Bulls hold firm grip over Moody’s report

KARACHI: Bulls held sway over the Pakistan Stock Exchange (PSX) on Wednesday as bullish momentum returned which helped the KSE-100 index gain nearly 500 points after Moody’s ratings agency maintained a stable outlook on Pakistan’s credit rating. Earlier, the trading session began with a dip but soon bulls took over on optimism about the rating outlook. The market got further boost from another development whereby the Bank of America (BofA) upgraded Pakistan’s Eurobonds to “overweight” status in the hope that the international rating agencies would upgrade the country’s credit rating. Furthermore, continued recovery of the Pakistani rupee that reached a new four-month high at Rs279.12 against the US dollar aided the positive sentiment. Extensive support came from exploration and production (E&P) and banking sectors as the KSE-100 index touched the intra-day high of 63,929.57 points.