PSX: Stocks maintain upward momentum, KSE-100 up 1,100 points
Buying interest was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 1,100 points during the opening hours of trading on Thursday. At 10:50am, the benchmark index was hovering at 181,391.87, up by 1,080.66 points or 0.60%. Buying was seen in key sectors, including cement, commercial banks, fertiliser, OMCs and power generation. Index-heavy stocks,…
On Thursday, the Pakistan Stock Exchange (PSX) witnessed a strong upward trend, with the KSE-100 Index soaring by nearly 1,100 points during the early trading hours. By 10:50am, the benchmark index reached 181,391.87 points, marking an increase of 1,080.66 points or 0.60%. Buying activity was observed in key sectors such as cement, commercial banks, fertiliser, OMCs, and power generation, with index-heavy stocks like HUBCO, FFC, MCB, NBP, and UBL trading in the green.
The previous day, the PSX had made a recovery, with the market gaining as buying resumed following two consecutive sessions of profit-taking. The market benefitted from reports of an extension to the US-Iran ceasefire towards the close of trading. On Wednesday, the KSE-100 Index closed at 180,311.22 points.
Internationally, Asian stocks experienced a rise on Thursday, buoyed by US inflation data that fell short of expectations. This alleviated concerns of further near-term Federal Reserve rate hikes. Meanwhile, oil prices hovered around $80 a barrel, as the standoff between Washington and Tehran over ending the Gulf war persisted. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.97%, with South Korean shares leading the charge by jumping 4.4%. Japan's Nikkei Index gained 1.86%, while S&P 500 E-minis were up by a mere 0.02%.
On Wednesday, US consumer prices reported a slight increase of 0.1%, in line with expectations. This modest rise might weaken the argument for an interest rate increase from the Federal Reserve in the coming month. Money markets predict a 40% chance of a rate hike, down from 54% a week ago, according to CME Group’s FedWatch. Oil prices, although easing in Asia, remained elevated. This report is an intraday update.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
