The Pakistan Stock Exchange (PSX) extended its rally on Thursday, with the benchmark KSE-100 Index climbing more than 4,000 points as falling international oil prices and hopes of easing tensions in the US-Israeli war on Iran supported buying.
At around 3pm, the benchmark index stood at 175,632.20, up 3,618.72 points, or 2.10 percent, from the previous close of 172,013.48.
The index had touched an intraday high of 176,604.51, gaining 4,591.03 points, earlier in the session. It later retreated from that level, with the day’s low recorded at 174,291.25.
Trading remained active, with volume reaching 421.24 million shares by the latest update.
Buying was seen across major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies and oil marketing companies.
Heavyweight stocks also supported the upward move. MARI, OGDC, PSO, SSGC, HUBCO, Habib Bank, MCB Bank, Meezan Bank and National Bank were among the index-heavy shares trading in positive territory.
The broader market also showed strength, with Pakistan Services (PASL) gaining 16.78 percent to Rs6.96, while Media Times (MDTL) rose 14.25 percent to Rs8.02. Maple Leaf Cement (MLCF) advanced 5.29 percent to Rs102.65.
The rally followed Wednesday’s strong performance, when the KSE-100 gained 3,994.62 points, or 2.38 percent, to settle at 172,013.48.
International markets have also responded positively to the US midterm election results, which saw the Republican Party suffer significant losses. Investors are betting that the outcome could reduce the risk of further escalation in the conflict involving the US, Israel and Iran.
A steep decline in oil prices has added to the optimism. Brent crude futures fell nearly 9 percent overnight, slipping below $100 a barrel, while prices have declined around 20 percent so far this week.
Lower energy prices have eased concerns over inflation and supported a broader rally in global equities and bonds.
The drop in oil prices has also been welcomed by investors in Pakistan, where the country’s reliance on imported energy makes international crude prices an important factor for the economy and financial markets.
The KSE-100’s one-year gain stood at 10.06 percent, while its year-to-date performance remained positive at 0.91 percent. The index’s 52-week range was between 144,119.44 and 191,032.73 points.
