After days of buying momentum, selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index declining over 1,500 points during the opening hours of trading on Friday.
At 10:30am, the benchmark index was hovering at 115,611.33, a decrease of 1,508.32 points or 1.29%.
Selling was observed in key sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, PSO, SHELL, MARI, OGDC, POL, MCB, MEBL, NBP and UBL traded in red.
“Equities, particularly cyclicals, present attractive opportunities for investors as the country gradually transitions from stabilization to growth,” said Intermarket Securities in a note.
On Thursday, the PSX witnessed a volatile session, as the benchmark KSE-100 Index swung in both directions before closing nearly flat at 117,119.65, an increase of 111.57 points.
Internationally, Asian stocks rose on Friday, aiming to shrug off a lacklustre start to 2025. Meanwhile, the dollar was perched at a two-year high against a basket of currencies as investors fretted about U.S. rates staying higher for longer.
MSCI’s broadest index of Asia-Pacific shares outside Japan, was 0.33% higher but on course for a nearly 1% drop for the week. The index rose nearly 8% in 2024. Japan markets are closed for the week.
China stocks were steady on Friday after plunging on Thursday highlighting growing worries about China’s economy and a possible looming trade war when Donald Trump begins his U.S. presidency this month.
China’s blue-chip CSI 300 Index, was 0.16 higher in early trading after logging its weakest New Year start since 2016 on Thursday. Hong Kong’s Hang Seng Index, rose 0.19%.
On Wall Street, US stocks closed broadly lower on Thursday after initial gains failed to hold. Shares of Tesla, sank 6.1% after reporting its first annual drop in deliveries,
The dim mood comes in the wake of a stuttering end to 2024, denting a year-long rally fuelled by growth expectations surrounding artificial intelligence, anticipated rate cuts from the Federal Reserve, and more recently, the likelihood of deregulation policies from the incoming Trump administration.
This is an intra-day update
Source: Brecorder
