KARACHI: The bulls showed unstoppable momentum at the Pakistan Stock Exchange (PSX) on Wednesday, as the benchmark KSE-100 Index surged past the 145,000 mark for the first time during intraday trading.
By 3:30 pm, the index stood at 145,113.59 points, marking a rise of 2,076.43 points or 1.45%.
Strong buying was evident across major sectors such as automobile manufacturing, commercial banking, oil and gas exploration, oil marketing companies (OMCs), and refineries. Leading stocks with significant weight in the index, including ARL, OGDC, POL, SNGPL, SSGC, MCB, MEBL, and UBL, all traded with gains.
Market analysts attribute the ongoing surge to optimistic market sentiment, positive macroeconomic signals, and growing confidence among investors.
Samiullah Tariq, Head of Research at Pak-Kuwait Investment, told Business Recorder that “anticipation of improved corporate earnings” is fueling this buying spree.
The previous day, the PSX maintained its historic upward trajectory, with the KSE-100 Index rising by 985 points (0.69%) to close at an unprecedented 143,037.17.
On the global front, Asian stock markets slipped alongside Wall Street on Wednesday, pressured by weak economic data from the US that underscored the negative effects of tariffs on business activity and profits. Meanwhile, the dollar faced downward pressure amid falling bond yields.
Data released on Tuesday showed that activity in the US services sector unexpectedly stalled in July.
Additionally, employment weakened further, while input costs increased at their fastest pace in nearly three years, reflecting the impact of tariffs imposed under President Donald Trump’s administration.
Corporate earnings for the second quarter also highlighted the strain caused by trade disputes. Yum Brands, the parent company of Taco Bell, reported disappointing results due to the burden of steep tariffs affecting consumer spending. Similarly, Caterpillar warned that US tariffs could cost the company as much as $1.5 billion this year.
The MSCI index tracking Asia-Pacific shares outside Japan declined 0.2%, while Japan’s Nikkei managed a slight 0.2% gain.
Chinese blue-chip stocks and Hong Kong’s Hang Seng index remained flat.
Futures for the Nasdaq dropped 0.3%, and those for the S&P 500 eased by 0.1%.
US DOLLAR
Meanwhile, in the interbank market, the US dollar became cheaper by 7 paisas, falling from Rs282.57 to Rs282.50.
The buying momentum at the Pakistan Stock Exchange (PSX) persisted as investor confidence remained high, pushing the benchmark KSE-100 Index above the 143,000 mark during Tuesday’s intraday trading.
