PSX extends gains, KSE-100 up over 500 points in early trade
- Benchmark index was hovering at 171,698.54
The Pakistan Stock Exchange's KSE-100 Index continued its upward trend on Friday, gaining over 500 points, driven by buying in key sectors, despite a broader slide in Asian markets.
- Key sectors and stocks driving PSX gains.
- International market performance and factors influencing Asian shares.
- Middle East hostilities and US-Iran negotiations.
Buying continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 500 points during the opening minutes of trading on Friday.
At 9:50am, the benchmark index was hovering at 171,698.54, up by 523.04 points or 0.31%.
Buying activity was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, OGDC, POL, PPL, PSO, HBL and NBP, traded in the green.
On Thursday, PSX extended its gains as cautious optimism surrounding a potential diplomatic breakthrough between the United States and Iran encouraged selective buying in heavyweight stocks, helping the benchmark index close firmly in positive territory.
The benchmark KSE-100 Index gained 984.86 points, or 0.58%, to close at 171,175.51 points.
Internationally, Asian share markets slid on Friday as investors took profits on technology stocks and turned defensive ahead of the weekend, wary of the flare-up in Middle East hostilities as U.S.-Iran peace talks remain in limbo.
The Iran-backed Hezbollah rejected a new ceasefire in Lebanon on Thursday and Israel said it would not withdraw troops from the country, undermining U.S. President Donald Trump’s efforts to halt fighting there and reach a peace deal with Tehran.
Meanwhile, an AI-driven rally that boosted stocks earlier in the week fizzled out as chipmaker Broadcom reported underwhelming results.
All that left MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.6% in early Asia trade. South Korea’s tech-heavy Kospi slid more than 6% and Japan’s Nikkei fell 1.3%.
Nasdaq futures fell 1% and S&P 500 futures eased 0.5%, after a mixed session on Wall Street overnight. EUROSTOXX 50 futures dipped 0.2%, while DAX futures lost 0.5% and FTSE futures were flat.
Oil prices were little changed on Friday as traders awaited more clarity on U.S.-Iran negotiations, though were set for a weekly gain as hostilities earlier in the week raised concerns of a prolonged energy shock.
This is an intraday update
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