The benchmark KSE-100 Index sustained its positive momentum on Friday, building on the 100,000 milestone achieved a day ago.
Investor optimism remained at the Pakistan Stock Exchange (PSX), driving the buying spree during the intra-day trading.
At 2:55pm, the benchmark index was hovering at 100,612.15 level, an increase of 529.38 points or 0.53%.
Buying was witnessed in key sectors including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery sectors.
Index-heavy stocks including ATRL, HUBCO, SSGC, PPL, OGDC, MEBL, NBP and MCB traded in the green territory.
The PSX made history on Thursday, as the benchmark KSE-100 Index settled above the 100,000 level for the first time, continuing a remarkable turnaround after it had plunged earlier in the week due to violent protests in Islamabad.
Experts say a combination of exchange rate stability, a transition from one $3-billion Stand-By Arrangement to another longer facility with the International Monetary Fund (IMF), improvement in index-heavy sector’s earnings, and a general mood for stocks after monetary easing have been just a few factors behind the KSE-100’s phenomenal rise.
Globally, Asian shares slipped on Friday while the yen was aiming for its best week in four months as strong local inflation data had traders favouring an imminent rate hike from the Bank of Japan.
Overnight, trading in US equities and Treasuries was closed due to the Thanksgiving holiday, leaving little lead for Asia.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3% and was down 0.5% for the week.
Japan’s Nikkei dropped 0.7% as the yen surged after Tokyo’s inflation data. Data showed core consumer prices in Japan’s capital accelerated in November and stayed above the central bank’s 2% target in a sign of broadening price pressure.
This is an intra-day update
Source: Brecorder
