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Powell’s Valuation Warning Cools Asian Markets as Pakistan’s PSX Jumps on Power-Sector Financing Plan

Investors are recalibrating risk after the Fed chief’s remarks, with Pakistan buoyed by a planned Rs1.225 trillion circular‑debt facility.

A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo
Traders Edward Curran, left, and Robert Charmak work on the floor of the New York Stock Exchange, Wednesday, Sept. 17, 2025. (AP Photo/Richard Drew)
A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), top center left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 23, 2025. (AP Photo/Ahn Young-joon)
A currency trader stands near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 23, 2025. (AP Photo/Ahn Young-joon)

Overview

  • Federal Reserve Chair Jerome Powell said equity prices are “fairly highly valued,” prompting a pullback on Wall Street and a softer tone across Asia.
  • South Korea’s KOSPI closed down 0.4% at 3,472.14 as foreigners sold a net 251.6 billion won; the won weakened to 1,397.5 per dollar and tech shares were mixed.
  • Pakistan’s KSE-100 rose roughly 845 points in early Wednesday trade to around 158,790, touching an intraday high near 159,034 on broad sector gains.
  • The early PSX surge tracked expectations for the government to sign a Rs1.225 trillion financing facility with 18 banks to help reduce circular debt in the power sector.
  • In Pakistan’s corporate updates, OGDC reported a 19% year-on-year profit decline and declared a Rs5 4Q dividend, taking the full-year payout to a record Rs15.05 per share, while India’s Sensex and Nifty opened lower on continued FII outflows and policy worries.