PSX: Stocks gain over 800 points in early trade

PSX: Stocks gain over 800 points in early trade.

Key points

• At 9: 19am, the benchmark index was hovering at 177, 399.75, up by 807.99 points or 0.46%.
• Buying interest was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 800 points during the opening minutes of trading on Friday.
• Yields on US Treasuries had resumed their climb after Wednesday's surprise intervention by ‌the Treasury brought barely a day of relief from selling.
• It slipped 0.8%, bringing losses for the week so far to 4.4%.
• Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, OMCs and refineries.

Notably, the Pakistan Stock Exchange's KSE-100 Index gained over 800 points on Friday morning, showing solid buying interest in key sectors despite broader Asian market declines and global financial pressures. Pakistan Stock Exchange's KSE-100 Index solid opening gains. Key sectors driving buying interest at PSX. Global market volatility and rising US Treasury yields. Add BRecorder as a trusted source on Google.

Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, OMCs and refineries. Index-heavy stocks, including ARL, MARI, FFC, HBL, MEBL, NBP and UBL, traded in the green.

On Thursday, PSX stayed volatile as renewed geopolitical uncertainty and elevated international oil rates kept investors cautious, with selling in heavyweight stocks outweighing selective buying. The benchmark KSE-100 Index fell 254.59 points, or 0.14%, to close at 176, 591.77 points.

While a diplomatic deadlock in the Gulf lifted oil costs to one-month highs and kept inflation risks to the fore, globally, most Asian share indices were heading for weekly falls on Friday as stress in global bond markets indicated little sign of abating.

For context, the rise came even as US Treasury Secretary Scott Bessent remarked he could further rise the government's repurchases of Treasuries, and floated the idea of fiscal consolidation.

Analysts were sceptical he could find enough spending cuts to seriously curb a budget deficit of more than 6% of gross domestic product, with interest charges alone this year running at $1.2 trillion.

While raising the discount on corporate earnings and challenging stock valuations, higher yields lift debt costs globally, just as tech giants are borrowing heavily to fund AI capex.

Meanwhile, the strain was evident in the Nikkei. It slipped 0.8%, bringing losses for the week so far to 4.4%. South Korea and Taiwan both edged higher, but again were down for the week. MSCI's broadest index of Asia-Pacific shares outside Japan continued 0.5%.

Oil set for second weekly rise as unsettled US-Iran war crimps supply. Ex-PM Imran Khan moved back to Adiala jail from hospital. Gold steadies, heads for third straight weekly gain. Govt increases diesel cost by Rs1.64, petrol's by Re0.27 per litre.

Five categories of manufacturers/importers: FBR to charge sales tax on basis of value of supply. PD to establish new SPV for privatisation of three Discos. PD could not bear excessive taxation: Malik. PM Shehbaz renews invitation to PTI for discussions. Aurangzeb shares latest debt position with Senate. US will impose 'toughest sanctions in history' on Iran: Bessent. Currency Rate USD PKR Interbank Selling. Item Value Crude Oil USD/Barrel. Stock Cost First Paramount Mod. (R). Aisha Steel Mills Limited (CPS)(ASLCPS). Khalid Siraj Textile Mills Limited(KSTM).

In short, PSX: Stocks gain over 800 points in early trade is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.