PSX rally continues as KSE-100 surges over 3,100 points

Bulls extended their advance at the Pakistan Stock Exchange (PSX) on Thursday, lifting the benchmark KSE-100 Index by more than 3,100 points during intraday trading.

According to the PSX website, the market opened on a positive note, with the index gaining over 1,500 points within the first few minutes. Buying continued as the session progressed, taking the KSE-100 to an intraday high of 178,431.73 by noon, up more than 3,100 points.

Major sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies, power generation and refineries witnessed broad-based buying. 

At 1:36 pm, the index was hovering at 177,798.69, with an increase of 2512.91 points or 1.43% from the previous close. 

The market had also recovered on Wednesday after Tuesday's sell-off, with bargain hunters returning despite continued geopolitical tensions in the Middle East. The KSE-100 Index closed Wednesday at 175,285.78, up 1,766.97 points, or 1.02%.

Asian shares fell on Thursday as a sell-off in chipmakers overshadowed stellar ​earnings from industry bellwether TSMC, while bonds benefited from another benign reading on U.S. inflation that lessened the risk of an ‌imminent rate hike.

Oil prices turned lower as the U.S. completed its latest strikes on Iran. Hostilities have been heating up in the Middle East in recent days, with Washington launching attacks on Iran and Tehran targeting U.S. bases in Kuwait and Jordan. 

Brent crude futures were last 0.5% lower to $84.5 a barrel but ​were up 11% this week.

MSCI’s broadest index of Asia-Pacific ​shares outside Japan slid 1% as South Korea's KOSPI slumped 6.2% on weakness from Samsung, down 6.6%, and SK Hynix down 9%.

Japan’s ​Nikkei dropped 3%. China's Hang Seng Index bucked the trend with a 1.8% gain.