Karachi: The Pakistan Stock Exchange (PSX) extended its bullish momentum on Friday, with the benchmark KSE-100 Index climbing more than 1,000 points in the first half of trading. By 12:00 PM, the index stood at 161,669.42, up 1,011.93 points or 0.63%.
Strong buying was seen across automobile assemblers, commercial banks, fertilisers, oil and gas exploration firms, OMCs, power generation, and refineries. Blue-chip stocks like OGDC, POL, PPL, PSO, WAFI, HBL, and MCB traded firmly in the green.
Thursday closed at 160,657.50 after a robust 2,473.55-point (1.56%) gain, fueled by M&A optimism in the cement sector.
Corporate tensions escalated at K-Electric, where a Board meeting was abruptly adjourned Thursday after one faction walked out following approval of the first agenda item. Government and AsiaPak-aligned directors aimed to oust CEO Syed Moonis Abdullah Alvi, irking Saudi-based Al-Jomaih Group, which issued a $2 billion legal notice to Islamabad.
Globally, Asian markets tumbled—Nikkei down 1.8%, Australia 1.5%, South Korea 2.3%—as Fed hawkishness slashed US rate-cut odds to 51%. Wall Street plunged overnight on Nvidia-led AI selloff and Treasury retreat. China’s upcoming activity data adds to economic jitters.