Buying Spree in Blue-Chip Sectors Extends PSX Gains

The Pakistan Stock Exchange (PSX) continued its bullish run on Tuesday, with the benchmark KSE-100 Index surging by more than 500 points in early trading. At 10:45am, the index stood at 150,532.82, marking an increase of 561.70 points or 0.37%.

Strong buying was recorded in key sectors including automobile manufacturing, commercial banks, oil exploration, refineries, pharmaceuticals, and power companies. Blue-chip stocks such as HUBCO, OGDC, PSO, HBL, and UBL all traded in positive territory.

The rally followed Monday’s robust performance, when the index jumped by 1,353 points to close at 149,971.12. Market analysts credited the strong momentum to investor optimism, boosted by inflation data that came in below expectations, easing concerns about monetary tightening.

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Globally, market trends also supported the upbeat mood. Asian shares rose on Tuesday, with Japan’s Nikkei gaining 0.39% and China’s CSI300 index climbing for a third straight session to a three-year high. In contrast, Hong Kong’s Hang Seng index dipped slightly after sharp gains the day before.

The US dollar remained close to a five-week low, while gold prices touched new records. Investors worldwide are awaiting key data, including Friday’s nonfarm payrolls report, which could influence the US Federal Reserve’s decision on interest rates later this month.