Fertiliser stocks fuel rally at bourse

Investors made a strong comeback at the Pakistan Stock Exchange (PSX) on Wednesday as optimism prevailed, driving the benchmark KSE-100 index up by nearly 1,500 points. The market saw an impressive recovery, powered by renewed institutional confidence and strong performances by key sectors. The index opened on a positive note and maintained its bullish momentum for almost throughout the session. It surged to the intra-day peak of 163,397, fuelled by fertiliser and banking sectors. Though the index registered a couple of dips, during which it touched the intra-day low of 160,565, it quickly regained momentum. At the closing bell, the KSE-100 settled at 163,189, recording a surge of 1,496 points, or 0.93%. The State Bank of Pakistan (SBP) reported that in the latest T-bill auction it raised Rs749.5 billion against the target of Rs650 billion. Yields fell 4-10 basis points across different tenors.