ISLAMABAD: Pakistan Stock Exchange (PSX) observed a massive buying rally on Wednesday with the benchmark KSE-100 Index settling above the 145,000 mark for the first time in its history, setting a new all-time high.
The stock market maintained strong upward momentum throughout the trading session, with the benchmark KSE-100 Index hitting an intra-day high of 145,187.17.
By the close, the index had settled at 145,088.49, gaining 2,051.33 points or 1.43%.
Investor interest was particularly strong in major sectors, including automobile assemblers, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), and refineries. Index-heavyweights such as ARL, OGDC, POL, SNGPL, SSGC, MCB, MEBL, and UBL all closed in the green.
Market analysts attribute the continued rally to a mix of bullish sentiment, improving macroeconomic indicators, and growing investor confidence.
On Wednesday, a total of 788,463,721 shares were traded as compared to 549,719,494 shares on the last working day, whereas the price of shares stood at PKR 52.780 billion against PKR 37.040 billion on the previous trading day.
As many as 484 companies transacted their shares in the stock market, 264 of them recorded gains and 192 met losses, whereas the share price of 28 companies remained unchanged.
This surge follows Tuesday’s performance, when the PSX extended its record-breaking run with the KSE-100 Index climbing 985 points (0.69%) to close at a historic high of 143,037.17.
Global markets trend
Internationally, markets remained cautious. Asian equities, along with Wall Street futures, slipped on Wednesday following weak economic data from the US that underscored the growing toll of trade tariffs.
US service sector activity unexpectedly stagnated in July, while employment figures weakened and input costs surged at their fastest pace in nearly three years, highlighting the adverse effects of President Donald Trump’s trade policies.
Earnings reports reflected this pressure, with Yum Brands (owner of Taco Bell) missing expectations due to reduced consumer spending, and Caterpillar warning that tariffs could cost the company up to $1.5 billion this year.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.2%. Japan’s Nikkei managed a modest 0.2% gain, while Chinese blue chips and the Hang Seng Index remained flat.
US stock futures also trended downward, with Nasdaq futures losing 0.3% and S&P 500 futures easing 0.1%.
Meanwhile, President Trump announced plans to impose new tariffs on semiconductors and pharmaceutical imports, initially starting with smaller levies before ramping them up over the next one to two years.
He also indicated that further tariffs could be imposed on Indian goods due to its continued Russian oil purchases.
Despite tensions, Trump said the US was nearing a trade agreement with China and could finalise a deal before year-end.
A potential meeting with Chinese President Xi Jinping was hinted at, pending the conclusion of negotiations.
