KSE-100 stays flat after hitting all-time high
Trading activity at the Pakistan Stock Exchange (PSX) remained largely volatile, with the benchmark KSE-100 Index remaining largely flat on Thursday.
At 11am, the benchmark index was hovering at 121,820.42, an increase of 21.56 points or 0.02%.
A mixed trend was observed in key sectors including automobile assemblers, commercial banks, fertilizer, oil and gas exploration companies and OMCs. Index-heavy stocks, including MARI, POL, WAFI, and MCB, traded in the green.
The PSX continued its upward journey for the second straight day and closed at a new all-time high level on Wednesday, mainly driven by positive news on various aspects of the upcoming budget.
The benchmark KSE-100 Index rose by 1,348 points or 1.12% to close at a record level of 121,799 points.
Internationally, shares in Asia crept higher, and the US dollar languished ahead of the European Central Bank offering its policy outlook for a tumultuous global economy.
The dollar slid in the previous session after weak US jobs and services data, with more weighty employment data due on Friday. Damage to the US economy is becoming more apparent from President Donald Trump's erratic tariff action, while bilateral deals remain unrealised.
Canada prepared possible reprisals against the imposition of new US metals tariffs while the European Union reported progress in trade talks with Washington.
Against that backdrop, market watchers considered the ECB almost certain to cut policy interest rates so will pay greater attention to what bank President Christine Lagarde signals about future decisions.
Trump's doubling of tariffs on steel and aluminium imports became effective on Wednesday, hitting Canada and Mexico in particular.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.7% in early trade, whereas Japan's Nikkei stock index slid 0.2%.
This is an intra-day update
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