PSX: Buying continues, KSE-100 up over 1,500 points
Buying momentum continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 1,500 points during the opening minutes of trading on Friday. At 10:30am, the benchmark index was hovering at 170,551.17, up 1,507.98 points or 0.89%. Buying interest was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies,…
The Pakistan Stock Exchange (PSX) witnessed continued buying momentum on Friday, with the KSE-100 Index surging over 1,500 points during the opening minutes of trading. At 10:30am, the benchmark index was trading at 170,551.17 points, up 1,507.98 points or 0.89%. The buying interest was evident across key sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation.
Notable index-heavy stocks like LUCK, MCB, MEBL, NBP, UBL, MARI, OGDC, POL, PPL, and PSO all traded in the green. The PSX had staged a significant rebound on Thursday, with the global easing of oil prices and the potential de-escalation of the US-Iran conflict boosting investor sentiment and encouraging fresh buying in key sectors.
The KSE-100 Index had rallied by 1,021.40 points or 0.61%, closing at 169,043.20 points. Internationally, Asian stocks experienced an upward trend, while the dollar maintained its position as investors grappled with global policymakers' efforts to curb inflation. Oil prices, which had dipped, improved sentiment ahead of an anticipated rate hike from the Bank of Japan.
The ongoing Middle East conflict showed no signs of ending, keeping oil prices above $100 per barrel and fueling inflation concerns worldwide. Traders also considered Wall Street's overnight rally, driven by beaten-down tech stocks, as well as steadier bond prices following a recent selloff that pushed the 10-year US Treasury yield above 5%, reaching its highest level since 2007.
In Asia, MSCI's Asia-Pacific index outside Japan gained 0.55%, with Japan's Nikkei up 0.9% and South Korea's KOSPI rising 2%.
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