Bulls returned to the Pakistan Stock Exchange (PSX) after observing selling in early trade, with the benchmark KSE-100 Index gaining over 850 points during the opening minutes of trading on Thursday.
At 11:20am, the benchmark index was hovering at 187,374.83, a gain of 856.12 points or 0.46%.
Buying interest was observed in key sectors, including cement, chemical, commercial banks, oil and gas exploration companies, OMCs, power generation, and refineries. Index-heavy stocks, including ARL, HUBCO, MARI, OGDC, POL, PPL HBL, and NBP, traded in the GREEN.
On Wednesday, the PSX extended its bullish run as sustained buying interest propelled the benchmark index to a fresh all-time high, supported by broad-based sectoral participation. The benchmark KSE-100 Index gained 1,456.61 points, or 0.79%, to close at a record 186,518.72 points.
Globally, oil prices steadied on Thursday after their recent slide, while stocks were off to a rocky start as investors assessed the implications of deepening geopolitical tensions and mixed US labour market data.
Top US officials said on Wednesday the country needs to control Venezuela’s oil sales and revenue indefinitely to stabilise the latter’s economy, rebuild its oil sector and ensure it acts in America’s interests.
That came as the US seized two Venezuela-linked oil tankers in the Atlantic Ocean the same day, one sailing under Russia’s flag, as part of President Donald Trump’s aggressive push to dictate oil flows in the Americas.
Developments in Venezuela continue to dominate headlines following the toppling of Nicolas Maduro, with most of the market reaction thus far playing out in commodities.
Elsewhere, stocks were mixed in the Asian session, following a strong start to the New Year that lifted markets to fresh highs despite geopolitical fractures globally.
MSCI’s broadest index of Asia-Pacific shares outside Japan swung between losses and gains while Japan’s Nikkei fell 0.74%.
Nasdaq futures eased 0.02%, while S&P 500 futures ticked up 0.05%. European futures traded lower.
This is an intra-day update
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