After observing a sharp correction in the previous session, optimism returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 1,000 points during the opening minutes of trading on Thursday.
At 10:25am, the benchmark index was hovering at 133,608.99 level, a gain of 1,032.01 points or 0.78%.
Buying was observed in key sectors including automobile assemblers, cement, commercial banks, OMCs, power generation and refinery. Index-heavy stocks including PRL, HUBCO, SNGPL, INDU, HCAR, MCB, MEBL and UBL traded in the green.
The bullish momentum continued amid improved economic indicators.
In a historic economic milestone, Pakistan recorded its highest-ever home remittance inflows, exceeding $38 billion during the last fiscal year FY25.
This unprecedented surge is credited to robust policy measures and sustained efforts by the federal government and the State Bank of Pakistan (SBP) to channelise remittances through formal avenues.
On Wednesday, the PSX witnessed a sharp correction as investors opted to book profits following the market’s recent record-breaking rally.
The benchmark KSE-100 Index dropped by 826 points or 0.62% to settle at 132,577 points.
Internationally, Asian stocks rose slightly on Thursday, riding on optimism from Nvidia’s brief rise to a world-record $4 trillion valuation and as investors largely shrugged off US President Donald Trump’s latest tariff salvos.
US copper futures widened their premium to the London benchmark overnight after Trump announced plans to impose a 50% tariff on copper. He later said on Wednesday the levies would come into effect on August 1.
Trump also turned his trade ire against Brazil on Wednesday as he threatened a punitive 50% tariff on exports to the US and issued tariff notices to seven minor trading partners.
The latest moves did little to rattle markets, leaving MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.2%.
The Nikkei fell 0.56%, while China’s CSI300 blue-chip index rose 0.2% and Hong Kong’s Hang Seng Index added 0.1%.
EUROSTOXX 50 futures gained 0.18% and FTSE futures advanced 0.33%.
This is an intra-day update
