PSX Gains Over 1,000 Points in Early Friday Trading

The Pakistan Stock Exchange (PSX) extended its gains on Friday, with the benchmark KSE-100 Index rising more than 1,000 points by midday.

At 12pm, the index stood at 178,434.59 points, up 1,060.83 points, or 0.60%.

Buying activity was visible across several major sectors, including commercial banks, oil and gas exploration companies, oil marketing companies (OMCs) and refineries.

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Index-heavy stocks also supported the market. Attock Refinery (ARL), Pakistan Refinery (PRL), Mari Petroleum (MARI), Pakistan Oilfields (POL), Pakistan State Oil (PSO), Sui Southern Gas Company (SSGC), HBL, MCB Bank, National Bank of Pakistan (NBP) and United Bank Limited (UBL) traded higher.

Previous Session Ends Lower

The market had closed sharply lower on Thursday after reversing its early gains. Selling pressure intensified after midday as investors remained cautious over domestic political uncertainty.

The KSE-100 Index lost 1,710.04 points, or 0.95%, to settle at 177,373.76 points. Friday’s midday recovery therefore helped the benchmark regain the previous session’s losses.

Global Markets Recover After Turbulent Week

Asian shares traded higher on Friday following a volatile week. Market sentiment had been affected by reports surrounding Nvidia chief executive Jensen Huang, who resigned on Thursday.

Nvidia’s board appointed Chief Financial Officer Colette Kress as interim CEO. The company is also facing scrutiny over reports of Huang’s alleged relationships, including one involving a woman suspected by US intelligence of having links to China. The allegations have not been independently established.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.26%, recovering part of its 1.3% decline in the previous session. South Korea’s Kospi rose 2.35%, while Japan’s Nikkei added 1.4%.

Meanwhile, US Treasury yields climbed, pushing the dollar higher. Investors assessed the possibility of a 50-basis-point Federal Reserve rate increase next month.

Nvidia shares fell 3% in extended trading. Shares of some of its customers also declined, with South Korea’s Naver losing 2.75%.

Nasdaq and S&P 500 futures gained more than 0.2% each. However, EUROSTOXX 50 futures slipped 0.37%.