Buying momentum returns to Pakistan Stock Exchange
Pakistan Stock Exchange (PSX) on Friday witnessed a buying momentum after days of selling pressure, with the benchmark KSE-100 Index gaining over 1,300 points during the first half of the trading session, reported 24NewsHD TV channel
At Juma prayers break, the benchmark index reached 176,936.41 points, up by 1,388.43 points or 0.78%.
Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including ARL, HUBCO, PSO, MARI, OGDC, PPL, POL, SSGC, HBL, MCB and MEBL, traded in the green.
The latest gains reflected positive sentiment among investors as the market continued its upward movement during the opening hours of trading.
On Thursday, PSX extended its cautious spell as investors remained on the sidelines amid uncertainty surrounding ongoing diplomatic engagements between the United States and Iran over regional stability, resulting in a range-bound session that ended with modest losses.
The benchmark KSE-100 Index declined by 495.00 points, or 0.28%, to settle at 175,547.98 points.
Meanwhile, Asian markets rallied hard with Wall Street on Friday as South Korea's battered market made a record comeback, stirring hopes that a recent rout in AI-related stocks had run out of steam.
The yen was also in the spotlight, holding some distance away from a 40-year trough after suspected coordinated intervention by various authorities in the previous session, as the Bank of Japan (BOJ) stood pat on rates on Friday.
Long-end U.S. Treasury yields held near 19-year highs while short-end yields eased, steepening the curve as doubts grow over the Federal Reserve's ability to anchor inflation expectations.
South Korea's benchmark KOSPI (KS11) leapt 17%, reversing steep losses from earlier in the week. Japan's Nikkei (N225) similarly advanced nearly 4% and MSCI's broadest index of Asia-Pacific shares outside Japan rose 6%.
Reporter: Basim Sultan