Momentum continues at PSX, KSE-100 gains over 700 points in early trade

Positive momentum was observed at the Pakistan Stock Exchange (PSX) as investor sentiment remained positive amid strong corporate earnings and improved macroeconomic indicators, with the benchmark KSE-100 Index gaining over 700 points during the opening hours of trading on Wednesday.

At 11:45am, the benchmark index was hovering at 168,049.72, a gain of 702.88 points or 0.42%.

Buying was observed in key sectors, including cement, oil and gas exploration companies, OMCs, power generation, pharmaceuticals, and refineries. Index-heavy stocks ARL, MARI, OGDC, PPL, PSO, SNGPL, SSGC and HBL traded in the green.

On Tuesday, PSX extended its winning streak for a second straight session as investors remained optimistic following the recent ceasefire agreement between Pakistan and Afghanistan. The benchmark KSE-100 Index advanced by 1,103.93 points, or 0.66%, to close at 167,346.83 points.

Internationally, global shares slipped on Wednesday and gold pulled back sharply from a blistering rally, as stretched valuations came under scrutiny and investors booked profits.

Geopolitics loomed large. A planned summit between US President Donald Trump and Russian President Vladimir Putin was put on hold, and ambiguity lingered over a potential meeting between Trump and Chinese President Xi Jinping.

The precious metal has had a blockbuster run this year, climbing more than 50% as broader geopolitical and economic uncertainty, as well as expectations of US interest rate cuts, spurred demand for the safe-haven asset.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.24%, while Nasdaq futures fell 0.2% and S&P 500 futures dipped 0.07% after a mixed cash session on Wall Street.

Shares of Netflix sank nearly 6% after the bell as the streaming giant missed Wall Street’s third-quarter earnings targets, while General Motors’ stock surged 15% after the company raised its profit outlook for the year.

Elsewhere, EUROSTOXX 50 futures fell 0.5%, while FTSE futures eased 0.15% and DAX futures lost 0.26%.

This is an intra-day update