Buying returns to Pakistan Stock Exchange after heavy sell-off, KSE-100 rises over 1,700 points
Sources report that on Friday, after a day of severe selling pressure, buying sentiment returned to the Pakistan Stock Exchange, pushing the benchmark KSE-100 Index up by more than 1,700 points.
By 11:40 a.m., the benchmark index had gained 1,746.78 points, or 0.96 percent, reaching 184,084.90 points. Significant buying was seen in sectors including commercial banks, cement, fertilizers, oil and gas exploration companies, oil marketing companies, power generation companies, and refineries. Stocks like ARL, Hubco, Mari, OGDC, POL, PPL, PSO, SSGC, SNGPL, MCB, Meezan Bank, National Bank, and UBL also traded in positive territory.
It is worth noting that on Thursday, the stock exchange had faced intense selling pressure, where heavy stock disposals pushed benchmark indices sharply lower. Investor confidence weakened rapidly due to disappointing corporate results. The KSE-100 Index had closed at 182,338.12 points, down 6,042.27 points or 3.21 percent.
Globally, Friday saw volatility in Asian trading at the start of the session. The MSCI Asia Pacific Index, except for Japan, experienced mixed movements, with a slight 0.2 percent decline, continuing the previous day’s downward trend, although the index is on track for its best monthly performance in three years. S&P 500 E-mini futures fell 0.4 percent, while Nasdaq E-mini futures dropped 0.5 percent, and precious metals saw erratic movements following a flash crash.
On Thursday, Wall Street had also experienced declines, with the S&P 500 closing down 0.1 percent and the Nasdaq Composite falling 0.7 percent. About one-third of S&P 500 companies have reported earnings, with 76 percent beating profit estimates. However, so far, the earnings season has been mixed for major U.S. tech companies that hold significant weight in the index.
