The Pakistan Stock Exchange (PSX) continued its record-breaking streak as the benchmark KSE-100 Index crossed the 85,000 level for the first time during intra-day trading on Tuesday.
At close, the benchmark KSE-100 Index was hovering at 85,663.97, an increase of 753.68 points or 0.89%.
Index-heavy sectors, including oil and gas exploration companies and OMCs, witnessed buying momentum. Index-heavy stocks including PSO, OGDC, PPL, NBP and some technology shares traded in the green.
Experts have been attributing the bullish momentum to positive macroeconomic indicators and heavy buying in the oil and gas sector.
Meanwhile, in a key development, four Independent Power Producers (IPPs) M/s Atlas Power, M/s Saba Power, M/s Rousch Power and Lalpir Power initialed (signed) premature scrapping of pacts whereas Hubco is likely to follow suit on Tuesday or Wednesday, well-informed sources told media.
Hubco (PSX: HUBC) shares fell massively on Tuesday, and were hovering around Rs112.6 after a fall of Rs9.1 during the day.
On Monday, the PSX had continued its record-breaking rally to settle at a record high of 84,910.29.
Globally, Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing’s aggressive stimulus measures showed no signs of easing.
The optimism though failed to spill over into other share markets in Asia, particularly Hong Kong, which reversed some of the rally it enjoyed while China was out on a week-long holiday.
China’s CSI300 blue-chip index surged 10% in early trade to its highest level since July 2022, while the Shanghai Composite Index jumped roughly the same amount to its highest mark since December 2021.
That left MSCI’s broadest index of Asia-Pacific shares outside Japan was down more than 1%.
This is an intra-day update
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