The Pakistan Stock Exchange (PSX) continued its bullish trend on Friday, driven by robust buying in major sectors like banking and oil & gas. For the first time, the KSE-100 Index surpassed the 83,000-point milestone during intra-day trading. At 11:45 am, the benchmark index stood at 83,123.30 points, reflecting a gain of 401.54 points, or 0.49%.
Key sectors, including commercial banks, chemicals, real estate, and oil & gas exploration companies, witnessed substantial buying interest. Notable companies such as MCB, MEBL, NBP, PPL, OGDC, and MARI recorded positive trades. Air Link also saw gains after reports suggested it imported two electric vehicles for market testing, as per Business Recorder.
Experts attribute the improved market sentiment to positive macroeconomic developments, particularly the State Bank of Pakistan’s foreign exchange reserves reaching a two-and-a-half-year high. The central bank’s reserves rose by $1.168 billion, now standing at $10.702 billion following a recent loan disbursement from the International Monetary Fund (IMF).
On Thursday, the KSE-100 Index had reached its highest-ever closing level, surging by 754.76 points or 0.92%, closing at 82,721.77 points. The rally was fueled by local investor confidence and institutional backing.
Meanwhile, global markets experienced volatility. Asian stocks saw declines on Friday, and oil prices headed towards their steepest weekly rise in over a year amid escalating tensions in the Middle East. U.S. President Joe Biden hinted at potential strikes on Iran’s oil facilities following Tehran’s missile attacks on Israel, which further pushed oil prices higher. The MSCI Asia-Pacific index, excluding Japan, dipped by 0.32% ahead of the U.S. jobs report.