KARACHI: The Pakistan Stock Exchange (PSX) recovered momentum on Wednesday, with the 100-index rising 1,150 points, according to ARY News.
At the moment, the benchmark index is trading at 44,400 points. The volume of the KSE 100 index increased by 2.67 percent, indicating that bulls continue to dominate the Pakistan Stock Exchange.
In the stock market, Rs9.48 billion worth of shares were exchanged. According to market analysts, investors’ trust has been restored after the State Bank of Pakistan’s announcement of its monetary strategy.
The benchmark interest rate was increased by 100 basis points to 9.75 percent by the State Bank of Pakistan (SBP) on Tuesday.
Meanwhile, Asian markets were jittery on Wednesday as the globe awaited word from the US Federal Reserve on when it will stop purchasing assets and begin increasing interest rates, perhaps putting pressure on its rivals to do the same.
South Korea’s Nikkei (.KS11) fell 0.3 percent, while Japan’s Nikkei (.N225) gained 0.1 percent. Later Wednesday, data on Chinese retail sales and industrial output will be released, followed by retail sales in the United States.
After losing ground overnight, Nasdaq and S&P 500 futures were almost flat in early trading.
Following a surprisingly robust figure for US producer price inflation overnight, Treasury rates rose a smidgeon.
Ten-year rates increased to 1.44 percent, although they are still significantly below the previous high of 1.693 percent. Investors bet that an early start to Fed tightening would lead to slower inflation in the long term, so the yield curve continued to flatten.