PSX: stocks surge, KSE-100 up 600 points in early trade
Buying interest was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 600 points as sentiment improved after US President Donald Trump said the country will not attack Iran before US elections next month amid productive talks to end their war that has disrupted the market. At 9:30am, the benchmark index was hovering at 168,043.33, up 601.43 points or…
The Pakistan Stock Exchange (PSX) saw a surge in buying interest on Friday, with the KSE-100 Index surging over 600 points in early trade. This positive sentiment came after US President Donald Trump expressed that the country would not attack Iran before the upcoming US midterm elections, amid ongoing productive talks aimed at ending the conflict in the Middle East that has troubled the market. At 9:30am, the benchmark index was valued at 168,043.33, up 601.43 points or 0.36%.
Investors were particularly active in key sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation providers. Index-heavy stocks including HUBCO, MARI, OGDC, PPL, POL, SSGC, PSO, HBL, MEBL, MCB, and UBL also showed gains. Notably, a sharp spike in global crude oil prices, driven by heightened geopolitical risks in the Middle East, had previously sparked profit-taking at the PSX on Thursday. The KSE-100 Index had declined by 1,138.50 points, or 0.68%, closing at 167,441.91 points.
On the global front, Asian stocks experienced a decline on Friday, raising concerns about elevated energy prices, bond market volatility, and substantial investments in AI technology. Brent crude futures reached $103.70 per barrel in Asian trading hours, following a more than 4% increase the previous day due to worries over the ongoing Middle East war, which has contributed to inflation concerns and led to higher global interest rates.
Despite Trump's assurances that the US wouldn't launch an attack on Iran before November's midterm elections, traders remained skeptical about the progress towards resolving the conflict. In the stock market, MSCI's Asia-Pacific index, excluding Japan, saw a 0.16% drop, with Wall Street's main indexes opening lower overnight following revelations that OpenAI's annual revenue had been significantly lower than previously reported.
This negative sentiment was exacerbated by the expectation of substantial fundraising rounds by companies like SpaceX, Broadcom, and Oracle to acquire high-end AI chips.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
