PSX Sets New Records Amidst Strong Investor Confidence

The Pakistan Stock Exchange (PSX) witnessed a continuation of record-breaking performance as the KSE-100 Index surpassed the 149,000 mark during the early hours of trading on Tuesday. This surge was fueled by robust investor confidence across various key sectors.

As of 10:10 am, the benchmark index stood at 149,162.07, reflecting an increase of 965.65 points, which translates to a 0.65% rise.

Sectors such as automobile assemblers, commercial banks, cement, and pharmaceuticals experienced significant buying interest. Major stocks including DGKC, HBL, MCB, MEBL, and UBL all showed positive movement.

Market analysts have linked the buying rally to optimism surrounding the government’s anticipated circular debt reform initiative. Investors anticipate that this reform will alleviate liquidity issues within the energy sector, a long-standing concern for the national economy.

The previous day, Monday, the PSX saw a strong bullish resurgence, with the KSE-100 Index closing at 148,196.42 points.

Globally, Asian stocks and oil prices saw slight declines on Tuesday, ahead of a key meeting involving central bankers. Traders were also assessing encouraging diplomatic signals that suggested a potential resolution to the conflict between Russia and Ukraine.

European equity futures recorded moderate gains following statements from Ukrainian President Volodymyr Zelenskiy, indicating that security guarantees for his country are expected to be finalized within ten days after discussions with US President and European leaders.

Japan’s Nikkei index reached a new intraday record before declining. The US dollar maintained its gains from the previous session as traders awaited policy clues from the Federal Reserve prior to its annual symposium in Jackson Hole, Wyoming.

MSCI’s broadest index of Asia-Pacific shares excluding Japan decreased by 0.2% in early trading, after US stocks concluded the previous session with minor losses.

Across Europe, Euro Stoxx 50 futures increased by 0.3%, German DAX futures rose by 0.2%, and FTSE futures saw a gain of 0.3%.

This information reflects an intra-day market update.