PSX: KSE-100 up nearly 500 points

Business Recorder reported that the benchmark KSE-100 index climbed 509.09 points, or 0.29%, to 177,831.86 at 3:25pm on Friday during the Pakistan Stock Exchange session. Gains were concentrated in car makers, exploration firms, fuel marketers, power producers and refiners. Heavyweight stocks such as HUBCO, MARI, OGDC, PPL, PSO, HBL and NBP also posted gains.

On Thursday the index slipped to a close of 177,322.78, a decline of 47.93 points (0.03%), after late profit-taking cancelled early gains. Elsewhere in Asia, Taiwan's market advanced 1.2% after a strong earnings report from Nvidia, while South Korea's KOSPI slipped 1%.

Oil was on course for a weekly decline after Iran and Oman reached an understanding on controlling shipping through the Strait of Hormuz and splitting the income, while the US has shown reluctance to revive direct dialogue with Tehran. Brent was quoted at $89.63 a barrel, 0.1% lower, and heading for a weekly fall of over 5%. Investors also awaited remarks from Fed chair Kevin Warsh at the Jackson Hole Symposium, where futures indicated about a 35% chance of a rate increase at the September 16 meeting.