Pakistan stocks saw a positive performance Thursday, driven by robust foreign corporate buying and significant gains in the cement sector.
Market sentiment was bolstered by heightened expectations of a 100 basis point interest rate cut in the upcoming Monetary Policy Committee (MPC) meeting.
Investors’ confidence was further strengthened by falling yields observed in the recent T-bill auction. The cement sector led the rally, contributing to the market’s overall buoyancy.
Analysts predict that the anticipated interest rate cut will continue to fuel positive market momentum in the days to come.
KSE-100 index gained 0.52% or 594.36 points to close at 114,037.79 points.
India’s benchmark indexes ended Thursday on a positive note, driven by gains in IT stocks due to optimism about increasing artificial intelligence (AI) spending in the U.S.
However, concerns about earnings moderation and U.S. tariffs limited the overall gains.
BSE-100 index surged 0.41% or 100.56 points to close at 24,383.66 points.
DFM General Index gained 0.34% or 17.73 points to close at 5,248.56 points.
Commodities
Oil prices remained stable on Thursday, continuing the previous day’s losses due to uncertainties surrounding U.S. President Donald Trump’s proposed tariffs and energy policies. These tariffs could negatively impact global oil demand growth.
Additionally, Trump has threatened new tariffs against Russia if they do not make a deal to end the war in Ukraine.
Brent crude prices surged 0.48% to $79.38 per barrel.
Gold prices remained stable on Thursday, close to three-month highs, as the U.S. dollar weakened after President Donald Trump delayed implementing tariffs at the start of his second term.
Gold saw three consecutive days of gains this week due to increased safe-haven demand amid uncertainty over Trump’s policies, which are expected to raise inflation. Gold is considered a hedge against inflation.
International gold prices decreased 0.21% reaching $2,752.67 per ounce.
Currency
US dollar eased against PKR in the inter-bank market. Pakistani currency gained 13 paisas to 278.72. In the open market USD was trading at PKR 281.
