PSX: stocks surge, KSE-100 up 600 points in early trade

Business Recorder reported that buyers came into the Pakistan Stock Exchange early on Friday, pushing the benchmark KSE-100 Index more than 600 points higher. At 9:30am the index stood at 168,043.33, a gain of 601.43 points or 0.36 per cent. The rally followed remarks from US President Donald Trump that Washington would not attack Iran before the November midterm elections, while talks to end the war were described as productive.

The index had closed 1,138.50 points, or 0.68 per cent, lower at 167,441.91 on Thursday, as a steep jump in crude prices amid Middle East risks triggered profit-taking. Brent crude changed hands near $103.70 a barrel during Asian trading, after gaining over 4 per cent in the prior session on concerns about the Middle East war. Asian shares were also set for a second straight weekly decline, with Japan's Nikkei down more than 1 per cent.

Investors picked up shares across power generators, banks, oil explorers, oil marketing firms, cement makers and carmakers. Heavyweight names including HUBCO, MARI, OGDC, PPL, POL, SSGC, PSO, HBL, MEBL, MCB and UBL were also trading higher.