There was no stopping the bulls at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index crossing the 144,000 level during the opening hours of trading on Wednesday.
At 10:35am, the benchmark index was hovering at 144,073.47 level, an increase of 1,036.31 points or 0.72%.
Buying interest was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including ARL, OGDC, POL, SNGPL, SSGC, MCB, MEBL and UBL traded in the green.
Analysts says the ongoing rally is fueled by bullish sentiment, encouraging macroeconomic indicators, and renewed investor confidence.
On Tuesday, the PSX extended its historic rally with the KSE-100 Index soaring to yet another record high. The benchmark index climbed 985 points, or 0.69%, to close at an unprecedented 143,037.17.
Internationally, Asian shares slipped along with Wall Street on Wednesday, after weak US data highlighted the damage tariffs were having on economic activity and earnings, while the dollar struggled with the drag from lower bond yields.
US services sector activity unexpectedly flatlined in July, data showed on Tuesday.
Employment further weakened and input costs climbed by the most in nearly three years, underscoring the impact from President Donald Trump’s tariff policy.
Second-quarter earnings results also revealed pressure from Trump’s tariff wars. Taco Bell parent Yum Brands missed expectations as steep trade duties dent consumer spending, while Caterpillar warned that US tariffs would cost it up to $1.5 billion this year.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2%, while Japan’s Nikkei eked out a small 0.2% gain.
Both Chinese blue chips and Hong Kong’s Hang Seng index were flat.
Nasdaq futures fell 0.3% and S&P 500 futures eased 0.1%.
Trump on Tuesday said it would announce tariffs on semiconductors and chips in the next week or so, while the US would initially impose a “small tariff” on pharmaceutical imports before increasing it substantially in a year or two.
He also said the US was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping, before the end of the year if an agreement was struck. However, he threatened to further raise tariffs on goods from India over its Russian oil purchases.
This is an intra-day update
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