Benchmark Index Gains Nearly 600 Points in Early Trading
KARACHI: Buying momentum continued at the Pakistan Stock Exchange (PSX) on Friday, with the benchmark KSE-100 Index advancing nearly 600 points during the opening session as investors maintained confidence amid easing global energy prices and improving international market sentiment.
By 9:35am, the KSE-100 Index had climbed 574.79 points, or 0.32%, to reach 181,973.00 points. Investors actively accumulated shares across several major sectors, contributing to the market’s positive start.
Market activity remained strong in automobile, cement, chemical, commercial banking, fertiliser, oil and gas exploration, oil marketing, power generation, and refinery sectors. Furthermore, index-heavy stocks including PRL, HUBCO, OGDC, MARI, HBL, MCB, and MEBL traded firmly in positive territory, supporting the benchmark’s upward trajectory.
Global Markets Rally as Oil Prices Continue to Ease
Meanwhile, the bullish sentiment followed Thursday’s strong performance, when the KSE-100 Index gained 887.20 points, or 0.49%, to close at 181,398.22 points. Investors responded positively to declining international crude oil prices and growing optimism surrounding regional stability, resulting in broad-based buying across key sectors.
International markets also recorded significant gains. Japan’s Nikkei Index surged 0.8% to a fresh record high for the fifth consecutive session, extending its weekly advance to 8.5%. Similarly, South Korea’s benchmark index jumped 3.1%, taking its weekly gains above 15%.
At the same time, Brent crude futures fell 1% to $79.03 per barrel and remained nearly 9.5% lower for the week. The decline in oil prices helped ease inflation concerns and improved risk appetite among investors worldwide.
Additionally, the US dollar remained near a 13-month high against major currencies after the Federal Reserve adopted a more hawkish stance, prompting markets to anticipate further interest rate increases in the coming months.
