Buying momentum persisted at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 900 points during the opening minutes of trading on Thursday.
At 9:40am, the benchmark index was hovering at 137,312.40 level, an increase of 932.44 points or 0.68%.
Buying was observed in key sectors including automobile assemblers, cement, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including ARL, HUBCO, PSO, SNGPL, MARI, OGDC, POL, UBL, and NBP, are traded in green.
On Wednesday, the PSX maintained its upward momentum as investors engaged in select profit-taking, while maintaining interest in key growth sectors. The KSE-100 Index advanced by 440 points or 0.32% to settle at 136,380 points compared to its previous close of 135,939.87 points.
Globally, Asian stocks dithered on Thursday ahead of earnings from heavyweight technology companies and as market anxiety lingered over the uncertain tenure of Federal Reserve chief Jerome Powell.
TSMC, the world’s main producer of advanced AI chips, is expected to post a jump in second-quarter profit to record levels, though US tariffs and a strong Taiwan dollar could weigh on its outlook.
Profits for streaming giant Netflix, due later on Thursday, are also on investors’ radar.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up just 0.06% and the Nikkei slipped 0.24%.
European futures jumped as EUROSTOXX 50 futures rose 0.56% and FTSE and DAX futures added about 0.4% each.
Nasdaq futures and S&P 500 futures fell 0.1% each.
Also dominating the market mood was confusion over Fed Chair Powell’s future at the central bank, after initial news that US President Donald Trump was likely to fire Powell soon sent stocks and the dollar sliding.
Trump quickly denied the reports, restoring some calm to volatile markets, but he kept the door open to the possibility and renewed his criticism of the central bank chief for not lowering interest rates.
This is an intra-day update
