Buying activity made a comeback at the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index surging by more than 1,100 points during intra-day trading.
By 12:10 pm, the KSE-100 stood at 117,161.26 points, up 1,141.16 points, or 0.98%, compared to the previous day’s close.
The previous session, on Wednesday, had seen a negative trend, with the KSE-100 Index dropping by 755.40 points, or 0.65%.
A significant development came with Kuwait extending its oil credit facility to Pakistan for another two years. The confirmation came from Kuwait’s Ambassador to Pakistan, during a meeting with Pakistan’s Petroleum Minister Ali Pervaiz Malik in Islamabad, as reported by the Petroleum Division on Wednesday.
In corporate news, United Bank Limited (UBL), one of Pakistan’s largest commercial banks, announced a remarkable profit of Rs36.11 billion after-tax (PAT) for the quarter ending March 31, 2025. This represents a massive 124% increase from Rs16.14 billion PAT in the same period last year. The bank also reported earnings per share (EPS) of Rs29.34 for Q1 2025, up from Rs13.05 in Q1 2024.
Meanwhile, Asian stock markets showed mixed movement on Thursday after U.S. Federal Reserve Chairman Jerome Powell warned that economic growth could slow and inflation could rise due to tariffs. This, along with uncertainty surrounding U.S. trade policies, kept the U.S. dollar near three-year lows.
Technology stocks continued to dominate market attention following a rough session on Wednesday, with negative updates from major players like Nvidia and ASML. The market was also awaiting earnings reports from Taiwan Semiconductor Manufacturing Company (TSMC).
Gold prices remained strong, hitting new record highs during Thursday’s early trading. Powell’s comments about slowing U.S. economic growth also contributed to a decline in Treasury yields.
Stock markets in Asia were cautious in early trading, with the U.S. market having closed sharply lower the previous day. South Korea’s benchmark index rose by 0.4%, while Taiwan’s fell by 0.5%. Japan’s Nikkei gained 0.7%, and the yen weakened as Japan began direct talks with the U.S., with President Donald Trump declaring significant progress in the negotiations.
Elsewhere, Powell noted that the Federal Reserve would hold off on making any interest rate changes until more data was available on the economy’s future direction.
This report was compiled during intra-day trading before market closure.
