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KSE-100 index gains over 2,000 points amid improving sentiment

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A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File


KARACHI:

The Pakistan Stock Exchange (PSX) remained firmly in bullish territory on Wednesday as sustained buying by investors lifted the benchmark KSE-100 Index above 2,000 points amid improving market sentiment.

At 1:44pm, the index had gained 2,090.04 points, or 1.16%, to 182,391.74, after touching an intraday high of 182,610.70. It slipped to an intraday low of 180,565.83, while total traded volume stood at 324.3 million shares.

The positive momentum emerged early in the session, with the benchmark advancing 1,110.17 points (0.62%) to 179,524.96 by 9:34am, reflecting strong investor appetite from the opening bell.

Read: Investor optimism powers PSX above 180k

The rally was driven by broad-based buying in heavyweight sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies, and power generation stocks, with index-heavy names providing the biggest boost to the benchmark.

Market sentiment till the filing of this report remained upbeat on expectations of a stable macroeconomic outlook, easing inflation, and the prospect of further monetary policy easing in the months ahead.

Optimism surrounding stronger corporate earnings, improving external accounts, and continued engagement with international financial institutions also helped sustain investor interest.



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