PSX: Stocks rebound, up over 900 points in early trade
After losing nearly 1% in the previous session, stocks at the Pakistan Stock Exchange (PSX) rebounded, with the benchmark KSE-100 Index gaining over 950 points during the opening minutes of trading on Thursday. At 9:55am, the benchmark index was hovering at 175,734.10, a gain of 957.51 points or 0.55%. Buying was observed in key sectors, including automobile assemblers, cement, commercial banks,…
The Pakistan Stock Exchange (PSX) experienced a dramatic rebound on Thursday, with the benchmark KSE-100 Index climbing over 950 points during the early hours of trading. At 9:55am, the index was trading at 175,734.10, up by 957.51 points or 0.55%. Strong buying was seen in key sectors such as automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs, and power generation firms. Major index components like HUBCO, MARI, OGDC, PPL, POL, HBL, MCB, MEBL, and UBL were all in the green.
In a significant development, Pakistan raised $3 billion through a dual-tranche Eurobond sale, which drew nearly $6 billion in orders according to the finance ministry. However, the preceding day saw renewed geopolitical tensions surrounding the Strait of Hormuz and a sharp rise in global oil prices, causing heavy selling on Wednesday and triggering a decline of 1,690.40 points or 0.96% in the KSE-100 Index, which closed at 174,776.60.
Internationally, markets saw a relief rally in Asia, as investors awaited fresh U.S. data and central banker comments that could indicate whether the Federal Reserve would tighten policy that month. Japanese government bond yields dropped from record highs, mirroring a recovery in U.S. Treasuries overnight, ahead of a Tokyo auction of super-long debt.
Oil prices retreated from high levels due to uncertainty over potential military strikes between the U.S. and Iran. The market's main focus will be on Friday's crucial U.S. payrolls report, following disappointing private labor data for August. Fed Board Governor Christopher Waller is set to speak after Federal Reserve Bank of New York President John Williams suggested there might not be a rate hike this month.
MSCI's Asia-Pacific index outside Japan rose 0.5%, following a mild gain in U.S. stocks the previous day.
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