Pakistan, July 16 -- The Pakistan Stock Exchange (PSX) hovered close to record levels on Wednesday as investor confidence surged on strong earnings and speculation about a possible ratings upgrade by Moody's. The benchmark KSE-100 Index climbed to an intraday high of 137,232.10, gaining 1,292.23 points or 0.95%, before slipping due to profit-taking pressures later in the day.

Analysts credited the bullish trend to upbeat financial results and signs of economic recovery. Ahsan Mehanti, CEO at Arif Habib Commodities, noted that optimism over government talks with Moody's and reforms in the tax sector boosted investor sentiment. However, he added that selling pressure emerged as traders chose to lock in recent gains.

Finance Minister Muham...