KSE-100 Gains Nearly 400 Points in Early Trading as PSX Rally Continues

KSE-100 Gains Nearly 400 Points in Early Trading as PSX Rally Continues

The Pakistan Stock Exchange continued its upward run on Wednesday morning, with the benchmark KSE-100 Index gaining nearly 400 points in the opening minutes of trading. At 9:35am the index stood at 164,830.55 points, up 363.35 points or 0.22 percent, as investors bought across automobile assemblers, cement, commercial banks, oil and gas exploration and power generation shares.

Major stocks including HUBCO, MARI, POL, HBL, MCB and Meezan Bank all traded in positive territory during the early session. The rally extends Tuesday's strong recovery, when the KSE-100 closed at 164,467.20 points after rising 1,428.73 points, or 0.88 percent, on broad-based buying and easing international crude oil prices.

Notably, the market has kept climbing despite the State Bank of Pakistan's decision to raise its policy rate to 12 percent, its first hike since June. Investors appear to have brushed off the tighter policy, taking comfort from lower oil prices and hopes of easing regional tensions. Asian markets also rose on Wednesday, with Japan's Nikkei up 1.2 percent and South Korea's KOSPI jumping more than 3 percent, as traders awaited earnings from US technology giants Alphabet and Microsoft.

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