KARACHI: Pakistan stocks extended gains on Friday as buying momentum continued at the Pakistan Stock Exchange, pushing the benchmark index above the 182,000 level in early trade.
The KSE-100 Index opened at 181,973.00 points and rose by 574.79 points, or 0.32 percent. It crossed the psychological mark of 182,000 within minutes of trading.
Buying activity was seen across major sectors, including automobiles, cement, chemicals, commercial banks, fertilizers, oil and gas exploration, oil marketing, power generation, and refineries.
Heavyweights such as Pakistan Refinery Limited, Hubco, Oil and Gas Development Company, Mari Petroleum, Habib Bank, MCB Bank, and Meezan Bank traded in positive territory.
On Thursday, the market had also extended gains. The KSE-100 Index closed up 887.20 points, or 0.49 percent, at 181,398.22 points. Falling global crude prices and hopes of a potential US-Iran peace agreement supported investor sentiment.
Global equities also rose on Friday. Asian markets advanced, with Japan and South Korea hitting record highs.
Oil prices eased as expectations of peace in the Middle East and a possible reopening of the Strait of Hormuz reduced supply risk concerns.
The US dollar strengthened against major currencies and hovered near a 13-month high after a hawkish Federal Reserve outlook. The Japanese yen weakened to near a two-year low.
Oil tankers resumed transit through the Strait of Hormuz after the United States partially lifted sanctions on Iran and implemented a temporary agreement aimed at ending months of conflict.
Brent crude fell 1 percent to $79.03 per barrel and posted a weekly decline of 9.5 percent.
Japan’s Nikkei Index rose 0.8 percent and closed at a record high for the fifth consecutive session, gaining 8.5 percent on the week.
South Korea’s market climbed 3.1 percent, marking a strong weekly gain of 15.3 percent.
Markets in China, Hong Kong, and Taiwan remained closed due to public holidays.
