Buying interest persisted at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 1,100 points during the opening hours of trading on Thursday but at the end profit-taking ate up all the day's gains, reported 24NewsHD TV channel.
At 10:50 am, the index was doing business at 181,391.87, up by 1,080.66 points or 0.60%. However, at the end of business, the index was down by 206.60 points or 0.11 percent to 180,104.61 points.
Buying was seen in key sectors, including cement, commercial banks, fertiliser, OMCs and power generation. Index-heavy stocks, including HUBCO, FFC, MCB, NBP and UBL, traded in the green.
On the previous day, the PSX had staged a recovery with the market gaining as buying resumed after two consecutive sessions of profit-taking. The market received a boost towards the close from reports of an extension of the US-Iran ceasefire. The index had closed at 180,311.22 points.
Internationally, Asian stocks rose on Thursday after US inflation data came in as expected, dampening expectations of further near-term Federal Reserve rate hikes, while oil held near $80 a barrel as Washington and Tehran remained deadlocked over efforts to end the Gulf war.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.97%, led by South Korean shares jumping 4.4%. Japan’s Nikkei gained 1.86%, while S&P 500 E-minis were up 0.02%.
US consumer prices increased 0.1% in July, in line with expectations, data showed on Wednesday.
Reporter Kavish Memon/Agencies