A volatile trading session was observed at the Pakistan Stock Exchange (PSX) as investors closely monitored geopolitical developments, with the benchmark KSE-100 ending the week up by nearly 1,500 points on Friday.
The session started on a slightly weak note, with the benchmark index dipping early and touching the intraday low of 166,380.71.
The real shift came in the second half of the trading session, where strong buying momentum kicked in. The reversal in trend came amid reports that the Iranian delegation led by Foreign Minister Abbas Araghchi is expected to arrive in Islamabad tonight.
At close, the benchmark index settled at 170,672.04, up by 1,498.67 points or 0.89%. In a key development, Pakistan completed the repayment of $3.45 billion to the United Arab Emirates (UAE), the central bank confirmed on Friday.
Internationally, Asia shares struggled on Friday, and oil prices resumed their rise, as a shaky ceasefire in the Middle East war and stalled US-Iran peace talks gave investors little to cheer. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3% and was set to end the week with a 0.8% gain, while Japan’s Nikkei added 0.45% and stocks in South Korea, China and Hong Kong fell.
Nasdaq futures and S&P 500 futures advanced 0.6% and 0.1%, respectively, after closing lower in the cash session overnight, while EUROSTOXX 50 futures were down 0.65% and FTSE futures fell 0.9%.
The mixed showing underscored the tense market mood as investors this week seesawed between hope for an imminent end to the war and fear that it might not come soon.