PSX: Stocks maintain upward momentum, KSE-100 up 500 points
- Benchmark index was hovering at 180,864.26
Buying interest was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 500 points during the opening minutes of trading on Thursday.
At 9:45am, the benchmark index was hovering at 180,864.26, up by 553.05 points or 0.31%.
Buying was seen in key sectors, including cement, commercial banks, fertiliser, OMCs and power generation. Index-heavy stocks, including HUBCO, FFC, MCB, NBP and UBL, traded in the green.
On Wednesday, PSX staged a recovery with the market gaining as buying resumed after two consecutive sessions of profit-taking. The market received a boost towards the close from reports of an extension of the US-Iran ceasefire.
The benchmark KSE-100 Index closed at 180,311.22 points.
Internationally, Asian stocks rose on Thursday after US inflation data came in as expected, dampening expectations of further near-term Federal Reserve rate hikes, while oil held near $80 a barrel as Washington and Tehran remained deadlocked over efforts to end the Gulf war.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.97%, led by South Korean shares jumping 4.4%. Japan’s Nikkei gained 1.86%, while S&P 500 E-minis were up 0.02%.
US consumer prices increased 0.1% in July, in line with expectations, data showed on Wednesday.
The small increase could weaken the argument for an interest rate increase from the Fed next month. Money markets are predicting a 40% chance of a rate hike, down from 54% a week ago, according to CME Group’s FedWatch.
Oil prices eased but remained elevated in Asia.
This is an intraday update