PSX surges past 121k mark, adds 600 points within minutes of opening

KARACHI: The Pakistan Stock Exchange got off to a lively start on Wednesday, with the KSE-100 index jumping more than 650 points within minutes of opening. By around 9:33am, the index had already hit 121,104 with solid trading volumes showing that investors were eager to buy.

Though the pace slowed a bit, the market kept its gains, staying above the 121,000 mark well into the morning. Even the day’s lowest dip so far recorded around 9:35am still left the index comfortably in positive territory, up by more than 445 points.

This upbeat mood was visible across the board as shares in sectors like cars, banks, fertiliser, and oil and gas all saw strong buying interest. Big names such as Mari Petroleum, OGDC, PPL, POL, SNGPL, SSGC, Habib Bank, and National Bank were all trading higher, helping lift the overall market.

The optimism builds on Tuesday’s record-setting close when the PSX surged to an all-time high, boosted by encouraging news on the economic front. Investors welcomed the announcement that the Asian Development Bank had approved a fresh $800 million loan for Pakistan’s public finance programme. This was seen as a vote of confidence in the country’s economic reforms.

Adding to the positive sentiment, the IMF gave a green light to the government’s budget plans, reassuring investors that fiscal discipline and policy consistency will continue.

On Tuesday, the benchmark KSE-100 index rallied as much as 1,800 points during the day before settling with a remarkable gain of 1,570 points or 1.3 per cent, closing above 120,450. Key players like Fauji Fertiliser, Habib Bank, Engro Fertiliser, Lucky Cement and Bank Al-Habib led the charge, contributing nearly 700 points to the index.

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