PSX opens bullish, KSE-100 reclaims 180K on easing geopolitical fears

KARACHI (Staff Report): The Pakistan Stock Exchange (PSX) opened positive on Thursday, with the benchmark KSE-100 gaining 445 points at the open to start at 179,528 points.

The bullish momentum accelerated in early trade. According to market data, the index rose to 180,122.86 points, up 1,039.06 points or 0.58%, touching an intra-day high of 180,310.44 points. The day’s low remained at 179,528.52, the opening level.

The rally came after Wednesday’s consolidation, when the index closed 251.44 points lower at 179,083.80 after briefly crossing 180,000, as investors booked profits after a sharp run.

Market sentiment was supported by easing geopolitical fears on the global front. In Abu Dhabi, Russia and Ukraine agreed to a major prisoner exchange during two days of peace talks, raising hopes of de-escalation in the three-year conflict.

Oil markets also eased. OPEC+ oil output in October neared pre-Iran war rates, signaling improved supply, while the American Petroleum Institute (API) reported a rise in weekly US crude and fuel inventories, both factors capping crude prices and easing inflation worries for oil-importing economies like Pakistan.

At the PSX, buying was seen in banks, cement and energy stocks. Analysts said the 180,000 level is a key psychological barrier, with technical upside seen toward 182,500 and support around 174,000-176,000.

Volume remained healthy with broader market breadth positive, suggesting sustained investor confidence despite chances of intra-day profit-taking near record highs. (Agencies)