PSX: Stocks maintain upward momentum, KSE-100 up 500 points
Buying interest was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 500 points during the opening minutes of trading on Thursday. At 9:45am, the benchmark index was hovering at 180,864.26, up by 553.05 points or 0.31%. Buying was seen in key sectors, including cement, commercial banks, fertiliser, OMCs and power generation. Index-heavy stocks,…
The Pakistan Stock Exchange (PSX) opened Thursday with the KSE-100 Index soaring over 500 points, reaching 180,864.26 – a gain of 0.31%. Buying activity was prominent across key sectors such as cement, commercial banks, fertiliser, OMCs, and power generation. Notable index stocks like HUBCO, FFC, MCB, NBP, and UBL traded in the green.
Following Wednesday's market recovery, the PSX saw further upward momentum, driven by renewed buying after two days of profit-taking. The US-Iran ceasefire extension fueled the market's boost towards the close, with the KSE-100 Index concluding at 180,311.22 points. Globally, Asian stocks climbed on Thursday due to favorable US inflation data, which reduced expectations of additional Federal Reserve rate hikes.
Oil prices hovered near $80 a barrel, with tensions between Washington and Tehran unresolved. MSCI's Asia-Pacific index outside Japan increased by 0.97%, propelled by South Korean shares surging 4.4%. Japan's Nikkei rose 1.86%, while the S&P 500 E-minis were up 0.02%. US consumer prices rose by 0.1% in July, aligning with expectations, while reducing the likelihood of a Federal Reserve rate increase the following month.
Money markets forecast a 40% probability of a rate hike, down from 54% a week earlier, according to CME Group’s FedWatch. Oil prices softened but remained high in Asian markets.
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