Positive momentum persisted at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index crossed the 65,000 level during the opening hours of trading on Wednesday.
At 11:40am, the benchmark index was hovering at 64,887.41 level, an increase of 433.19 points or 0.67%. It earlier hit its intra-day high at 65,024.93 before retreating marginally.
Heavy interest was seen in OGDC and PPL amid unconfirmed reports over the circular debt management plan, while sectors such as cement and technology also traded in the green.
The positive run continues from Tuesday when the benchmark KSE-100 Index was up 515 points to settle at 64,454.22.
Experts, meanwhile, attributed the ongoing buying spree to several positive developments on the economic front.
The State Bank of Pakistan (SBP) has also decided to revamp the foreign exchange trading system and announced to introduce a Centralized Foreign Exchange (FX) Trading Platform called “FX Matching” for the interbank FX market to bring more transparency to the interbank market.
Analysts said this centralized trading platform will reduce volatility in the interbank market and support a free and fair FX trading system.
Globally, Asian shares rose on Wednesday on optimism that Chinese authorities will offer support for its stock markets, which have plummeted to multi-year lows, while a hawkish tilt from the Bank of Japan lifted the yen.
The MSCI’s broadest index of Asia-Pacific shares outside Japan, opens new tab was 0.27% higher. Still, the index is down 5% in January, set for its worst monthly performance since August.
The focus in Asia has squarely been on Chinese equity markets after a wretched start to the year. A report on Tuesday said that authorities were preparing a package of measures worth $278 billion to stabilise the market offered some hope the markets may steady though investors remained sceptical and unimpressed.
This is an intra-day update