Buying spree lifts PSX amid optimism on circular debt measures

Buying rally continued at the Pakistan Stock Exchange (PSX), amid optimism over government measures to address the crippling circular debt, with the benchmark KSE-100 Index gaining over 500 points during the opening minutes of trading on Thursday. At 10:05am, the benchmark index was hovering at 158,758.04, a gain of 521.37 points or 0.33%. Buying momentum was observed in key sectors including cement, commercial banks, OMCs and power generation. Index-heavy stocks, including HUBCO, KAPCO, POL, PPL, SNGPL, SSGC, HBL, MCB, MEBL and UBL traded in the green. In a key development revolving the power sector, the government and a consortium of 18 banks have signed Rs1.225 trillion financing facility agreement, a senior government official who attended the ceremony told Business Recorder.