At the Pakistan Stock Exchange (PSX), a strong buying trend was observed early on Thursday, resulting in the benchmark KSE-100 Index rising by more than 600 points in the initial trading session.
In the morning, the benchmark index climbed by 607.72 points, or 0.37%, reaching 163,796.25 points.
Overall, buying interest was seen in automobile assemblers, cement, commercial banks, oil & gas exploration companies, OMCs, power generation, and refinery sectors. HBL, PSO, PPL, POL, OGDC, Mari, MEBL, MCB, and UBL also traded in the positive zone.
It is worth noting that on Wednesday, the benchmark KSE-100 Index had risen by 1,496.04 points, or 0.93%, closing at 163,188.53.
Meanwhile, in global markets, Asian stocks recorded gains on Thursday, while the US dollar weakened due to growing expectations that the Federal Reserve may reduce interest rates next month.
According to reports, US markets will remain closed on Thursday due to the Thanksgiving holiday and will trade in a shortened session on Friday.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%, following Wall Street’s positive momentum and paving the way for breaking a three-week losing streak. Japan’s Nikkei and South Korea’s Kospi also gained more than 1%.
One Response
The buying interest in the PSX is definitely impressive, but I’m curious about how long this trend can sustain, especially given the uncertainty in global markets with the Fed’s next move. It would be great to see how investors react in the coming weeks.