Positive momentum dominated the Pakistan Stock Exchange (PSX) on Wednesday morning, with the benchmark KSE-100 Index surging by more than 400 points in the opening minutes of trading.
At 9:50am, the index was recorded at 156,582.41, reflecting a gain of 401.47 points or 0.26%. The upward trend was driven by strong buying interest in key sectors including automobiles, cement, commercial banks, oil and gas exploration companies, refineries, and oil marketing companies.
Market activity was led by index-heavy stocks such as Attock Refinery Limited (ARL), Pakistan Refinery Limited (PRL), Oil and Gas Development Company (OGDC), Pakistan Oilfields Limited (POL), Sui Southern Gas Company (SSGC), Sui Northern Gas Pipelines Limited (SNGPL), Habib Bank Limited (HBL), MCB Bank, and United Bank Limited (UBL), all of which traded in the green.
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The Ministry of Finance, in a fresh statement, reaffirmed that the debt profile of Pakistan is more sustainable than suggested by headline figures, pointing to an improved debt-to-GDP ratio, reduced interest costs, early repayments of loans, and a stronger external account.
The optimism of market also carried forward from Tuesday, when PSX extended its winning streak after the State Bank expressed confidence in the economy despite the challenges caused by floods in Eastern Punjab.
