Buying returned to the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index gained over 1,100 points during intra-day trading on Thursday.
At 12:10pm, the KSE-100 was hovering at 117,161.26, higher by 1,141.16 points or 0.98% against the previous day’s close.
On Wednesday, the PSX faced a negative session, with the benchmark index declining by 755.40 points or 0.65%.
In a key development, Kuwait extended its oil credit facility to Pakistan for another two years. Kuwait’s Ambassador to Pakistan confirmed the news during a meeting with Petroleum Minister Ali Pervaiz Malik in Islamabad on Wednesday, a statement from the Petroleum Division said on Wednesday.
United Bank Limited (UBL), one of Pakistan’s largest commercial banks, posted consolidated Rs36.11 billion profit-after-tax (PAT) during the quarter ending March 31, 2025, up massive 124% from the PAT of Rs16.14 billion in the same period of 2024.
The bank announced the results in a notice to the PSX on Wednesday.
Earnings per share (EPS) of UBL clocked in at Rs29.34 in Q1 of 2025, an increase from Rs13.05 in Q1 of 2024.
Asian stocks wavered on Thursday after Federal Reserve Chair Jerome Powell warned of the risk of slowing growth and rising prices due to tariffs, while the uncertainty around U.S. trade policies kept the dollar rooted near three-year lows.
The spotlight stayed on technology shares after a bruising session on Wednesday in the wake of warnings from bellwethers Nvidia and ASML , and ahead of earnings from Taiwan’s TSMC .
Safe haven gold prices remained on the charge, notching up yet another record high in early trading on Thursday, while Powell’s comments that U.S. economic growth appeared to be slowing pushed Treasury yields lower.
In early Asia, stock markets were tentative across the region, after U.S. stocks closed sharply lower. South Korea’s benchmark index inched 0.4% higher, while Taiwan stocks fell 0.5%.
Japan’s Nikkei rose 0.7% while the yen weakened as Japan kicked off talks with the U.S. and President Donald Trump, in a surprise move to negotiate directly with the Japanese delegation, said there was “big progress”.
Elsewhere, Powell said the Fed would wait for more data on the economy’s direction before making any changes to interest rates.
This is intra-day update
