New record: KSE-100 crosses 150,000 as buying spree continues
At 2:40pm, the benchmark index was hovering at 150,031.93, an increase of 1,835.51 points or 1.24%.
Buying interest was observed in key sectors including automobile assemblers, commercial banks, cement and pharmaceuticals. Index-heavy stocks, including DGKC, HBL, MCB, MEBL and UBL, traded in the green.
Analysts attributed the buying rally to the market optimism fueled by reports of the government's upcoming circular debt reform drive, which investors expect will ease liquidity constraints in the energy chain— a long-standing concern for the economy.
'The buying trend is expected to persist', Samiullah Tariq, Head of Research at Pak-Kuwait Investment. told Business Recorder.
The analyst added that strong corporate results, better than expected economic performance and lower returns from alternative asset classes are driving the market sentiment.
On Monday, PSX surged as bulls staged a strong comeback, with the benchmark KSE-100 Index settling at 148,196.42 points.
Internationally, stocks in Asia and oil prices edged lower on Tuesday before a key meeting of central bankers and as traders evaluated promising diplomatic signals toward ending hostilities between Russia and Ukraine.
European equity futures posted modest gains after Ukrainian President Volodymyr Zelenskiy said security guarantees for his nation will likely be worked out within 10 days after talks with US President Donald Trump and European leaders.
Japan's Nikkei share gauge set a new intraday record high before heading lower. The US dollar held on to gains from the previous session as traders awaited policy hints from the Federal Reserve ahead of its annual gathering in Jackson Hole, Wyoming.
MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.2% in early trading, after US stocks ended the previous session with mild losses.
Pan-region Euro Stoxx 50 futures were up 0.3%, German DAX futures rose 0.2%, and FTSE futures added 0.3%.
This is an intra-day update
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