Stocks surge as KSE-100 gains nearly 500 points

Buying continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 500 points during the first half of the trading session on Friday.

At 12pm, the benchmark index was hovering at 131,176.40 level, an increase of 489.75 points or 0.37%.

Buying was observed in key sectors including automobile assemblers, cement, commercial banks, OMCs and power generation. Index-heavy stocks including HUBCO, SSGC, WAFI, HCAR, HBL, MCB and MEBL traded in the green.

On Thursday, the PSX extended its record-breaking rally as the government’s decision to slash National Savings Scheme rates, reduce industrial power tariffs, and accelerate deliberations on the privatisation of state-owned enterprises fueled market momentum.

The benchmark KSE-100 Index surged to a fresh all-time high, rising by 342 points or 0.26% to close at 130,686.66 points.

Internationally, most Asian equity markets struggled on Friday, despite record highs for Wall Street overnight, as US President Donald Trump’s deadline for trade deals loomed next week.

The dollar retraced some of Thursday’s gains with US markets already shut for the week, as traders considered the impact of the sweeping spending bill Trump is about to sign into law.

Japan’s Nikkei rose 0.3% as of 0152 GMT after flipping between gains and losses in early trading.

Hong Kong’s Hang Seng slumped 1.3%, while mainland Chinese blue chips edged slightly lower.

Taiwan’s equity benchmark shed early gains to decline 0.2%. South Korea’s KOSPI sank more than 1%.

US S&P 500 futures edged down 0.2%, following a 0.8% overnight advance for the cash index to a fresh all-time closing peak. Wall Street is closed on Friday for Independence Day.

Investors cheered a surprisingly robust jobs report on Thursday in sending all three of the main U.S. equity indexes climbing in a shortened session.

Following the close, the House narrowly approved Trump’s signature, 869-page bill, which would add $3.4 trillion to the nation’s $36.2 trillion debt, according to the nonpartisan Congressional Budget Office.

Trump also said he would start sending out letters to trade partners with their tariff rates, as deals remained elusive ahead of the July 9 deadline.

This is an intra-day update