The Pakistan Stock Exchange (PSX) opened Thursday’s session on a strong note, with the benchmark KSE-100 Index surging more than 1,100 points in early trading amid broad-based buying across key sectors.
At 11:34, the benchmark index stood at 178,546.92 points, an increase of 1176.22 points, or 0.66%.
Buying interest was witnessed across key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), power generation and refineries. Index-heavy stocks such as HUBCO, MARI, OGDC, PPL, POL, and UBL traded in positive territory.
The PSX remained closed on Wednesday due to Eid-Milad-un-Nabi. On Tuesday, the market closed modestly higher as strong buying in banking and cement stocks offset selective profit-taking in energy counters. The KSE-100 Index gained 404.02 points, or 0.23%, to settle at 177,370.71 points.
Meanwhile, oil prices extended their recent decline on Thursday, with investors expecting talks between Iran and Qatar to potentially facilitate the reopening of the strategically important Strait of Hormuz and ease supply disruptions stemming from the Middle East conflict.
Brent crude futures fell 60 cents, or 0.7%, to $87.24 a barrel by 0004 GMT, marking a fourth consecutive session of losses.
West Texas Intermediate (WTI) crude futures declined 56 cents, or 0.7%, to $81.67 a barrel, extending losses for a fifth straight day.
