Buying momentum continued at the Pakistan Stock Exchange on Thursday, with the benchmark KSE-100 index rising by 1,579.65 points, or 0.95 percent, to 167,316.40 by 11:10am. Earlier in the session the index had already gained more than 1,250 points to reach 166,989.55 at 10:25am, building on Wednesday’s close of 165,736.76.
Buying was seen across automobile assemblers, commercial banks, oil and gas exploration companies, oil marketing companies and power generation, with index-heavy stocks including HUBCO, KE, MARI, POL, PPL, PSO, SNGPL, HBL, MCB, MEBL and UBL trading in the green. The advance extends a recovery that has now run for several sessions, supported by better-than-expected company results.
For ordinary readers, a rising index does not by itself mean every share is rising, and morning gains can still fade by the close. But a fourth straight positive session would confirm that buyers have looked past the State Bank’s rate rise to 12 percent and are backing earnings rather than reacting to headlines alone.
Sources: Business Recorder, 24NewsHD. Written in our own words for information only.