Banks power PSX rally despite volatility

Bullish momentum continued to dominate trading at the Pakistan Stock Exchange (PSX) on Wednesday, where the benchmark KSE-100 index advanced a further 931 points, despite some volatility. Banking and other heavyweight financial stocks set the tone in early dealings as institutional buying in key names helped overcome the initial hesitation. Market participants pointed to improved risk appetite, with banking, fertiliser and select blue-chip sectors contributing significantly to the positive trend. There was volatility too as investors digested mixed macro signals and global cues. Despite that, bulls held firm control, lifting the KSE-100 index above 187,000. At close, the index recorded a gain of 931.34 points, or 0.50%, to settle at 187,832.08. During the day, the bourse hit intra-day high of 188,312 and low of 187,019.