ISLAMABAD (PEN) : The Pakistan Stock Exchange (PSX) opened on a bullish note Friday as strong buying interest across key sectors pushed the benchmark KSE-100 Index up by more than 600 points within the first hour of trading.
As of 9:35 AM, the index was recorded at *120,609.85, reflecting a gain of **607.26 points, or **0.51%*.
Broad-Based Buying Lifts Market Sentiment
Investor optimism was evident across multiple sectors, with *automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), power generation, and refineries* all trading in the green.
Key index contributors such as *Pakistan Refinery Limited (PRL), Hub Power Company (HUBCO), Pakistan State Oil (PSO), Sui Northern Gas Pipelines Limited (SNGPL), Mari Petroleum (MARI), Oil & Gas Development Company (OGDC), Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), National Bank of Pakistan (NBP), Meezan Bank (MEBL), and United Bank Limited (UBL)* posted early gains.
Rebound Follows Previous Day’s Losses
The positive opening follows a subdued session on Thursday when the benchmark index dropped by *463.34 points, or **0.38%, closing at **120,002.59*. The dip came despite some isolated gains in individual scrips.
Global Tensions Add Market Uncertainty
While domestic sentiment improved, international markets remained volatile due to escalating tensions between *Israel and Iran*. Overnight strikes between the two countries, including attacks on nuclear infrastructure and retaliatory missile launches, have deepened investor caution.
The conflict has also influenced *crude oil prices, with **Brent crude falling 2%* to *\$77.22 per barrel* on Friday. However, it remains on track for a *4% weekly gain*, following last week’s 12% surge, underlining the market’s geopolitical sensitivity.
Mixed Signals from Global Markets
Asian markets opened mixed amid uncertainty. The *MSCI Asia-Pacific index* edged up *0.1%, but was set for a weekly decline of **1%. **Japan’s Nikkei* fell *0.2%, while **China’s blue-chip index* rose *0.3%, and **Hong Kong’s Hang Seng* climbed *0.5%* after the Chinese central bank kept lending rates unchanged.
U.S. markets remained closed on Thursday for the *Juneteenth holiday, leaving Asian investors with little direction. Meanwhile, **Nasdaq and S\&P 500 futures* were both down *0.3%* in early Asian trade.
In currency markets, the *U.S. dollar slipped 0.2%* against the *Japanese yen, trading at **145.17, after data showed Japan’s **core inflation* reached a *two-year high* in May, raising expectations of future rate hikes by the *Bank of Japan (BOJ)—though markets largely expect any move to come in **December*.
