Bulls extended their march ahead at the trading floor on Pakistan Stock Exchange (PSX) on Tuesday, with the benchmark KSE-100 Index gaining over 900 points during the intraday trade.
According to the PSX website, the market opened with an upwards momentum. The KSE-100 Index was hovering at 147,845.28 level as of 11:00 am, up by 915.44 points or 0.62% from the previous close of 146,929.84 points.
Investor interest was particularly strong in key sectors, including automobile assemblers, commercial banks, oil and gas exploration companies, and oil marketing companies (OMCs). Stocks such as MARI, POL, PSO, SSGC, SNGPL, HBL, MCB, MEBL, and UBL saw positive movement.
Market observers attributed the optimism to strong corporate earnings reports and expectations of major US investments in Pakistan’s mineral and mining sectors. Finance Minister Muhammad Aurangzeb, returning from the United States, shared that investments across various sectors are expected soon. He described the trade talks with the US as a success for Pakistan, with visible results anticipated in the near future.
On Monday, the KSE-100 Index gained 1,547.05 points, or 1.06%, closing at 146,929.84.
Meanwhile, global markets also saw positive movement, with most Asian stocks rising on Tuesday. Investor sentiment was bolstered by a 90-day extension of the tariff truce between the US and China, avoiding new tariffs on Chinese goods.
Japan’s Nikkei climbed to a record high and was last up 2% as the country’s markets reopened after a public holiday on Monday, tracking other global indices this year. Australia’s benchmark index also hit a record high, ahead of a monetary policy meeting at which the central bank is widely expected to cut interest rates. That left MSCI’s broadest index of Asia-Pacific shares outside Japan a tad higher.
China’s blue-chip stocks were flat while Hong Kong’s Hang Seng index eased 0.1% in early trading.
