PSX: stocks surge, KSE-100 up 600 points in early trade
- Benchmark index was hovering at 168,043.33
The Pakistan Stock Exchange rose over 600 points, driven by improved sentiment after President Trump's statement on not attacking Iran, despite global market concerns over oil prices and AI investment.
- Pakistan Stock Exchange's KSE-100 Index performance.
- Impact of US President Trump's statement on Iran.
- Global market trends, oil prices, and AI investment.
Buying interest was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 600 points as sentiment improved after US President Donald Trump said the country will not attack Iran before US elections next month amid productive talks to end their war that has disrupted the market.
At 9:30am, the benchmark index was hovering at 168,043.33, up 601.43 points or 0.36%.
Buying 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, PPL, POL, SSGC, PSO, HBL, MEBL, MCB and UBL, traded in the green.
On Thursday, a sharp rise in global crude oil prices amid heightened Middle East geopolitical risks triggered widespread profit-taking at the PSX. The benchmark KSE-100 Index declined 1,138.50 points, or 0.68%, to close at 167,441.91 points.
Globally, Asian stocks slipped on Friday and were poised for a second straight weekly drop as investors fretted about elevated energy prices, bond market ructions and the huge sums needed to fund AI investment.
Brent crude futures were at $103.70 per barrel in Asian hours after surging more than 4% in the previous session on concerns over the war in the Middle East that has fanned inflation worries and led to higher rates across the globe.
President Donald Trump said on Thursday that the US will not launch an attack on Iran before November’s US midterm elections, although traders remained sceptical of any progress being made to end the war.
In stocks, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.16%, set for an over 1% drop for the week. Markets in South Korea and Taiwan were closed for a holiday. Japan’s Nikkei fell more than 1%.
Tech stocks led Wall Street’s main indexes lower overnight after a report that OpenAI’s annualised revenue was $20 billion less than the company previously signalled hit sentiment.
Investors were also weighing a massive round of fundraising that appears to be on the way, with SpaceX, Broadcom and Oracle all expected to raise billions to buy high-end AI chips.
This is an intraday update
Comments