PSX: buying at bourse, KSE-100 gains 500 points

The Pakistan Stock Exchange (PSX) witnessed a volatile trading session on Friday, with the benchmark index swinging both ways before settling with a gain of 500 points.

The index remained positive for most of the session, initially gaining momentum from its intraday low of 176,865.05 points and gradually climbing towards the 178,000-point level.

Buying momentum strengthened during the second half of the session, pushing the benchmark higher before it touched an intraday high of 179,284.34 points.

However, the market failed to sustain its gains and witnessed a sharp correction from the session’s peak, shedding a significant portion of its intraday advance.

Despite the late-session selling pressure, the benchmark managed to retain positive territory.

At close, the benchmark index settled at 177,873.87, up 500.11 points or 0.28%.

On Thursday, PSX witnessed a volatile session as the market reversed its early gains and closed sharply lower. Renewed selling pressure after midday wiped out the gains, amid investor caution over domestic political uncertainty.

The KSE-100 Index declined by 1,710.04 points, or 0.95%, to close at 177,373.76 points.

Globally, stocks in Asia were on steadier footing on Friday after a turbulent week dominated by ​revelations of extramarital affairs involving Nvidia CEO Jensen Huang that culminated in his resignation, in a blow to the global AI boom he helped advance.

US Treasury ‌yields climbed, with the 2-year yield hitting a one-month high, lifting the dollar as investors weighed the prospect of an outsized 50-basis-point rate hike by the Federal Reserve next month.

Huang stepped down on Thursday after reports of the affair, including one involving a suspected Chinese spy, which plunged the chipmaker into crisis and sent shockwaves through the AI industry.

His exit could have far-reaching consequences for US chip export policy and the broader AI ​industry and supply chain, given Huang’s push to preserve access to the Chinese market as well as his close ties with US President Donald Trump.

Nvidia shares fell 3% in extended trading, while those of its customers, including South ​Korea’s Naver, extended declines on Friday, with Naver down 2.75%.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.26%, reversing some of its 1.3% fall ​from the previous session. South Korea’s Kospi rose 2.35% while Japan’s Nikkei added 1.4%.

The recovery in global equities also follows last week’s market meltdown sparked by the Republicans’ electoral ​drubbing, which stoked fears that tighter regulation could slow the AI infrastructure buildout that has helped send stocks to record highs this year.

Nasdaq futures and S&P 500 futures rose more than 0.2% each, while ‌EUROSTOXX 50 ⁠futures fell 0.37%.