PSX: buying continues, KSE-100 up nearly 2%

Business Recorder reported that the KSE-100 was at 175,347.48 by 9:45am on Thursday, a gain of 3,334.00 points, or 1.94%. The rise extended a buying trend at the Pakistan Stock Exchange, with activity reported across automobile assemblers, cement, commercial banks, oil and gas exploration companies, and oil marketing companies. MARI, OGDC, PSO, SSGC, HUBCO, MCB, MEBL and NBP were among the index-heavy shares trading higher.

The report linked the local market’s strength to hopes that the US midterm election outcome could ease the prospect of further escalation in the US-Israeli war on Iran. On Wednesday, the KSE-100 had climbed 3,994.62 points, or 2.38%, to close at 172,013.48. Internationally, Brent crude fell nearly 9% overnight to below $100 a barrel and was down about 20% for the week, while the S&P 500 ended 1.6% higher. The update also noted declines in several Asian technology markets amid concerns about tighter rules for data centres.