The Pakistan Stock Exchange (PSX) maintained its bullish momentum, driven by positive earnings outlooks, stability in the rupee, and robust institutional activity from both local and foreign investors.

During the opening hours of trading on Wednesday, the benchmark KSE-100 Index surged nearly 600 points.

By 10am, the KSE-100 Index reached 150,346.33, marking an increase of 575.59 points, or 0.38%.

Key sectors such as automobile assemblers, commercial banks, power generation, and refineries saw significant buying interest, with index-heavy stocks like PRL, ARL, HUBCO, MEBL, NBP, and BOP trading in positive territory.

In a notable development, Moody’s Ratings upgraded the long-term deposit ratings of five Pakistani banks Allied Bank Limited, Habib Bank Ltd, MCB Bank Limited, National Bank of Pakistan, and United Bank Ltd from Caa2 to Caa1.

This upgrade aligns with Moody’s decision to raise Pakistan’s local and foreign currency issuer ratings, reflecting improvements in the country’s external position and progress in implementing reforms under the IMF Extended Fund Facility (EFF) programme.

On Tuesday, the PSX continued its record-setting streak, with the KSE-100 Index closing at an all-time high of 149,770.75 points, a rise of 1,574 points, or 1.06%.