The Pakistan Stock Exchange continued its bullish momentum on Tuesday, fuelled by robust remittances and positive global cues.
The benchmark KSE-100 index rose by over 600 points in the opening minutes, hovering at 156,732.92 by 9:40am. The rally extended Monday’s record close, when the market surged by 1,810 points to finish at 156,087.31.
Key sectors driving gains included banking, oil and gas exploration, refineries, and cement. Index-heavy stocks such as OGDC, PPL, PSO, HUBCO, and MEBL posted strong gains.
Read More: Bullish Sentiment Drives PSX to All-Time High
Fresh support came from overseas remittances, which reached $3.1 billion in August, according to the State Bank. Analysts said the steady inflows were helping reduce external account pressures and strengthening investor sentiment.
Adding to the optimism, a $500 million MoU was signed between US Strategic Metals and Pakistan’s Frontier Works Organisation to enhance cooperation in the critical minerals sector. Market observers said the deal underscored Pakistan’s growing importance in the global supply chain.
International markets also supported the rally, with Asian equities climbing on hopes of a US Federal Reserve rate cut. The Nasdaq touched record highs overnight, while futures trading remained positive.
