PTBP Web Desk
The Stock Exchange (PSX) experienced a remarkable day of trading on Friday, with the benchmark KSE-100 Index witnessing a massive buying spree. By midday, at precisely 12 PM, the index had soared to 114,865.61, marking an impressive gain of 1,659.21 points or a 1.47% increase. This surge encapsulates the dynamic activity across several key sectors of the economy.
The bullish momentum was not confined to one segment but spread across multiple sectors. Automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, oil marketing companies (OMCs), power generation, and refineries all saw heightened buying activity. Notable stocks that contributed to this uptick included National Refinery Limited (NRL), Hub Power Company (HUBCO), Pakistan State Oil (PSO), Shell Pakistan Limited (SHEL), Mari Petroleum (MARI), Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), MCB Bank, Meezan Bank (MEBL), and National Bank of Pakistan (NBP). All these stocks traded positively, painting a vibrant picture of market health.
The positive momentum followed a similar trend from the previous day, where after three consecutive sessions of losses, the PSX rebounded significantly. On Thursday, the KSE-100 Index closed at 113,206.40, adding over 1,700 points to its tally. Analysts at Intermarket Securities predicted a range-bound activity for Friday, suggesting that the market might consolidate after the strong rally witnessed on Thursday.
Internationally, the day was a mixed bag for Asian shares. The return of South Korean stocks from holiday closures brought a sense of caution to the markets, particularly after the announcement by China’s DeepSeek of breakthroughs in affordable AI models, which led to a global market correction. The Korean benchmark KOSPI fell by 1%, with major players like Samsung Electronics and SK Hynix facing declines due to their earnings reports and market reactions to the AI developments in China.
The MSCI’s broadest index of Asia-Pacific shares outside Japan was down only 0.3%, still on track for a 1% gain for the month, indicating resilience amidst global tech sector fluctuations. The dollar and gold prices saw increases, influenced by ongoing tariff threats and central bank actions. Notably, the U.S. Federal Reserve decided to keep interest rates unchanged, with Fed Chair Jerome Powell signaling no immediate rush for rate cuts, while the European Central Bank opted for a rate cut, reflecting divergent monetary policies.
In the tech arena, after a significant drop earlier in the week due to concerns over the implications of low-cost AI models from China, there was a recovery. Nasdaq futures rose by 0.6% in Asian trading hours, buoyed by optimistic forecasts from Apple regarding sales growth linked to new AI features. This resilience was further supported by statements from Microsoft and Meta, where CEOs emphasized the necessity of continued investment in AI to maintain competitive edge.
