PSX: KSE-100 up nearly 900 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 10:38am, the benchmark index was hovering at 168,901.54, up by 879.74 points or 0.52%. Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies,…
The Pakistan Stock Exchange (PSX) witnessed a significant surge in its benchmark KSE-100 Index on Thursday, marking a notable increase in buying interest. The index rose by over 500 points within the first minutes of trading, reaching a level of 168,901.54, marking a 0.52% gain from its previous level. Buying activity was observed in various sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation, and refinery.
Prominent index-heavy stocks such as LUCK, MCB, MEBL, NBP, UBL, MARI, OGDC, PPL, POL, and ARL were among the gainers. Earlier in the week, the PSX had been under pressure due to high international oil prices, regional geopolitical tensions, and investor concerns over macroeconomic stability and external account pressures. The KSE-100 Index saw a sharp decline of 1,370.52 points, or 0.81%, closing at 168,021.80 points.
International stock markets, meanwhile, saw gains as investors anticipated a potential rate hike from the Federal Reserve, which had begun its efforts to curb inflation. As the focus shifted to the Bank of England, market sentiment turned towards any indications of potential further rate hikes in November. Meanwhile, MSCI's Asia-Pacific index and Japan's Nikkei also saw gains, while Chinese blue-chips and Hong Kong's Hang Seng experienced slight declines.
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