PSX nears 182,000 milestone as strong buying pushes market higher

KARACHI – Pakistan Stock Exchange (PSX) extended gains on Wednesday, hovering near the 182,000 milestone amid ongoing buying spree by investors. The KSE-100 index started the day on a higher note as it gained 1,563.05 points to reach 181,964.75, reflecting a positive change of 0.87 percent compared to previous close of 180,301.70. The upward movement reflected renewed buying activity in the market as investors responded positively during early trading hours. Buying activity was seen across several major sectors, including automobile companies, cement firms, commercial banks, oil and gas exploration businesses, oil marketing companies and power generation stocks. Several heavyweight shares such as ARL, HUBCO, MARI, OGDC, POL, PPL, MCB, NBP and UBL recorded gains during trading. Meanwhile, Asian equity markets opened the new quarter with a cautious outlook on Wednesday as investors monitored fresh challenges in US-Iran talks. Market sentiment was also affected by concerns over the possibility of Japanese authorities stepping in as the yen weakened to levels not seen in nearly four decades. A day earlier, the KSE-100 turned around to bullish trend, gaining 1,886.91 points, a positive change of 1.06 percent, closing at 180,301.70 points against 178,414.80 points on the last trading day. During the session, the ready market recorded a trading volume of 703.687 million shares with a traded value of Rs38.813 billion, compared to 869.381 million shares valuing Rs43.946 billion in the previous session. The market capitalization increased to Rs20.198 trillion from Rs20.020 trillion a day earlier. Out of 492 active companies in the ready market, 301 advanced, 162 declined and 29 remained unchanged.