Bulls extended their march on the trading floor of the Pakistan Stock Exchange (PSX) on Friday, with the benchmark KSE-100 Index rising 1611.47 points, or 1.06% in the second half of trading and closing at the highest level of 154,277.19 amid positive economic signals.
The market witnessed widespread buying in sectors like oil and gas exploration, OMCs, power generation, banking, and cement. Index-heavyweights such as ARL, HUBCO, OGDC, POL, PPL, PSO, HBL, MCB, MEBL, and NBP traded in positive territory.
The trading was halted at 12:00 pm when the KSE-100 was at 153,677.19 points, up by 1,011.47 points. Trade resumed at 2:30 pm, and the bulls once again resumed their upward trajectory, reaching the day’s highest level of 154,511.31 points as of 3:00 pm.Â
On Thursday, the PSX also recorded significant gains, closing at a record high of 152,665.72 points, up 463.85 points, or 0.3%.
Globally, European equities rose in early trading on Friday while long-dated bond yields eased, as expectations for U.S. rate cuts helped markets overcome concerns about fiscal deficits in various countries.
The S&P 500 hit a new all-time high on Thursday after weekly jobs data showed more jobless claims than expected. Asian stocks tracked Wall Street higher overnight.
The U.S. dollar eased, with the dollar index down 0.2% at 98.054, while the euro was up 0.2% at $1.1678.
After months of negotiations, the U.S. signed a deal to impose lower auto tariffs on Japan. The dollar was down 0.3% against the yen, with the pair at 148.14.
Oil prices were in their third day of decline. Brent crude futures fell 0.5% to $66.65 a barrel, while U.S. West Texas Intermediate crude eased 0.6% to $63.05.
Gold was steady at $3,546.24, having hit a record peak of $3,578.50 on Wednesday.
In Asia, Japan’s Nikkei and Taiwan’s stock benchmark both gained 0.8%, Hong Kong’s Hang Seng and mainland Chinese blue chips added around 0.4%, and Australian stocks rose 0.3%.
