Stocks rallied on Wednesday as Kse-100 index gained 261.48 points to clock at 35,065.08 after a day of consolidation. Kse-100 index remained positive through the session as multiple economic factors lifted market sentiments. The market sentiments were picked up after Adviser to Prime Minister on Finance Abdul Hafeez Shaikh assured the businessmen that the government was thoroughly considering their proposals for the upcoming budget. He said It will be a relief budget and most of the recommendations made by the business community will be incorporated into budgetary measures. Moreover, the market rally was further supported by end of deadlock between International Monetary Fund and Federal Board of revenue, after the Fund agreed to slash the Federal Board of Revenue’s tax collection target to Rs 4,900 billion for the next fiscal year, from the early target for Fiscal year 2021 at Rs5,101 billion. Meanwhile, market witnessed bullish trend after Paris Club of creditor nations on announced that they have agreed to suspend debt service payments from Pakistan as part of a G-20 debt relief deal. The Paris Club Creditor Countries provided Pakistan a time-bound suspension of debt service due from 1st May to 31st December 2020. The benchmark KSE-100 Index remained in the green zone throughout the session, registering its intraday high at 35,111.54 after gaining 307.94 points, as well as touching an intraday low of 34,803.60. The total volume traded for the index was 139.85 million shares, while the overall volumes declined from 238.21 million shares in the previous session to 218.37 million shares. The average traded value also declined by 13%, from $55.6 million to $48.4 million. The volume chart was led Pakistan Refinery Limited Right, followed by TRG Pakistan Limited and The Bank of Punjab, exchanging 11.68 million, 10.90 million and 8.99 million shares, respectively. Sectors that propped up the index included banking with 275.56 points, pharmaceutical with 23.70 points, and the textile composite with 16.99 points. Among the scrips, banking companies led the gains, with Habib Bank Limited adding 67.59 points, United Bank Limited adding 59.80 points and Bank AlFalah Limited adding 37.21 points. Among the Sectors, the index was let down by Oil & Gas Exploration Companies with 36 points, Cement with 10 points, Power Generation & Distribution with 7 points, Insurance with 7 points and Engineering with 7 points. Among the companies, the most points taken off the index was by Oil & Gas Development Company Limited which stripped the index of 21 points followed by Mari petroleum with 14 points, EFU General Insurance Limited with 6 points, International Steels Limited with 4 points. Global Markets Global stocks continued to show mixed trend on Wednesday as investors held back ahead U.S Federal Reserve’s policy announcement. The sentiments continue to hobble as most of the economies around the globe are hitting recession due to economic fallout of Covid-19. In the U.S, stocks witnessed mixed trend at Wall Street ahead of Federal Reserve update on the state of the economy and status of any further stimulus from the central bank. The 30-stock Dow dropped 170 points, or 0.6%, as Boeing shares slid more than 4%, while American Airlines, United and JetBlue all dropped more than 6%. Wells Fargo slid about 6% while Citigroup lost 3.7%. JPMorgan Chase also traded about 2% lower. The S&P 500 dipped 0.3%. While, The tech heavy Nasdaq Composite rose 0.4% and hit a fresh record high as gains in major tech stocks limited the broader market’s decline. Shares of Amazon and Apple gained more than 2% each and hit all-time highs, while Alphabet and Netflix rose 0.6% and 0.2%, respectively. In Asia, the stocks also witnessed mixed trend after Chinese inflation data for May missed expectations. China’s inflation data for May missed expectations. Its producer price index for May fell 3.7% from a year earlier, according to China’s National Bureau of Statistics. That was a larger decline that the 3.3% fall expected by analysts. Meanwhile, its consumer price index rose 2.4% year-on-year in May, less than a 2.7% increase estimated by economists. In China, the Shanghai composite was down 0.42% around 2,943.75. South Korea’s Kospi closed 0.31% higher at 2,195.69, while In Japan, the Nikkei 225 closed 0.15% higher at 23,124.95.Hong Kong’s Hang Seng index was fractionally lower, as of its final hour of trading. Meanwhile, In Europe, stocks tanked as major stock including Travel and leisure shares, which were the worst performers. Investor’s lost momentum over receding hopes of economic recovery. In France CAC-40 in paris lost 0.82%, while Germany’s DAX lost 0.70% and London’s FTSE-100 edged lower by 0.10%. Investors’ found themselves in a quagmire after The Organization for Economic Cooperation and Development (OECD) warned that the coviud-19 pandemic is on track to cause the worst peace time recession in 100 years. OECD cautioned that a second wave of Novel Coronavirus infections could cause the global economy to contract by 7.6% in 2020.