KARACHI: The Pakistan Stock Exchange (PSX) extended its rally for a second straight session on Thursday, with the benchmark KSE-100 index climbing more than 1,400 points by mid-day.
According to The Express Tribune, the index stood at 166,830.69 around mid-day, up 1,413.19 points or 0.85% from Wednesday's close of 165,417.50. It touched an intra-day high of 166,868.14 and a low of 165,613.11. Volume had reached 112.76 million shares, worth Rs6.84 billion.
Business Recorder reported buying in the opening minutes across automobile assemblers, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, OGDC, POL, HBL, MCB, Meezan Bank, NBP and UBL traded in the green.
On Wednesday, the market rebounded on buying in refinery stocks. The PSX daily market report shows the KSE-100 closed 641.07 points, or 0.39%, higher at 165,417.51. Business Recorder quoted Nawaz Ali of JS Global Capital as saying investors remained cautious amid a lack of fresh triggers and persistent geopolitical uncertainty.
Analysts said selective buying in energy and refinery shares could keep supporting the market, but a broader recovery would depend on fresh macroeconomic catalysts and easing geopolitical pressure. The day's final direction will depend on trading in the remaining hours.