Summary
- The rally pushed the index above the 175,000 mark for the first time since September 1, as falling global oil prices boosted investor confidence and encouraged widespread buying.
- The prospect of reduced geopolitical risks helped improve global investor sentiment and encouraged buying in the local equity market.
- Together, these companies contributed approximately 1,981 points to the KSE-100 Index.
The Pakistan Stock Exchange (PSX) extended its winning streak on Thursday, with the benchmark KSE-100 Index gaining 3,365 points, or nearly 2%, to settle at 175,380. The rally pushed the index above the 175,000 mark for the first time since September 1, as falling global oil prices boosted investor confidence and encouraged widespread buying.
The market maintained its upward momentum from the opening bell, supported by a steep decline in international crude prices following the Democrats’ strong performance in the US midterm elections.
West Texas Intermediate (WTI) crude dropped below $87 per barrel, while Brent crude fell to around $96 per barrel from the previous session’s $102, representing a decline of more than 8%, according to Ali Najib, Deputy Head of Trading at Arif Habib Ltd.
Meanwhile, the Democrats’ sweeping electoral gains raised hopes of a possible easing of tensions in the Middle East. The prospect of reduced geopolitical risks helped improve global investor sentiment and encouraged buying in the local equity market.
Among individual stocks, UBL, LUCK, MEBL, SYS, ENGROH, BAHL, HBL, HUBC, OGDC and PPL led the advance. Together, these companies contributed approximately 1,981 points to the KSE-100 Index.
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