PSX: Buying interest returns, KSE-100 up 900 points

PSX: Buying interest returns, KSE-100 up 900 points. Add BRecorder as a trusted source on Google.

Key points

• The benchmark KSE-100 Index declined 1, 109.15 points, or 0.62 percent, to settle at 176, 846.36 points.
• At 9: 50am, the benchmark index was hovering at 177, 771.47, up by 925.11 points or 0.52%.
• While sterling steadied at $1.3600 after rising ⁠0.55% in the previous session, the euro held near its highest level since May 29 and changed hands at $1.1674.
• Buying interest returned at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 900 points during the opening minutes of trading on Thursday.
• The pickup in market sentiment lifted stocks on Thursday, with MSCI's broadest index of Asia-Pacific shares outside Japan and Japan's Nikkei rising 1.2% each.

Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration firms, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, OGDC, PPL, POL, PSO, HBL, MCB, MEBL and NBP, traded in the green.

In a key development, Finance Minister Muhammad Aurangzeb on Wednesday confirmed that Pakistan formally sought a $10 billion Exchange Stabilisation Backing Facility from the United States, saying the initiative is aimed at strengthening foreign exchange stability and sending a positive signal to international capital markets rather than securing a conventional loan or credit line.

On Wednesday, PSX closed lower as reports of negotiations between the petroleum ministry and local refineries over a feasible reduction in diesel costs triggered selling in energy stocks, weighing on the broader market against the backdrop of continued volatility in international energy markets.

Notably, the benchmark KSE-100 Index declined 1, 109.15 points, or 0.62 percent, to settle at 176, 846.36 points.

Internationally, global bonds steadied on Thursday after the US Treasury stepped in to stem a rout in its bond market, soothing investor nerves and sending the dollar lower while stocks climbed.

As ‌it sought to stanch an upward march in yields that sent the 30-year Treasury yield to its highest level since 2007 earlier this week, the US Treasury confirmed overnight it will double buyback sizes for long-duration debt.

For context, the pickup in market sentiment lifted stocks on Thursday, with MSCI's broadest index of Asia-Pacific shares outside Japan and Japan's Nikkei rising 1.2% each.

While S&P 500 futures edged 0.16% higher, nasdaq futures advanced 0.5%. EUROSTOXX 50 futures eased 0.14%.

For context, the retreat in yields weighed on the dollar. It languished near a 2-1/2-month low against a basket of currencies at 98.86.

While sterling steadied at $1.3600 after rising ⁠0.55% in the previous session, the euro held near its highest level since May 29 and changed hands at $1.1674. Oil rates steady as investors assess US-Iran war outlook. Gold hovers near early-June high on lower bond yields. Trump warns of economic consequences for any country that supports Iran.

Diesel gets massive Rs32.63 cut as petrol cost rises Rs2.97 per litre. Excluding IMF loan: Total debt reaches Rs81.9trn by 11MFY26: Aurangzeb. Govt challenges SC verdict in IK treatment case. KE seeks SIFC backing to resolve ICP problem. China Evergrande founder sentenced to life in prison. Discos asked to install AMI meters at govt offices. Housing finance: SBP revises prudential regulations. Currency Rate USD PKR Interbank Selling. Item Value Crude Oil USD/Barrel. Aisha Steel Mills Limited (CPS)(ASLCPS). J.A. Textile Mills Limited(JATM). J.K. Spinning Mills Limited(JKSM).

Sui Southern Gas Firm Limited(SSGC).

For now, PSX: Buying interest returns, KSE remains the part of the story worth watching, and further updates are likely as more details are confirmed.