PSX starts cautiously, KSE-100 gains nearly 400 points

A subdued session was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 400 points during intra-day trading on Thursday.

At 11:45am, the benchmark index was hovering at 147,890.14, an increase of 396.11 points or 0.27%.

Buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies and OMCs. Index-heavy stocks, including PSO, MARI, POL, MEBL, UBL, HCAR and INDU traded in the green.

On Wednesday, PSX extended its losing streak for a third consecutive session, as investors grappled with rollover pressures, a weak economic outlook, and a national flood alert. The benchmark KSE-100 Index tumbled 941.03 points, or 0.63%, to close at 147,494.03.

Globally, Asian stocks wobbled on Thursday as blowout earnings from artificial intelligence bellwether Nvidia were offset by worries over the outlook for its China business, while the dollar remained shaky as investors bet on a near-term rate cut.

MSCI’s broadest index of Asia-Pacific shares outside Japan swung between gains and losses, and was last down 0.2%, as US equity futures were dragged lower by after-hours decline in shares of the chip designer, which has become the world’s most valuable company.

Following a two-day string of gains that has pushed US markets to a fresh record, S&P 500 e-mini futures fell 0.2% and Nasdaq futures tumbled 0.4% after Nvidia’s results.

Investor concerns about Nvidia centred on its China business, which hung in the balance, caught up in the trade war between Washington and Beijing.

Japanese stocks fluctuated between gains and losses after Kyodo news agency reported on Thursday that Japan’s top trade negotiator Ryosei Akazawa cancelled a planned visit to the United States, where he was expected to iron out details of the trade deal agreed last month.

The Nikkei 225 was last up 0.4%.

Korean stocks advanced 0.3% after the Bank of Korea kept rates on hold at 2.5%, as widely expected by economists.

This is an intra-day update