Summary The Pakistan Stock Exchange opened on a strong note, with the KSE-100 Index gaining 2,826 points to 176,238 after suffering a sharp decline in the previous trading session
KARACHI (Dunya News) – Trading at the Pakistan Stock Exchange (PSX) began Wednesday on a positive note on the third business day of the week, with the market witnessing a strong rebound during early trading.
The benchmark KSE-100 Index surged by 2,826 points to reach 176,238 points, reflecting renewed buying interest after the previous session's losses.
The rally comes a day after the stock market remained under pressure throughout trading, with the KSE-100 Index closing 6,408 points lower at 173,518 points at the end of Tuesday’s session.
Meanwhile, Asia's bumpy stock markets rallied after a surprise slowdown in US inflation scaled back expectations for interest rate hikes, while oil took a breather as the US scrapped a plan to levy shipping through the Strait of Hormuz, reports Reuters.
South Korea's volatile KOSPI index surged 7% ahead of the next test for the AI rally with earnings due at ASML, Europe's most valuable company and the world's biggest supplier of equipment used to make AI chips.
Japan's Nikkei rose 1% and MSCI's broadest index of Asia-Pacific shares outside Japan rose 2.4%.
Still, a 25% drop in IBM's share price overnight, after the technology company's revenue forecast missed analyst expectations, showed how stretched and skittish the market's rally in AI-related stocks has become.
Stellar profit at Wall Street banks, though, helped broader gains for the S&P 500 and Nasdaq on Tuesday which extended in Asia with US futures rising.
Brent crude futures steadied around $85.80 a barrel, having gained almost 13% this week on a flare-up in Middle East fighting.
