Power sector drives rally on stock market
The Pakistan Stock Exchange (PSX) continued its positive momentum on Wednesday, as investors remained upbeat ahead of a significant agreement between the government and commercial banks aimed at tackling the country’s power sector circular debt. Despite concerns about an upcoming IMF review for the release of the third tranche of $1bn starting Sept 25, the benchmark KSE 100 index surged past the 158,000-point mark. According to Topline Securities, the market opened strong, with the KSE 100 index rising by as much as 1,101 points during the session. The rally was largely driven by news that the government was set to sign a landmark Rs1.275 trillion financing agreement with 18 commercial banks, aimed at addressing the nation’s power sector circular debt. However, profit-taking later in the session led to a slowdown, and the index ultimately closed at 158,236 points, up 291 points, or 0.18 per cent.