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Bulls runs the PSX as the 100 Index Goes up 1150 Points
KARACHI: The Pakistan Stock Exchange (PSX) regained momentum on Wednesday, with the 100 Index gaining 1,150 points, according to ARY News.
The benchmark index is currently trading at 44,400 points. The volume of the KSE 100 Index increased by 2.67%, indicating that the Pakistan Stock Exchange continues to be bullish.
Shares worth Rs 9.48 billion were exchanged in the stock market. According to market analysts, investor confidence has been restored after the announcement of fiscal strategy by the State Bank of Pakistan.
The State Bank of Pakistan (SBP) on Tuesday raised the benchmark interest rate by 100 basis points to 9.75%.
Meanwhile, Asian markets were in turmoil on Wednesday as the world awaited the US Federal Reserve’s word on when it would stop buying assets and start raising interest rates, perhaps on its rivals. Put pressure on
South Korea’s Nikkei (.KS11) fell 0.3 percent, while Japan’s Nikkei (.N225) rose 0.1 percent. After Wednesday, data on Chinese retail sales and industrial production will be released, followed by retail sales in the United States.
After losing ground overnight, the Nasdaq and S&P 500 futures were almost flat in early trading.
Treasury rates skyrocketed overnight, following surprisingly strong data on inflation in US producer prices.
Ten-year rates rose to 1.44 percent, although they are still well below their previous high of 1.693 percent. Investors bet that the initial start of tightening the Fed will slow down inflation in the long run, so the production curve has remained flat.