PSX: buying continues. KSE-100 up over 300 points

The Pakistan Stock Exchange (PSX) saw continued buying interest on Friday, with the KSE-100 Index surging over 300 points during the morning session. At noon, the benchmark index was trading at 166,532.86, up 346.70 points or 0.21%. Sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration, OMCs, power generation, and refineries experienced buying activity. Notable index-heavy stocks like ARL, HUBCO, MARI, POL PPL, PSO, HBL, MCB, MEBL, and UBL also traded in green.

Adding to the positive sentiment, the Federal Board of Revenue (FBR) extended the deadline for filing income tax returns for the Tax Year 2026 to October 31, 2026, giving taxpayers an additional two weeks to submit their returns. In another development, the PSX extended its gains on Friday, driven by broad-based buying in key stocks.

However, profit-taking in select stocks at elevated levels slightly reduced intraday gains. Heightened geopolitical concerns, including escalating Houthi attacks on Saudi Arabia, also weighed on market sentiment.

The KSE-100 Index rallied by 768.66 points, or 0.46%, to close at 166,186.17 points. Globally, Asian stocks rebounded on Friday after experiencing heavy selling the previous day, driven by concerns over CoreWeave's debt pile and its impact on the AI boom. Bond markets stabilised, with yields falling on Thursday as investors flocked to Treasuries and other safe-haven sovereign debt.

The dollar faced a weekly decline for the first time in five weeks due to lower US yields diminishing the currency's attractiveness. Gold saw a slight dip from its Thursday peak, while Brent crude oil edged lower towards $105. Japan's tech-heavy Nikkei index rebounded 1.8%, recovering from a nearly 5% slump earlier in the week. South Korea's KOSPI climbed 2.8%, following a near 8% drop earlier.

Taiwan's benchmark stock index gained 0.7%, while Hong Kong's Hang Seng added 1.1%. Mainland Chinese blue chips also managed a marginal gain of 0.3%. US stock futures were lower, with tech-focused Nasdaq futures slipping 0.3% and S&P 500 futures down 0.1%, as the respective cash indexes recorded modest gains on Thursday.