The Pakistan Stock Exchange (PSX) maintained its strong upward momentum on Wednesday as investor confidence was buoyed by stable currency conditions, upbeat corporate earnings, and solid institutional participation.
In early trade, the KSE-100 Index climbed to 150,346.33 points, rising 575.59 points or 0.38%. Traders highlighted increased activity in key industries including automobiles, commercial banks, power generation, and oil refineries. Blue-chip stocks such as HUBCO, PRL, ARL, NBP, MEBL, and BOP contributed significantly to the rise.
Adding to the positive outlook, Moody’s Ratings revised the long-term deposit ratings of five Pakistani banks — ABL, HBL, MCB, NBP, and UBL — from Caa2 to Caa1.
The decision was directly linked to the recent upgrade of Pakistan’s sovereign rating, which Moody’s said reflected progress on IMF-backed reforms and an improving external financial position.
The upgrade, combined with a record-setting rally on Tuesday when the benchmark closed at 149,770.75 points, reinforced optimism in domestic markets. Tuesday’s closing had marked a historic high, with the index gaining 1,574 points or 1.06%.
However, while Pakistan’s equity market surged, global shares moved in the opposite direction. A technology selloff on Wall Street spilled over into Asia, where Taiwan and South Korea were among the hardest hit.