking, power generation, and the refinery industry. Significant stocks such as PRL, ARL, HUBCO, MEBL, NBP, and BOP showed positive trading trends.

Moody’s Upgrades Ratings of Five Pakistani Banks

In a significant development for Pakistan’s corporate landscape, Moody’s Ratings has elevated the local and foreign-currency long-term deposit ratings for five Pakistani banks. The banks include Allied Bank Limited (ABL), Habib Bank Ltd (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP), and United Bank Ltd (UBL), with their ratings upgraded from Caa2 to Caa1.

These rating adjustments align with Moody’s recent decision to upgrade Pakistan’s government local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. This upgrade mirrors Pakistan’s strengthening external financial position, bolstered by advancements in reform implementation under the IMF Extended Fund Facility (EFF) program.

On Tuesday, the PSX extended its record-breaking surge, concluding with the KSE-100 Index reaching an unprecedented peak of 149,770.75 points, marking an increase of 1,574 points or 1.06%.

Global Markets Face Pressure

Globally, share markets encountered downward pressure on Wednesday following a tech-driven sell-off on Wall Street. Simultaneously, the dollar strengthened its position ahead of a crucial meeting involving central bankers later in the week.

Stock futures indicated a weaker opening in Europe, and the majority of Asian markets were trading in negative territory. Tech-heavy indexes in Taiwan and South Korea experienced considerable losses, partly attributable to concerns regarding the Trump administration’s growing influence on companies within the technology sector.

MSCI’s broadest index of Asia-Pacific shares outside Japan declined by over 1%, while EUROSTOXX 50 futures decreased by 0.64%, and DAX futures dropped by 0.63%. S&P 500 futures fell by 0.27%, and Nasdaq futures decreased by 0.44%, continuing the downward trend from the previous overnight cash session.

Japan’s Nikkei registered a loss of 1.7%, and Hong Kong’s Hang Seng Tech Index decreased by 1.3%.

This information reflects an intra-day market update.