PSX stages strong comeback as KSE-100 rises over 5,000 points

Bulls made a strong comeback at the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index gaining over 5,000 points as buying returned to the market, signalling a recovery in investor sentiment after recent volatility.

At close, the market posted a gain of 5433.46 points, settling at 161,210.67, up 3.49% from the previous close.

A widespread buying spree across major sectors, including oil and gas exploration companies, oil marketing companies, power generation, automobile assemblers, cement, commercial banks and refinery stocks, drove the gains.

Index-heavy shares, including Attock Refinery Limited, Hub Power Company, Mari Petroleum, Oil and Gas Development Company, Pakistan Petroleum Limited, Pakistan Oilfields Limited, Pakistan State Oil, Sui Northern Gas Pipelines, Sui Southern Gas Company, MCB Bank, Meezan Bank, National Bank of Pakistan and United Bank Limited traded higher.

The recovery followed a volatile session on Wednesday when the benchmark index closed in negative territory. The KSE-100 Index fell 1,354.88 points, or 0.86%, to settle at 155,777.21 points.

Global markets also showed signs of recovery on Thursday. Asian equities advanced as US Treasury prices declined, indicating improved risk appetite after recent volatility linked to the conflict in the Middle East.

MSCI’s broad index of Asia-Pacific shares outside Japan rose 2.9 percent. South Korea’s KOSPI led regional markets with a gain of 10.4 percent, while Japan’s Nikkei increased 2.9 percent.

In the bond market, the yield on US benchmark 10-year Treasury notes rose 2.7 basis points to 4.109 percent, while the 30-year bond yield climbed 3.1 basis points to 4.7479 percent.

Oil and gold prices also moved higher amid ongoing concerns over energy supplies and geopolitical developments.