Buying momentum returned to the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark KSE-100 Index gaining nearly 600 points during the trading opening hours.
At 9:50am, the benchmark index was hovering at 119,552.34, an increase of 581.22 points or 0.49%.
Positivity was observed in key sectors including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including HUBCO, NRL, PSO, SNGPL, SSGC, MARI, OGDC, POL, and PPL traded in green.
On Tuesday, PSX witnessed a negative session, as its benchmark KSE-100 Index closed lower by 700 points at 118,971.12, amid concerns related to the upcoming budget for the financial year 2025-26.
Internationally, Asian equities edged higher on Wednesday, with risk appetite contained by elevated bond yields as investors remained nervous about the fiscal outlook of major developed economies and the lack of progress on fresh trade deals.
Crude prices rose more than $1 a barrel after a CNN report said that Israel was preparing a strike on Iranian nuclear facilities, raising supply concerns out of the key Middle East producing region and bringing geopolitical concerns back into focus.
All eyes are also on the Japanese bond markets, a day after yields on super-long tenors surged to record highs on worries about demand for the country’s debt after a weak 20-year auction.
In early trading on Wednesday, the yield on 20-year bonds edged up 2 basis points, while those on the 30-year JGB slipped 1.5 bps.
In stocks, China’s blue-chip index was muted in early trading, while Hong Kong’s Hang Seng Index rose 0.58%.
China said it could take legal action against any individual or organisation assisting or implementing US measures that advise companies against using advanced semiconductors from China.
The MSCI’s broadest index of Asia-Pacific shares outside Japan crept up 0.5%, while Japan’s Nikkei was down 0.18%.
This is an intra-day update
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