PSX Pushes Higher on Bank Upgrades, Rupee Stability
The Pakistan Stock Exchange (PSX) opened on a positive note on Wednesday, extending its recent rally as the KSE-100 Index surged by nearly 600 points during the initial trading session.
At 10am, the benchmark stood at 150,346.33, reflecting an increase of 575.59 points or 0.38%. Analysts linked the upbeat momentum to a stable rupee, strong corporate earnings, and rising interest from both local and foreign institutions.
Buying activity was particularly visible in major sectors such as automobile manufacturing, commercial banking, energy, and refining. Large-cap stocks including PRL, ARL, HUBCO, MEBL, NBP, and BOP all traded in the green, helping lift the index further.
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Investor sentiment was further supported by a decision from Moody’s Ratings, which upgraded the long-term deposit ratings of five major Pakistani banks — ABL, HBL, MCB, NBP, and UBL — from Caa2 to Caa1.
Read More: Currency Market Stays Calm in Pakistan
The move followed the agency’s upgrade of Pakistan’s sovereign credit rating, citing improvements in external financing and adherence to reforms under the IMF’s Extended Fund Facility (EFF).
On Tuesday, the PSX had already achieved a historic milestone by closing at 149,770.75 points, up 1,574 points or 1.06% — the highest ever finish for the benchmark index.
Meanwhile, international markets showed a contrasting picture. Asian stocks declined as technology-led losses dragged down Taiwan and South Korea. MSCI’s index of Asia-Pacific shares outside Japan fell more than 1%, while Japan’s Nikkei dropped 1.7%.
