Key Takeaways
- The KSE-100 Index gained over 1,200 points in early trading on Friday.
- Key sectors such as automobile and cement saw significant buying activity.
- Investors remained cautious amid ongoing diplomatic engagements between the US and Iran.
After days of selling pressure, the Pakistan Stock Exchange (PSX) witnessed a surge in buying activity, with the benchmark KSE-100 Index gaining over 1,200 points during the opening minutes of trading on Friday.
At 9:30am, the index was hovering at 176,806.75, up by 1,258.77 points or 0.72%.
Buying was observed across various sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation, and refineries.
Index-heavy stocks such as ARL, HUBCO, PSO, MARI, OGDC, PPL, POL, SSGC, HBL, MCB, and MEBL traded in the green.
On Thursday, the PSX experienced a cautious session with modest losses. The KSE-100 Index declined by 495.00 points or 0.28%, settling at 175,547.98 points.
Investors remained on the sidelines amid uncertainty surrounding ongoing diplomatic engagements between the United States and Iran over regional stability.
Internationally, Asian markets rallied hard with Wall Street experiencing a strong opening as South Korea’s Kospi made a record comeback, reversing steep losses from earlier in the week.
The Kospi was still set to lose over 25% in July, marking its largest monthly loss since 1997. This followed surges in AI heavyweights and overnight gains in chip stocks after upbeat earnings and forecasts.
In Europe, EUROSTOXX 50 futures advanced 0.5%, while FTSE and DAX futures rose 0.25% and 0.34%, respectively. Chinese markets also saw a recovery with the CSI AI index rising more than 7%.
