KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday continued to make gains amid positive economic outlook.
The KSE-100 index gained 500 points and touched 117,279 during early hours of trading.
The PSX began Tuesday’s trade on a positive note amid government’s announcement of economic gains. It closed at 116,775 mark with a gain of 385 points.
Across-the-board buying was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation.
Volatility continued in the PSX throughout the last week as the world was in the grip of heightened uncertainty sparked by tariff announcements by US President Donald Trump. Later, Trump announced 90-day reprieve, which paved the way for stocks’ recovery the world over.
Confidence of investors boosted in Pakistan after respite in tariffs announced by the US president, Prime Minister Shehbaz Sharif’s successful visit to Belarus and surge in remittances and other positive indicators announced by State Bank of Pakistan Governor Jameel Ahmad.
On Tuesday, global agency Fitch upgraded Pakistan’s foreign currency credit rating to ‘B-’ from ‘CCC+’ while citing increased confidence in the country’s progress in narrowing its budget deficits.
The upgrade also reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) programme performance and funding availability, Fitch said.
