The Pakistan Stock Exchange (PSX) continued its strong recovery on Friday, with the benchmark KSE-100 Index rising more than 1,800 points intraday as falling oil prices and easing concerns over Saudi supply disruptions improved investor sentiment.
According to the PSX website, the market opened on a positive note, with the KSE-100 gaining more than 1,100 points during the early trading session. The index later reached an intraday high of 170,903.94 points, marking a gain of more than 1,800 points.
At 11:45 am, the benchmark index was trading at 170,699.90 points, up 1,656.71 points or 0.98% from the previous close.
Buying activity was recorded across several sectors, including automobile assemblers, engineering, cement, fertiliser, commercial banks, food and personal care products, and cable and electrical goods. Oil and gas exploration companies, oil marketing companies, power generation, pharmaceuticals, technology, refineries and property-related stocks also attracted investor interest.
Friday’s gains extended Thursday’s recovery, when the KSE-100 rose 1,021.40 points, or 0.61%, to close at 169,043.20 points. Easing global oil prices and signs of possible de-escalation in the US-Iran conflict supported market sentiment.
Global markets also benefited from lower oil prices. Asian stocks moved higher on Friday, with Japan’s Nikkei gaining nearly 2% and South Korea’s KOSPI rising more than 2%.
Oil prices declined for a third consecutive session as concerns over potential Saudi supply disruptions eased. Brent crude futures fell $2.30, or 2.2%, to $102.53 per barrel, while US West Texas Intermediate futures dropped $1.85, or 1.8%, to $100.04 per barrel.
Brent crude was also on track for its first weekly decline in three weeks, falling around 2% for the week. Lower oil prices helped ease concerns over inflation and supply pressures, contributing to improved investor sentiment in regional markets.
