PSX maintains positive trend as global equities rise, oil slides
The Pakistan Stock Exchange (PSX) saw a strong bullish trend on Wednesday, with the KSE-100 Index rising by more than 3,400 points to reach 157,400, reported 24News HD TV Channel.
Investors showed optimism across major sectors, driving the index higher and continuing the market’s upward momentum.
At 2 pm the KSE-100 gained 3434.66 points to reach 157391.02 points or 2.18%.
Buying interest was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation, and refinery. Index-heavy stocks, including ARL, HUBCO, PSO, MARI, OGDC, POL, PPL, HBL, MCB, and MEBL traded in the green.
On Tuesday, PSX ended with moderate gains as thin volumes and profit-taking capped the upward momentum despite supportive global cues and easing geopolitical concerns. The KSE-100 Index closed at 153,966.36 points, gaining 1,225.99 points or 0.80%.
K-Electric led trading volumes with over 35 million shares exchanged, coinciding with the company’s announcement of a new chief executive earlier in the day.
Market heavyweights, including Engro Holdings, Fauji Fertiliser Company, Lucky Cement, Systems Limited, and Hub Power Company, contributed significantly to the index gains, while banking and select industrial stocks weighed on overall performance.
Despite the rebound, analysts noted that the market remained cautious after last week’s decline, which was driven by geopolitical uncertainty, particularly tensions in the Middle East, and concerns over global energy prices.
Experts suggest that future market direction will depend on regional stability, energy policy developments, and progress in ongoing discussions with the International Monetary Fund.
Globally, stocks rose, and oil fell on Wednesday on reports the US is seeking a month-long ceasefire in its war on Iran, and had sent a 15-point plan to Iran for discussion, raising hopes for a resumption of oil exports out of the Persian Gulf.
S&P 500 futures rose 0.9% in the Asian morning, European futures lifted 1.2%, and Brent crude futures fell about 6% to $98.30 a barrel.
Reporter: Kawish Memon