Buying rally continued at the Pakistan Stock Exchange (PSX) on Thursday, as optimism over government measures to address the crippling circular debt pushed the KSE-100 Index to settle at a new all-time high.
Positive sentiments prevailed throughout the trading session, pushing the KSE-100 to hit an intra-day high of 159,537.60.
At close, the benchmark index settled at 159,280.09, an increase of 1,043.42 points or 0.66%.
In a key development revolving the power sector, the government and a consortium of 18 banks have signed Rs1.225 trillion financing facility agreement, a senior government official who attended the ceremony told media.
Meanwhile, Prime Minister Shehbaz Sharif is expected to meet US President Donald Trump at the White House today. The meeting comes weeks after the two countries agreed to a trade deal.
On Wednesday, the PSX closed higher after a volatile session as the KSE 100 index settled at 158,236.68 points, gaining 291.65 points or 0.18%.
Globally, Asian shares took a breather from their recent rally on Thursday as investors positioned for month- and quarter-end flows, while the Japanese yen tested fresh lows against the euro and a surging Swiss franc.
S&P 500 futures and Nasdaq futures inched up 0.1% ahead of a lineup of Federal Reserve officials, whose remarks will be closely watched for their views on interest rates. San Francisco Fed President Mary Daly said further rate cuts will likely be needed but the timing remained unclear.
Fed Chair Jerome Powell had struck a cautious tone about further rate cuts, after the central bank delivered the first easing this year just last week.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2%, having rallied 5.5% for the month and 9% for the quarter. Japan’s Nikkei rose 0.1%, after jumping 7% for the month and 13% for the quarter.
Chinese blue chips were flat, while Hong Kong’s Hang Seng slipped 0.2%.
Meanwhile, the Pakistani registered a gain against the US dollar, appreciating 0.01% in the inter-bank market on Thursday. At close, the currency settled at 281.41, a decline of Re0.02 against the greenback.
Volume on the all-share index decreased to 1,673 million from 1,780 million recorded in the previous close. The value of shares increased to Rs55.28 billion from Rs54.52 billion in the previous session.
K-Electric Ltd was the volume leader with 406.34 million shares, followed by Cnergyico PK with 207.13 million shares, and WorldCall Telecom with 174.06 million shares.
Shares of 486 companies were traded on Wednesday, of which 208 registered an increase, 237 recorded a fall, while 41 remained unchanged.
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