After days of selling pressure, the Pakistan Stock Exchange (PSX) saw a strong comeback on Friday, as the benchmark KSE-100 Index gained over 1,500 points during the second half of the trading session.
At 2:35pm, the benchmark index was hovering at 111,979.61, an increase of 1,556.29 points or 1.41%.
Buying was seen in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refineries. Index-heavy stocks including HUBCO, PSO, SHEL, SNGP, MARI, OGDC, PPL, MEBL, MCB and NBP traded in the green.
Renewed buying interest was observed at the bourse, with investors engaging in value picking following days of heavy selling.
On Thursday, PSX remained under pressure and closed in deep red due to heavy selling on investor concerns over security situation on the border and year-end portfolio adjustment.
The benchmark KSE-100 Index plunged by 1,991.49 points or 1.77% and closed at 110,423.32 points.
Globally, Asian stocks wobbled on Friday while the dollar was steady, keeping the yen rooted near five-month lows in thin year-end trading as investors looked ahead to 2025 when the Federal Reserve is expected to be measured in its interest rate cuts.
MSCI’s broadest index of Asia-Pacific shares outside Japan, was slightly higher at 574.88, on course for a nearly 9% gain this year. Japan’s Nikkei, rose 0.77% due to a weak yen, set for 19% rise in 2024.
China’s blue-chip CSI300 Index was little changed in early trading while Hong Kong’s Hang Seng index was 0.12% higher following a holiday on Thursday.
With only a handful of trading days remaining in the year, investor focus has switched to 2025, with the Fed’s policy path, the incoming Trump administration and its tariff-related policies and geopolitical worries in the spotlight.
Traders are pricing in 37 bps of easing next year with the next cut fully priced in for June.
This is an intra-day update
Source: Brecorder
