There was no stopping the bulls at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index crossed the 167,000 level during the opening minutes of trading on Friday.
At 9:55am, the benchmark index was hovering at 166,532.44, an increase of 1,159.13 points or 0.70%.
Across-the-board buying momentum was observed in key sectors, including automobile assemblers, commercial banks, cement, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including ARL, HUBCO, OGDC, POL, PPL, PSO, HBL, MCB, MEBL and UBL, traded in the green.
On Thursday, PSX recorded a strongly bullish session with gains across all major indices, improved market breadth, and substantial activity in both the ready and futures markets. The benchmark KSE-100 Index surged by 2,184.78 points to close at 165,373.31
Internationally, Asian shares are set to end a tough November on steadier ground as revived hopes of an imminent US rate cut helped soothe valuation jitters and sent Treasuries rallying for a fourth straight month.
US markets, which were closed overnight for the Thanksgiving holiday, are due for a shortened session on Friday, so activity is more muted than usual across the major asset classes. European stocks traded mostly higher, while currencies were much more sedate.
MSCI’s broadest index of Asia-Pacific shares outside Japan was flat on Friday, leaving it on track for a 3% gain in the week, the first weekly rise in four. For the month, it was still down 2.7%.
Japan’s Nikkei was also little moved and was headed for a weekly rise of 3.2%. For the month, it was, however, down 4.3%.
South Korean shares were, however, down 1% after the country’s central bank held rates steady and signalled an end to the easing cycle. Still, the index is up 2.5% in the week.
This is an intra-day update
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