Buying activity continued at the Pakistan Stock Exchange (PSX) on Friday, with the benchmark KSE-100 Index gaining more than 1,500 points in the opening minutes of trading.
By 10:30am, the index had reached 170,551.17 points, recording a rise of 1,507.98 points, or 0.89%.
Strong buying interest was witnessed across several major sectors, including automobile assemblers, cement companies, commercial banks, oil and gas exploration firms, oil marketing companies and power producers.
Several heavyweight stocks also traded higher. LUCK, MCB, MEBL, NBP, UBL, MARI, OGDC, POL, PPL and PSO were among the companies contributing to the positive market momentum.
The latest surge follows a strong session on Thursday, when the KSE-100 gained 1,021.40 points, or 0.61%, to close at 169,043.20 points.
Investor sentiment has improved amid easing international oil prices and developments pointing towards a possible reduction in tensions between the United States and Iran. Lower oil prices have also provided some relief to markets concerned about inflation and energy costs.
Global markets also remained largely positive on Friday. Asian equities advanced while the US dollar held relatively steady as investors assessed efforts by central banks to contain inflation.
Oil prices remained a key focus for investors as the ongoing Middle East conflict continued to pose risks to global energy supplies. Brent crude futures fell around 1% to $103.77 a barrel after expectations of alternative routes for Middle Eastern oil supplies helped ease some supply concerns.
However, continued clashes involving Saudi Arabia and Yemen’s Houthis kept geopolitical risks elevated.
Investors also drew support from gains on Wall Street, particularly among technology stocks that had recently faced heavy selling.
In Asian markets, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.55%. Japan’s Nikkei gained 0.9%, while South Korea’s KOSPI climbed around 2%.
