PSX climbs over 2,500 points on broad-based buying

Improved global risk appetite, optimism over China's planned loan refinancing lift investor confidence

KARACHI:

The Pakistan Stock Exchange (PSX) witnessed strong buying across the board on Wednesday, with the benchmark KSE-100 Index rising more than 2,581points by midday as investors cheered positive global cues and encouraging developments on Pakistan's external financing front. By 1:29pm, the index was trading at 179,664.27, up 2,581.05 points, or 1.46%, from the previous close of 177,083.22.

The benchmark touched an intraday high of 179,536.15 and a low of 178,512.09.

Trading activity remained healthy, with benchmark volumes reaching 185.76 million shares, while the traded value stood at Rs16.10 billion.

Buying was witnessed across key sectors including commercial banks, cement, fertiliser, exploration and production (E&P), oil marketing companies, power generation and technology stocks, reflecting broad-based investor participation.

Read: Institutional selling wipes out PSX gains

Market sentiment was supported by positive global developments after United States President Donald Trump said his administration held "very good discussions" with Iran during all-day negotiations on Tuesday, raising expectations of an imminent end to the five-month conflict. The prospect of easing geopolitical tensions pushed oil prices lower and lifted Asian equity markets, improving risk appetite.

Locally, investor confidence also received a boost from reports that Pakistan requested China to refinance a $1.3 billion commercial loan, with the funds expected to be received later this month once the terms and conditions were finalised. The development strengthened expectations of continued external financing support and improved the overall market outlook.

The benchmark KSE-100 Index had opened the session on a positive note and maintained its upward trajectory throughout the morning. It was up 2,028.73 points (1.15%) at 9:54am, gaining 2,115.37 points (1.19%) by 11:29am, and extending its advance further, indicating sustained buying interest.