The Pakistan Stock Exchange (PSX) extended its upward movement for a second consecutive trading session on Thursday, as the benchmark KSE-100 Index gained 768.65 points amid buying across several major sectors. The market closed at 166,186.16 points, rising 0.46% from the previous session’s closing level of 165,417.51 points. The continued advance followed a recovery on Wednesday, indicating renewed buying interest among investors despite uncertainty in international markets and the absence of major fresh triggers.
Trading began on a positive note, with the benchmark index gaining more than 550 points during the opening minutes. The upward trend continued through the morning, taking the KSE-100 Index to an intraday high of 166,877.01 points by around 1:15 pm. At that level, the index was up 1,459.50 points from the previous close. However, the market surrendered part of its gains before the end of the session, eventually settling 768.65 points higher. The closing performance kept the index in positive territory for a second straight day, although the reduction from its intraday peak showed that some investors booked profits as trading progressed.
Buying activity was spread across several important sectors of the Pakistan stock market, including automobile assemblers, commercial banks, oil and gas exploration companies, oil marketing companies and power generation firms. Activity in these sectors helped support the benchmark index and contributed to the session’s overall positive performance. The participation of banking and energy-related stocks was particularly relevant as these sectors carry significant weight in market movements. The latest advance also reflected a continuation of the buying interest that emerged during the previous trading session, when refinery and other energy-related shares helped lift the market.
On Wednesday, the KSE-100 Index had gained 641.07 points, or 0.39%, to close at 165,417.51 points. Pakistan Refinery Limited was among the companies attracting investor attention during that session. The two consecutive advances followed a period in which geopolitical uncertainty and limited new market developments had weighed on investor confidence. Thursday’s performance added to the previous session’s recovery, though the index’s retreat from its intraday high indicated that the market remained subject to changing investor expectations and profit-taking during the day.
The local market’s gains came as international equities faced significant pressure, particularly across Asian technology stocks. Investors reacted to concerns about rising borrowing costs and the amount of debt being used to finance artificial intelligence infrastructure investments. These concerns followed further losses on Wall Street and contributed to a broad selloff across several major Asian markets. South Korea’s KOSPI fell by more than 8%, while Japan’s Nikkei 225 declined 5.4%. The MSCI index tracking Asia-Pacific shares outside Japan dropped 3.4%, extending its losing streak to four consecutive sessions.
Technology companies and semiconductor manufacturers recorded some of the steepest declines. Samsung Electronics fell 9.9%, while memory chipmakers SK Hynix and Kioxia Holdings each lost more than 11%. Japan’s SoftBank Group declined by over 9%, and Taiwan Semiconductor Manufacturing Company fell 2%. The weakness followed another difficult session on Wall Street, where the S&P 500 dropped 1.1% and the Nasdaq Composite declined 1.9% on Wednesday. Semiconductor shares also extended their losses for a sixth consecutive session, highlighting continued pressure on technology stocks amid concerns over valuations, financing costs and investment spending.
European equity futures also pointed to a weaker opening, with pan-European futures declining 0.9% and Germany’s DAX futures falling 0.6%. Meanwhile, international oil prices moved lower on Thursday. Brent crude futures declined $2.28, or 2.2%, to $103.78 per barrel, while United States West Texas Intermediate crude futures fell $1.34, or 1.4%, to $93.75 per barrel by 0729 GMT. Expectations that the United States could take steps to ease restrictions on Russian shadow fleet tankers helped reduce some price concerns. However, attacks on ships in the Middle East and Ukrainian strikes on Russian energy infrastructure limited the decline in oil prices.
The contrasting performance between Pakistan’s equities and major overseas markets placed the local index’s advance against a challenging international backdrop. While the KSE-100 benefited from buying in banking, automobile, energy and power stocks, overseas investors remained concerned about technology valuations, borrowing costs and geopolitical developments affecting commodities. The next direction of the Pakistan Stock Exchange will depend on whether buying interest continues across key sectors and how investors respond to domestic economic developments and changes in global financial conditions.
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