The Pakistan Stock Exchange (PSX) witnessed a resurgence of positivity, with the benchmark KSE-100 index surging over 800 points in early Friday trading. At noon, the index stood at 71,505.30, marking a gain of 847.66 points or 1.2%.
Various key sectors, including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs, and refinery, experienced across-the-board buying. Notable stocks such as OGDC, PPL, DGKC, PSO, and SHEL traded positively.
Furthermore, heightened interest was observed in Pakistan International Airlines (PIA) stocks following reports that 10 bidders, including prominent figures like Pakistani tycoon Arif Habib and aviation-based company Gerry’s Group, expressed interest in acquiring a majority stake in PIA. This move aligns with the government’s plan to privatize a stake of between 51% and 100% in the struggling airline, a reform initiative prompted by the International Monetary Fund (IMF). Despite the potential unpopularity of this decision, progress on privatization could facilitate Pakistan’s pursuit of further IMF funding.
In global markets, Asian stocks rallied, propelled by Apple’s announcement of a $110 billion share buyback plan, particularly boosting the tech sector. The yen also strengthened, recovering from recent lows, amid a volatile week marked by suspected interventions from Tokyo.
While markets in Japan and mainland China remained closed on Friday, regional trading activity is anticipated to be subdued as investors await the release of U.S. nonfarm payrolls data later in the day. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.5%, poised for a second consecutive week of gains.
Thursday saw bearish sentiment prevailing at the PSX, with the benchmark KSE-100 Index shedding nearly 450 points to settle at 70,657.64.
