Despite volatility at PSX, KSE-100 settles with nearly 500-point gain
- Benchmark index settles at 184,520.96
The Pakistan Stock Exchange's KSE-100 Index continued its bullish run, gaining over 1,200 points on Thursday, driven by positive economic indicators and investor optimism.
- Key sectors driving PSX gains.
- Factors behind Pakistan's bullish market.
- Global market trends and oil price drops.
A volatile trading session was observed at the Pakistan Stock Exchange (PSX) on Thursday. Despite the fluctuation, the benchmark KSE-100 Index was able to extend its upward trajectory after gaining nearly 500 points.
The market started strongly and rallied through the morning, reaching an intraday high of 185,890.52 as investors accumulated positions in key sectors. The index traded comfortably above the 185,500 level during the first half of the session, reflecting a continuation of bullish sentiment.
However, the trend reversed after midday as profit-taking emerged across the board. Selling pressure dragged the benchmark lower, pushing it down to an intraday low of 184,214.79 and erasing most of the earlier gains.
Selective buying returned in the final minutes of trading and helped the market recover part of its losses.
At close, the benchmark index settled at 184,520.96, up by 470.86 points or 0.26%.
On Wednesday, PSX opened fiscal year 2026-27 on a highly bullish note as investors cheered a softer inflation outlook, declining international oil prices and mounting expectations of an imminent interest rate cut by the State Bank of Pakistan (SBP). The benchmark KSE-100 Index surged 3,748.40 points, or 2.08%, to settle at a record 184,050.10 points.
Globally, Asian shares skidded on Thursday as investors rotated out of chipmakers following a stellar quarter, while currency and bond markets braced for US jobs data that could give hints about the risk of interest rate hikes.
Oil prices hit new four-month lows, with Brent crude off 0.8% to $71 a barrel, as U.S. President Donald Trump said talks with Iran had gone well in Qatar, and as more oil tankers transited through the Strait of Hormuz.
On Thursday, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8%, while Japan’s Nikkei also dropped 1.1%, adding to losses from the first day of the quarter.
South Korea’s KOSPI sank 2.7%, extending a 2% slide from Wednesday.
That followed an eye-watering 68% surge in the second quarter on soaring AI-related demand for memory chips.
SK Hynix plunged 7.7%, and Samsung tumbled 6.2%. That followed a report that Meta Platforms is building a cloud business to sell excess AI computing capacity, which sent the Facebook owner’s shares up 8.8% overnight.
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