Pakistan Stock Exchange (PSX) continued with its record-breaking run as the benchmark KSE-100 Index crossed the 119,273 level for the first time amid a gain of over 1,299 points during the opening hours of trading on Thursday.
At 10:35am, the benchmark index hovered at 119,196.35, an increase of 1,222.33 points or 1.04%.
Buying was observed in key sectors including oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks traded in the green, including HUBCO, SNGPL, SSGC, MARI, OGDC, POL, and PPL.
The development comes on the back of positive news flow regarding the resolution of energy sector circular debt and market anticipation of a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF).
On Wednesday, the benchmark KSE-100 Index gained nearly 1,000 points to settle at a new all-time high of 117,974.02.
Internationally, Asia shares were hobbled by weakness in Chinese markets on Thursday and struggled to build on Wall Street’s rally, even as investor sentiment was lifted by the prospect that the Federal Reserve could still deliver two rate cuts this year.
The Fed on Wednesday left rates unchanged in a widely expected decision, but maintained its projection for two quarter-percentage-point rate cuts by the year-end.
Policymakers did revise their inflation forecast for the year and marked down their outlook for economic growth, citing risks from US President Donald Trump’s tariff policies.
Still, investors took comfort from the Fed’s “dot plot” of policy rate expectations and Chair Jerome Powell’s comments that tariff-driven inflation will be “transitory” and largely confined to this year, in turn sending stocks higher while US Treasury yields and the dollar fell.
Australian shares jumped 1%, while US futures also extended their rally after the cash session ended on a high.
Nasdaq futures ticked up 0.4% and S&P 500 futures advanced 0.3%. EUROSTOXX 50 futures similarly added 0.1%.
Trading was thinned with Japan markets closed for a holiday, though Nikkei futures edged up 0.2%.
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