Pakistan Stocks Defy Global Market Slump
The Pakistan Stock Exchange (PSX) continued its record-breaking momentum on Wednesday as the KSE-100 Index surged beyond the 150,000 barrier for the first time, closing at 150,591 points.
The index gained 820 points, or 0.55%, after briefly touching the 151,000 mark during intraday trade.
Market observers said the latest rise reflected sustained investor optimism, fuelled by strong institutional buying and improving economic indicators.
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Confidence has also been lifted by Moody’s decision to upgrade the ratings of five major banks — ABL, HBL, MCB, NBP and UBL — citing improved financial management under the IMF programme.
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Sectors including banking, cement, pharmaceuticals, IT, energy, and automobiles saw significant buying interest. Companies such as PRL, ARL, HUBCO, MEBL, NBP and BOP were among the top gainers.
In contrast, global markets struggled. Asian equities fell after a technology sell-off in the US. Japan’s Nikkei slid 1.7%, Hong Kong’s Hang Seng Tech Index dropped 1.3%, while the MSCI Asia-Pacific Index lost more than 1%.
European markets also opened lower, with futures showing declines in both the EUROSTOXX 50 and Germany’s DAX.
