KARACHI — The Pakistan Stock Exchange (PSX) recorded a sharp rebound on Friday as investor sentiment improved following news that Pakistan and Afghanistan agreed to resume peace talks and extend a ceasefire.
At 2:40pm, the benchmark KSE-100 Index was trading at 160,394.47, up by 3,661.60 points or 2.34% during the second half of the session.
Buying activity was observed across major sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies, power generation, and refineries. Index-heavy stocks such as HUBCO, MARI, OGDC, PPL, POL, PSO, SSGC, and SNGPL traded in positive territory.
According to JS Global, buying interest returned as sentiment improved after Pakistan and the Afghan regime agreed to extend the ceasefire during recent talks in Istanbul. The firm noted that while optimism was high, some corporate results remained below expectations.
Turkey’s foreign ministry confirmed late Thursday that both countries agreed to maintain a ceasefire until November 6 and resume peace talks in Istanbul on the same date. Turkey and Qatar have been jointly mediating between the two sides following recent border clashes.
On Thursday, the PSX had extended its losing streak, with the KSE-100 Index falling by 1,732.19 points, or 1.09%, to close at 156,732.87.
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