PSX extends bull run, KSE-100 gains nearly 700 points
At 10:15am, the benchmark index was hovering at 142,728.50 level, an increase of 675.86 points or 0.48%.
Index-heavy sectors, including automobile assemblers, commercial banks, cement, fertiliser and OMCs traded in the green. Index-heavy stocks, including SNGPL, WAFI, INDU, MCB, MEBL and UBL, traded in the green.
On Monday, the PSX closed on a bullish note. Strong corporate developments, expectations of robust earnings across key sectors, and sustained investor optimism drove the rally.
The benchmark KSE-100 Index surged by 1,017 points or 0.72% to settle at a historic high of 142,052.65.
Globally, shares in Asia rose for a second consecutive session, and the US dollar held most of its losses on Tuesday as investors increased bets the Federal Reserve will act to prop up the world's largest economy.
US shares rallied on Monday on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday.
Oil remained lower after output increases by OPEC+ and threats by US President Donald Trump to raise tariffs on India over its Russian petroleum purchases. Japan's Nikkei rallied, with data showing a jump in the nation's service sector activity in July.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6% in early trade. The Nikkei climbed 0.5% after falling by the most in two months on Monday.
Odds for a September rate cut now stand at about 94%, according to CME Fedwatch, from a 63% chance seen on July 28. Market participants see at least two quarter-point cuts by the end of this year.
This is an intra-day update
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