Bulls dominates PSX as 100-index gains 1,150 points

KARACHI: Pakistan Stocks Exchange (PSX) on Wednesday regained momentum as 100-index gained gained 1,150 points, ARY News reported.

The benchmark index is currently trading at 44,400. The volume of KSE 100-index was expanded upto 2.67pc as bulls continue to rule Pakistan Stock Exchange.

Shares worth Rs9.48 billion were traded in the stock market. The market experts are saying that the confidence of investors has been restored after the announcement of the monetary policy by the State Bank of Pakistan.

The State Bank of Pakistan (SBP) on Tuesday had announced that the benchmark interest rate has been raised by 100 basis points to 9.75%.

Meanwhile, Asian markets were precariously poised on Wednesday as the world waited to hear from the US Federal Reserve on when it would stop buying assets and start raising interest rates, possibly piling pressure on its peers to follow.

Japan’s Nikkei (.N225) edged up 0.1% and South Korea (.KS11) lost 0.3%. Data on Chinese retail sales and industrial production are also due later Wednesday, followed by U.S. retail sales.

Nasdaq futures and S&P 500 futures were all but flat in early trade, having lost ground overnight.

Treasury yields were a shade higher in the wake of an unexpectedly strong reading for US producer price inflation overnight.

Ten-year yields nudged up to 1.44%, but remain well short of the recent top of 1.693%. The yield curve continued its flattening trend as investors wager an earlier start to Fed tightening will lead to slower inflation in the long run.