Bullish momentum was witnessed at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 index gained nearly 700 points during the opening hours of trading on Friday.
At 11:55am, the benchmark index was hovering at 75,565.62, an increase of 687.50 points or 0.92%.
Buying was witnessed in key sectors including automobile assemblers, cement, oil and gas exploration companies, OMCs, pharmaceutical and refinery.
Whereas, index-heavy stocks including OGDC, PPL, PSO, SNGPL and PRL traded in positive.
On Thursday, a range-bound session was witnessed at the PSX with the benchmark KSE-100 Index inching up by only 42 points to settle at 74,878.12.
Globally, Asian stocks inched higher on Friday, while the dollar was steady, keeping the pressure on the yen, as investors await inflation readings from Europe and the U.S. that will likely dictate the path of interest rates globally.
A downward revision to consumer spending meant the US economy grew more slowly than expected in the first quarter, data showed on Thursday, weighing on Treasury yields and the dollar.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.20%, pushing away from the three-week low hit on Thursday. Analysts said month-end rebalancing by fund managers helped lift equities in the region.
The index was set for a gain of 2.7% in May, rising for the fourth straight month.
This is an intra-day update
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