ISLAMABAD (PEN) : The Pakistan Stock Exchange (PSX) witnessed strong buying momentum on Friday morning, with the benchmark KSE-100 Index rising nearly 600 points in the initial minutes of trading.
KSE-100 Index Surges in Early Session
By 10:05 a.m., the KSE-100 was trading at 131,285.01 points, marking an increase of 598.36 points, or 0.46%. Market activity showed notable demand across key sectors, including automobile assemblers, cement, commercial banks, oil marketing companies (OMCs), and power generation.
Major index contributors such as HUBCO, SSGC, WAFI, HCAR, HBL, MCB, and MEBL were trading in positive territory, supporting the broader market rally.
Market Drivers and Previous Day Performance
The upbeat sentiment follows a record-breaking rally on Thursday when the KSE-100 closed at a fresh all-time high of 130,686.66 points, up 342 points or 0.26%. The government’s recent measures, including a reduction in National Savings Scheme rates, lower industrial power tariffs, and accelerated discussions on privatising state-owned enterprises, helped fuel investor confidence.
Global Market Overview
While Pakistan’s market showed strength, most Asian equity markets faced pressure on Friday amid growing uncertainties over the US-China trade deal deadline.
Japan’s Nikkei index rose 0.3% early in the session, fluctuating between gains and losses. Conversely, Hong Kong’s Hang Seng dropped 1.3%, and mainland Chinese blue-chip stocks declined slightly. Taiwan’s benchmark slipped 0.2%, and South Korea’s KOSPI fell over 1%.
US markets were closed on Friday for Independence Day, but futures for the S&P 500 edged down 0.2%, following a 0.8% gain the previous day when the indices hit record highs.
Investors reacted positively to a strong US jobs report released Thursday, which helped lift all three major US equity indexes during a shortened trading session.
US Legislative and Trade Developments
On Thursday, the US House narrowly approved President Donald Trump’s expansive $3.4 trillion spending bill, which the Congressional Budget Office says will add significantly to the national debt. Trump has also announced plans to notify trade partners of their tariff rates ahead of the July 9 deadline, as trade negotiations remain unresolved.
