It was select positivity at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index, led by buying activity in index-heavy shares, crossed the 80,000 level during trading on Wednesday.
At 12:25pm, the benchmark index was hovering at 80,296.70 level, an increase of 805.57 points or 1.01%.
Buying was witnessed in some select shares in sectors such as automobile assemblers, commercial banks, oil and gas exploration companies and OMCs. Index-heavy stocks including OGDC, POL, PSO, HBL and MEBL traded in the green.
Experts said some of the positivity comes as investors anticipate the International Monetary Fund (IMF) Executive Board approval.
The IMF board is scheduled to take Pakistan’s 37-month Extended Fund Facility (EFF) of about $7 billion on the agenda on September 25.
On Monday, PSX benchmark KSE-100 Index closed 158 points higher to settle at 79,491.14 as profit-taking trimmed intra-day gains.
It is pertinent to mention that the stock market was closed on Tuesday on account of the Eid Milad-un Nabi holiday.
Globally, Asian markets swung between gains and losses Wednesday as traders tried to ascertain how big an expected Federal Reserve interest rate cut would be later in the day, while the dollar held gains against the yen after forecast-beating US data.
While the US central bank is widely expected to slash borrowing costs for the first time since the start of the pandemic, the big question is whether officials will go for a bumper move before a series of smaller ones into the new year.
The prospect of easier financial conditions has helped push markets higher this year, with several major indexes hitting multiple records, but observers warned that with prices elevated and a period of cuts baked in, equities could be in for a period of volatility.
Wall Street had a tepid day, with many investors keeping their powder dry until the Fed’s decision and boss Jerome Powell’s post-meeting statement later Wednesday.
This is an intra-day update
Source: Brecorder
