Buying continues at PSX, KSE-100 gains nearly 600 points in early trade

Buying momentum continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 600 points during the opening minutes of trading on Friday. At 9: 35am, the benchmark index was hovering at 181, 973. 00 points, up 574. 79 points or 0. 32%. Buying interest was observed in key sectors, including automobile, cement, chemical, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including PRL, HUBCO, OGDC, MARI, HBL, MCB and MEBL, traded in the green. On Thursday, the PSX extended its bullish momentum as declining international crude oil prices and growing optimism surrounding a potential peace agreement between Iran and the United States continued to strengthen investor confidence, triggering broad-based buying across key sectors. The benchmark KSE-100 Index gained 887. 20 points, or 0. 49%, to close at 181, 398. 22 points. Internationally, shares climbed to record highs in Japan and South Korea on Friday as peace in the Middle ​East, with the reopening of the Strait of Hormuz, pulled oil prices even lower and eased inflation fears. The US dollar was ‌on a tear, hovering near a 13-month high on its major peers, after a hawkish turn from the Federal Reserve led markets to price in more than one rate hike this year. That dragged the yen to the weakest level in two years and intensified speculation that Japanese authorities might have to intervene soon and stem the currency’s slide. Oil tankers have started sailing ​through the Strait of Hormuz after the United States lifted its blockade on Iran on Thursday as an interim deal to end the three-month ​war took effect. Brent crude futures dropped 1% on Friday to $79. 03 a barrel, and were down 9. 5% for the week. Share ⁠markets have had a blockbuster week. Japan’s Nikkei gained 0. 8% to hit a new record for the fifth straight session, extending its weekly gain to 8. 5%. ​South Korea jumped 3. 1%, adding to its weekly rise of 15. 3%. Mainland China and Hong Kong’s stock markets are closed for the Dragon Boat Festival holiday. Taiwan ​was also on holiday. This is an intraday update

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