PSX extends rally, crosses 180,000 mark

Index touches an intra-day high of 180,499.96 points, low of 177,741.46 points

KARACHI:

The Pakistan Stock Exchange (PSX) extended its record-setting rally on Tuesday, with investors maintaining aggressive buying amid growing confidence in the country's economic outlook and easing geopolitical tensions in the region.

Market participants appeared encouraged by Pakistan's diplomatic efforts in support of regional peace, while expectations of lower global energy costs further boosted sentiment.

International oil prices remained under pressure on hopes that the reopening of the Strait of Hormuz would restore supply flows, easing inflationary concerns and improving the outlook for oil-importing economies such as Pakistan.

By 1:14pm, the benchmark KSE-100 Index had climbed 3,109.94 points, or 1.76%, to 180,149.76 points. During the session, the Index touched an intra-day high of 180,499.96 points and a low of 177,741.46 points.

Earlier, the Index started the session on a strong note and had reached 178,307.68, adding 1,267.86 points or 0.72% at 9:34am. Subsequently, it continued to advance throughout the day.

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Broad-based buying was witnessed in major sectors, including automobile assemblers, chemicals, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs) and refineries.

Trading activity also remained robust, with more than 408.23 million shares changing hands, while the total traded value stood at Rs38.91 billion.

The benchmark Index's advance came on top of Monday's powerful rally, reflecting sustained investor interest amid improving macroeconomic stability, favourable budget measures and expectations of lower imported inflation due to softer oil prices.