PSX: Buying interest returns, KSE-100 up 900 points

The Pakistan Stock Exchange (PSX) witnessed a resurgence in buying interest on Thursday, lifting the KSE-100 Index by over 900 points within the first 50 minutes of trading. At 9:50 am, the benchmark index stood at 177,771.47, up 925.11 points, or 0.52%. Increased buying was noted in sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration firms, oil marketing companies, and power generation companies.

Leading index stocks like HUBCO, MARI, OGDC, PPL, POL, PSO, HBL, MCB, MEBL, and NBP showed positive movement. Meanwhile, the Federal government formally requested a $10 billion Exchange Stabilisation Support Facility from the United States, aiming to bolster foreign exchange stability and instill confidence in international capital markets.

The PSX's previous day decline of 1,109.15 points, or 0.62%, to close at 176,846.36 points was attributed to discussions between the petroleum ministry and local refineries about potential diesel price cuts, triggering selling in energy stocks and contributing to broader market volatility. Globally, bond markets stabilized after the US Treasury intervened to curb a sell-off, lowering yields and sending the US dollar lower.

Meanwhile, Asia-Pacific stocks outside Japan and Japan's Nikkei both rose by 1.2%. Stock market futures in the Nasdaq and S&P 500 also showed gains, while EUROSTOXX 50 futures declined slightly. The dollar's weakness was reflected in its near two-and-a-half-month low against a basket of currencies at 98.86, with the euro nearing its highest level since May and the British pound stable.