Bulls continued their record run at the Pakistan Stock Exchange (PSX) on Tuesday, with the benchmark KSE-100 Index gaining over 700 points during the opening minutes of trading.
At 9:40am, the benchmark index was hovering at 147,656.89 level, an increase of 727.05 points or 0.49%.
Buying interest was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies and OMCs. Index-heavy stocks including MARI, POL, PSO, SSGC, SNGPL, HBL, MCB, MEBL and UBL traded in the green.
Analysts attributed the investor optimism to encouraging corporate earnings and reports of upcoming US investments in Pakistan’s energy sector.
In an informal discussion upon his return from the United States, Finance Minister Muhammad Aurangzeb said that Pakistan will soon receive encouraging news of substantial investments across various sectors from the US.
The minister described the trade talks with the US as a major success for the country, noting that Pakistan is moving in the right direction and the results will be visible soon.
On Monday, the bulls stamped their authority on the PSX, as the benchmark KSE-100 Index surged 1,547.05 points, or 1.06%, to close at 146,929.84.
Globally, most Asian stocks rose on Tuesday, buoyed by an extension of a tariff truce between the world’s two largest economies, while Japanese shares hit an all-time peak, powered by tech shares after returning from a long weekend break.
US President Donald Trump extended a tariff truce with China by another 90 days on Monday, staving off triple-digit duties on Chinese goods, a move that was largely expected by investors and markets.
Investor sentiment in recent weeks has been supported by expectations of rate cuts by the US Federal Reserve, resilient US corporate earnings, and clarity on US trade levies on trading partners.
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.
This is an intra-day update
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