Bulls marched ahead on the Pakistan Stock Exchange (PSX) trading floor and broke the 83,000 barrier for the first time during Friday’s intraday trade.
According to the PSX website, the market sustained its positive momentum and the benchmark KSE-100 Index surged past the 83,000 mark at 10:22 am after gaining more than 200 points.
The session saw robust activity in commercial banks, chemicals, property, and oil and gas exploration sectors, with prominent stocks like MCB, MEBL, NBP, PPL, OGDC, and MARI posting gains.
By noon, the index climbed to 83,171.53, with a gain of 449.77 points or 0.54%. It touched the day’s highest level of 83,605.72 points.
At the closing, the benchmark index settled at 83,531.95 points, up by 810.19 points or 0.98% from the previous close of 82,721.76 points.
Market sentiment was also boosted by positive developments in macroeconomic indicators. The State Bank of Pakistan’s foreign exchange reserves exceeded the $10 billion threshold, reaching a two-and-a-half-year peak.
This increase followed the recent IMF loan tranche disbursement, with the reserves surging by $1.168 billion from $9.533 billion to $10.702 billion.
Global stocks rose on Friday while oil prices were headed for their biggest weekly gain in two years, as escalating tensions in the Middle East kept markets on edge.
Asian stocks retreated on Friday while oil prices headed for their sharpest weekly gain in more than a year, as escalating tensions in the Middle East kept markets on edge ahead of a US jobs report later in the day.
US President Joe Biden said that the US was considering strikes on Iran’s oil facilities in response to Tehran’s missile attack on Israel. Biden’s remarks triggered a surge in oil prices, already rising due to the Middle East conflict.
Adding a note of optimism was a rally in Hong Kong stocks on the back of China’s massive stimulus measures. S&P 500 and Nasdaq futures tacked on 0.1%, suggesting shares on Wall Street may edge higher later. The Dow dropped more than four-tenths of a per cent.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.32% and was set to end the week little changed.
Australian shares fell 1%, while stock futures extended their declines from the previous session.
Japan’s also reversed early gains to last trade 0.08% lower. It was headed for a weekly loss of more than 3%.
The Nikkei has had a choppy few sessions this week as investors weighed the rising geopolitical tensions against the domestic rate outlook.
