The Pakistan Stock Exchange (PSX) maintained its bullish momentum on Thursday, as the benchmark KSE-100 Index surged by more than 2,100 points within minutes of trading.
At 9:40 AM, the benchmark index was up by 2,152.55 points, or 1.36%, reaching 160,336.49 points.
A broad-based buying trend was witnessed across multiple sectors including automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, oil marketing companies (OMCs), power generation, and the refinery sector. Shares of major companies such as Hubco, ARL, Mari, OGDC, PPL, POL, DGKC, HBL, MCB, Meezan Bank, and UBL were all trading in the positive zone.
It is worth noting that on Wednesday, the KSE-100 Index had already gained 313.44 points or 0.20%, closing at 158,183.95 points.
On the global front, both stocks and gold prices showed stability on Thursday.
In Japan, the Nikkei Index strengthened by 0.5%, while the broader Topix Index climbed by nearly 1%, reaching a record high. This came as investors began shifting funds away from overvalued AI-related stocks toward other sectors of the economy.
A similar trend was observed overnight, with gold prices surpassing $4,200 per ounce, while bond markets showed slight gains, keeping the U.S. 10-year Treasury yield steady at 4.067%.
According to economists, delayed economic data is expected to be released next week, with market focus on whether it will confirm softening in private services and signs of a cooling labor market.
Meanwhile, Hong Kong’s Hang Seng Index closed slightly below its one-month high, while China’s Shanghai Composite Index traded up 0.1%.
On Wall Street, the Dow Jones Industrial Average hit a record high, while the technology-heavy Nasdaq Index slipped slightly as investors rotated out of tech stocks.
