PSX extends gains for second session as KSE-100 surges over 1,400 points
- Benchmark index settles at 164,467.20
The Pakistan Stock Exchange (PSX) extended its rally for a second consecutive session on Tuesday, with the benchmark KSE-100 Index gaining over 1,400 points.
The bulls remained dominant for most part of the day, taking the KSE-100 to an intra-day high of 164,787.67.
At close, the benchmark index settled at 164,467.20, up by 1,428.73 points or 0.88%.
Buying was seen in multiple sectors such as oil and gas marketing companies, commercial banks, refinery, cement, and technology and communication.
On Monday, the KSE-100 had gained 663.59 points after volatile trading.
Internationally, Asian stocks surged on Tuesday as AI bellwether Anthropic’s eagerly anticipated IPO filing lifted risk appetite ahead of tech earnings that will be a test for the AI trade, and central bank meetings that will influence near-term interest rates.
Claude-owner Anthropic disclosed steep losses and red-hot revenue growth in its filing for a US initial public offering, as investors increasingly dissect the potential payoff from massive AI spending and its profitability.
Also boosting sentiment was Meta Platforms’ plans to raise up to $95 billion in its largest-ever equity fundraising.
The currency markets are muted ahead of policy decisions from the Federal Reserve, European Central Bank and Bank of Japan, with economists expecting all three to stand pat on interest rates, leaving the focus on comments from policymakers to gauge the rates outlook.
In stocks, tech-heavy South Korea’s KOSPI gained more than 4% in early trading while Japan’s Nikkei was 1.9% higher. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2%.
Nasdaq futures were up 0.4% after US chip stocks rose 2.8% in overnight trade, clocking its biggest one-day jump in a month. European stock futures dipped 0.23%.
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