The Pakistan Stock Exchange (PSX) continued with its winning momentum, as the benchmark KSE-100 index crossed the 80,000 level during the opening hours of trading on Wednesday.
At 10:45am, the benchmark index was hovering at 80,162.55 level, an increase of 609.67 points or 0.77%.
Buying was witnessed in key sectors including cement, chemical, commercial banks, oil and gas exploration companies, OMCs, and refinery.
Index-heavy stocks including HBL, MCB, NBP, OGDC, PPL, PSO, SHEL, SNGPL, SSGC and PRL traded in green.
In a key development, the government said on Tuesday that after conclusion of an agreement with the International Monetary Fund (IMF) this month or next month, a comprehensive reforms agenda would be placed before the nation to increase the tax-to-GDP ratio to 14% as well as increase in export and investment rate.
On Tuesday, bullish momentum continued at the PSX driven by optimism over a new International Monetary Fund (IMF) deal as the benchmark KSE-100 settled at a new record high of 79,552.89 level, an increase of 728.55 points or 0.92%.
Globally, Asian stocks rose on Wednesday as comments from Fed Chair Jerome Powell reinforced expectations that US rate cuts were not far off, while the yen remained pinned near levels last seen in 1986, keeping traders wary of Japanese intervention.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.26% higher, while Japan’s Nikkei rose 0.49%, stalking the record high touched in March.
The US is back on a “disinflationary path”, Powell said on Tuesday, although he cautioned that policymakers need more data before they can consider cutting interest rates.
Powell’s comments sent U.S Treasury yields 4.3 basis points lower overnight, with the yield on the 10-year note steady at 4.433% in Asian hours on Wednesday, keeping the dollar subdued.
Investors were also weighing data showing a tight US labour market.
This is an intra-day update
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