PSX closes higher amid banking sector surge

KARACHI: The Pakistan Stock Exchange (PSX) extended its bullish momentum on Wednesday, with the benchmark KSE-100 Index surging as much as 2,150 points intraday before closing at 145,088 — up 2,051 points or 1.43 per cent.

Banking stocks led the rally, as HBL, NBP, MEBL, and UBL collectively added 1,017 points to the index. HBL and NBP hit their upper circuits during intraday trade, though mild profit-taking toward the close trimmed some of the gains, according to Topline Securities.

The ongoing rally is being driven by improving macroeconomic indicators, renewed investor confidence, and expectations of strong corporate earnings, said a report by Al Habib Capital.

Also read: MCB Bank earnings dip 13 per cent in second quarter

Pearl Securities noted that the KSE-100 recorded its highest-ever intraday close, with aggressive buying across key sectors as investor sentiment remained upbeat.

Market activity also picked up pace, with trading volumes climbing to 784 million shares and turnover reaching Rs52.7 billion — both significantly higher than recent sessions. The Bank of Punjab (BOP) topped the volume chart with 67 million shares traded.