The buying spree at the Pakistan Stock Exchange (PSX) continued as the KSE-100 index soared past the 77,000 mark for the first time in history during Friday’s morning trading. At 11:15am, the index stood at 77,177.62, up by 969.46 points or 1.3%.
Key sectors, including commercial banks, fertiliser, oil and gas exploration companies, OMCs, and refineries, saw significant buying activity. Major index-heavy stocks such as PRL, PSO, SNGPL, and OGDC were trading in the green.
On Thursday, the PSX had a strong start in the post-budget session, with the KSE-100 index crossing the 76,000 level to close at 76,208.16, a gain of 3,410.73 points or 4.69%.
The positive market response is attributed to the federal budget 2024-25 measures, with analysts noting that the budget is generally favorable for the market, as the Capital Gain Tax (CGT) treatment remains unchanged.
Globally, Mainland China and Hong Kong stocks fell on Friday, pressured by declines in liquor makers and other consumption-related shares, compounded by a weaker yuan and concerns over Western trading restrictions on Chinese firms. Market participants are also awaiting May credit lending data and the central bank’s rollover of maturing medium-term policy loans next Monday for further economic insights.
Across the region, MSCI’s Asia ex-Japan stock index dropped by 0.20%, while Japan’s Nikkei index gained 0.44%.
