PSX: buying continues, KSE-100 gains nearly 1,300 points

Buying momentum continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index accumulating nearly 1,300 points on Wednesday.

The market remained volatile during the session, initially facing selling pressure before recovering in the afternoon.

The KSE-100 Index touched an intraday low of 164,355.82 and a high of 166,100.33.

After trading largely within a narrow range during the morning and early afternoon, the index gained momentum around the final hours, climbing to its session high.

It subsequently retreated before recovering some ground and settling higher.

At close, the benchmark index settled at 165,736.75 points, rising 1,269.55 points or 0.77%.

On Tuesday, PSX extended its recovery as easing international crude oil prices and broad-based buying across key sectors lifted investor sentiment, despite the State Bank of Pakistan’s recent 50 bps policy rate hike. The benchmark KSE-100 Index closed at 164,467.20 points, gaining 1428.73 points or 0.88%.

Globally, Asia stocks rallied on Wednesday after ​a resurgence in AI enthusiasm ahead of earnings from industry bellwethers later in the US day, while the ‌dollar was perky ahead of a Federal Reserve policy decision.

South Korean chipmaker SK Hynix reported a more than sevenfold rise in quarterly operating profit, adding to the buoyant mood.

The AI rally faces its next test when technology giants Alphabet and Microsoft report earnings after market close, with investors looking for evidence of ​returns that would justify the hefty price of AI build-out.

Ahead of US earnings, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.85% in early Asia trade, with Japan’s Nikkei adding 1.2% and South Korea’s KOSPI jumping more than 3%.

Shares of SK Hynix rose 3% shortly after the open, ​before paring gains to last trade 1.75% higher.