Buying spree continued at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index crossed the 77,000 level for the first time in history during the trading session on Friday.
At 3:25pm, the benchmark index was hovering at 77,062.98, an increase of 854.82 points or 1.12%. Earlier, the index hit an intra-day high of 77,310.45.
Buying was witnessed in key sectors including commercial banks, fertiliser, oil and gas exploration companies, OMCs and refinery.
Index-heavy stocks including PRL, PSO, SNGPL, OGDC traded in the green.
On Thursday, the PSX opened on an overwhelmingly positive note in the post-budget session as the benchmark KSE-100 index crossed the 76,000 level to settle at 76,208.16, an increase of 3,410.73 points or 4.69%.
The buying spree comes as the market reacted largely positively to measures announced in federal budget 2024-25.
Analysts said the budget FY25 is overall positive for the market as the government has not changed the treatment of Capital Gain Tax (CGT) to normal tax.
Globally, Mainland China and Hong Kong stocks fell on Friday, dragged lower by shares of liquor makers and other consumption-related shares and as sentiment was dented by a weaker yuan and fears of more Western trading restrictions on Chinese firms.
Market participants anxiously awaited May credit lending data due later in the session and the central bank’s rollover of maturing medium-term policy loans next Monday for more clues on the broader economy.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.20% while Japan’s Nikkei index was up 0.44%.
This is an intra-day update
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