A buying momentum, led by index-heavy energy and banking stocks, was witnessed at the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 Index settling above 94,000 level for the first time in history on Thursday.
At close, the benchmark index settled at 94,191.89, an increase of 836.47 points or 0.9%.
Experts said positive macroeconomic indicators including lower interest rates and controlled trade deficits are providing positive momentum to the market.
In a key development, the Finance Division on Wednesday apprised the International Monetary Fund (IMF) team led by its mission chief Nathan Porter on debt, external financing and rollover of around $12.5 billion from friendly countries, well-placed sources revealed to Business Recorder.
The ongoing discussions with the IMF will also likely drive market sentiment.
Buying was observed in key sectors including commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including MCB, MEBL, NBP, HUBCO, MARI, OGDC, PPL and SSGC traded in the green territory.
On Wednesday, the PSX witnessed a mixed trend and oscillated both ways during the trading session. The benchmark index gained 130.86 points or 0.14% and settled at 93,355.43 points.
Globally, weak China markets dragged broader Asian shares lower on Thursday, while longer-dated US bond yields rose alongside the dollar as investors assessed the monetary policy and inflation outlook in the world’s largest economy.
Bitcoin steadied above $90,000 after having surpassed that level in the previous session, turbocharged by Donald Trump’s return to the White House and the view that his administration will be a boon for cryptocurrencies.
The world’s largest cryptocurrency last traded 1.7% higher at $90,151, having already soared more than 30% on a two-week rolling basis.
Trump’s plan for lower taxes and higher tariffs are expected to stoke inflation and reduce the Fed’s scope to ease interest rates.
Source: Brecorder
