Buying continues at PSX, KSE-100 up 1.6%
- Benchmark index settles at 178,123.56
The Pakistan Stock Exchange's KSE-100 Index gained nearly 1,000 points on Thursday, continuing its recovery, contrasting with a general slump in Asian markets driven by chipmaker concerns.
- Pakistan Stock Exchange's KSE-100 Index gains.
- Asian stock market slump due to chipmaker concerns.
- Rising oil prices amid Middle East hostilities.
The Pakistan Stock Exchange (PSX) maintained its upward trajectory on Thursday, with aggressive buying lifting the benchmark KSE-100 Index by over 1.6%.
The benchmark quickly moved into positive territory after the opening bell, touching an intraday low of 175,672.33 before extending gains to an intraday high of 178,431.73, indicating broad-based investor confidence and sustained demand across key sectors.
The bulls remained firmly in control for most of the trading session, with only minor bouts of profit-taking. The index traded near its session high in the closing hours, indicating a lack of significant selling pressure.
At close, the benchmark index settled at 178,123.56, up by 2,837.78 points or 1.62%.
On Wednesday, PSX staged a strong recovery as bargain hunters returned to the market following the previous session’s sharp sell-off. However, investors remained cautious amid persistent geopolitical tensions in the Middle East.
The benchmark KSE-100 Index gained 1,766.97 points, or 1.02%, to close at 175,285.78 points.
Internationally, Asian shares fell on Thursday as chipmakers stumbled ahead of results from bellwether TSMC, while bonds benefited from another benign reading on US inflation that lessened the risk of an imminent rate hike.
Oil prices, however, kept climbing as hostilities heated up in the Middle East. Washington continued striking Iran after reimposing a naval blockade of its ports, while Tehran warned of an “existential war” with America. Brent crude futures rose 0.6% to $85.45 a barrel, adding to this week’s gain of 12%.
All eyes are on the quarterly earnings from Taiwan Semiconductor Manufacturing Co., the world’s largest manufacturer of advanced AI chips. The company is expected to notch a fifth consecutive quarter of record earnings, with a 59% surge in net profit for April-June.
However, investors are proving hard to please as shares of ASML, the world’s dominant supplier of equipment needed to make high-tech computer chips, finished 0.4% lower even after it raised its 2026 sales forecasts and pledged a capacity boost.
The selling split over to Asia. MSCI’s broadest index of Asia-Pacific shares outside Japan slid 1.7% as South Korea’s KOSPI slumped 6.3% on weakness from Samsung, down 8%, and SK Hynix, down 11%.
Japan’s Nikkei dropped 3%. Taiwanese shares fell 0.5%, while China’s Hang Seng Index gained 1.2%.
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