PSX Surges on Key Sector Buying Spree

The Pakistan Stock Exchange (PSX) witnessed a positive turnaround as the benchmark KSE-100 Index surged by 1.76% on Friday, closing at 71,902.09. This rebound followed days of selling pressure, with the index starting the session on a strong note and maintaining momentum throughout the day. The bullish sentiment was fueled by across-the-board buying in key sectors such as automobile assemblers, cement, commercial banks, and oil and gas exploration companies. Notable stocks like OGDC, PPL, and PSO traded in the green, contributing to the index's upward trajectory.

One of the significant developments driving market optimism was the interest shown by potential buyers, including Arif Habib and Gerry’s Group, in acquiring a majority stake in Pakistan International Airlines (PIA). The government's decision to privatize the struggling airline as part of IMF-mandated reforms signals a commitment to economic restructuring despite potential challenges.

Internationally, Asian stocks rallied on Friday, buoyed by Apple's massive share buyback plan. The Asian markets responded positively, with MSCI's index of Asia-Pacific shares outside Japan rising by 1.5%. Meanwhile, the Pakistani rupee saw a slight improvement against the US dollar, closing at 278.21 in the inter-bank market.

Overall, the PSX's resurgence, coupled with global market trends and currency movements, reflects a mix of local and international factors influencing investor sentiment. As Pakistan navigates economic reforms and engages in bilateral trade discussions, market participants remain cautiously optimistic about the future outlook.