KEY POINTS
- Benchmark KSE-100 Index rises 1,496.04 points to settle at 163,188.53
- Positive sentiment follows previous days of selling pressure, driven by buying in major sectors
- Intra-day high reached 163,397.24, low touched 160,564.85 with a total traded volume of 234.7 million shares
- Market turnover valued at Rs 21.63 billion
- Asian markets rose on Wall Street gains, and weaker US economic data boosted Fed rate cut expectations
ISLAMABAD: After days of selling pressure, positive sentiment returned to the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark KSE-100 Index gaining 1,496.04 points, or 0.93%, to close at 163,188.53, according to PSX data.
The bourse opened on a positive note and maintained bullish momentum throughout the session, reaching an intra-day high of 163,397.24, while the intra-day low stood at 160,564.85.
A total of 234,697,302 shares changed hands during the session, generating a market turnover valued at Rs 21.63 billion.
Market activity was supported by strong buying in key index-heavy sectors, reversing Tuesday’s decline of 291.59 points, to settle at 161,692.49.
Globally, Asian stocks rose following gains on Wall Street, where weaker-than-expected US economic data spurred expectations of a Federal Reserve interest rate cut.
MSCI’s broadest index of Asia-Pacific shares outside Japan soared by 1%, while Japan’s Nikkei climbed 1.8%, and US stock futures edged up 0.2%.
In the US, the S&P 500 and Nasdaq Composite posted a third consecutive day of gains after data showed retail sales rose less than expected and consumer confidence weakened.
Fed funds futures are pricing an implied 80.7% probability of a 25-basis-point rate cut at the US central bank’s policy meeting on December 10, compared to odds a week ago, according to CME Group’s FedWatch tool.
The PSX outlook remains cautiously optimistic, with investors watching domestic economic indicators and global market cues for the continuation of the current bullish momentum.
