KSE-100 gains over 1,100 points in line with global markets
Positive momentum persisted at the Pakistan Stock Exchange (PSX), following a worldwide bull run sparked after a US court blocked President Donald Trump's tariffs, with the benchmark KSE-100 Index gaining over 1,100 points during the intra-day trading on Thursday.
At 11:50am, the benchmark index was hovering at 119,440.75, a gain of 1,107.85 points or 0.94%.
Across the board buying was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, MARI, OGDC, PPL, SNGPL, SSGC, MCB, MEBL and NBP traded in the green.
On Tuesday, the PSX witnessed a slight recovery amid speculations in the pre-budget session and hopes for a real estate package in the federal budget led cement stocks.
The benchmark KSE-100 index gained 112 points or 0.09 percent, settling at 118,333 points. The stock market was closed on Wednesday on account of Yaum-e-Takbeer holiday.
Globally, Asian shares and Wall Street futures jumped in Asia on Thursday after a US federal court blocked President Donald Trump's 'Liberation Day' tariffs from going into effect, sending the dollar up on safe haven currencies.
The little-known Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.
The White House quickly appealed the decision, and could take it all the way to the Supreme Court if needed, but in the meantime it offered some hope that Trump might back away from the highest tariff levels he had threatened.
Investors reacted by embracing equities and Japan's Nikkei quickly rose 1.7%, while South Korean shares gained 1.2% to a nine-month top.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3%, while Chinese blue chips firmed 0.5%.
The ripples were felt worldwide as EUROSTOXX 50 futures rose 1.1%, while FTSE futures gained 0.7% and DAX futures 0.9%.
S&P 500 futures climbed 1.6%, while Nasdaq futures rose 1.9%. The latter had already been lifted by relief over earnings from Nvidia, which beat sales estimates.
The chipmaker and AI darling also projected strong revenues for the current quarter, sending its shares up 4.4% after hours.
This is an intra-day update
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