The Pakistan Stock Exchange (PSX) witnessed a significant surge in share prices on Friday, a day after it witnessed a bloodbath due to geopolitical tensions.
Till Juma prayers break, the PSX’s benchmark KSE-100 index gained 2,613 points, reaching 184,951.80 points or 1.41 percent.
Out of 564 active companies in the ready market, 320 advanced,136 declined, while 108 remained unchanged.
The positive momentum comes as regional tensions eased after US President Donald Trump said he hoped to avoid military action against Iran, which has threatened to strike American bases and aircraft carriers in response to any attack.
Trump said he is speaking with Iran and left open the possibility of avoiding a military operation after earlier warning that time was “running out” for Tehran as the United States sends a large naval fleet to the region.
When asked if he would have talks with Iran, Trump told reporters: “I have had, and I am planning on it.”
On Thursday, KSE-100 Index had witnessed bearish trend and closed sharply lower, shedding 6,042.27 points, a decline of 3.21 percent, to close at 182,338.12 points.
During the session, the ready market recorded a trading volume of 933.099 million shares with a traded value of Rs 66.413 billion, against 953.917 million shares valuing Rs 48.878 billion in the previous session.
Market capitalization declined to Rs 20.618 trillion from Rs 21.186 trillion a day earlier.
K-Electric Limited topped the volume chart with 104.157 million shares, followed by WorldCall Telecom with 48.363 million shares and Bank of Punjab with 31.347 million shares.
The top gainers included Gillette Pakistan Limited, which rose by Rs 49.52 to close at Rs 544.76, and Blessed Textiles Limited, which gained Rs 46.09 to settle at Rs 506.96.
On the losing side, PIA Holding Company Limited (B) declined by Rs 539.87 to close at Rs 20,039.25, while Unilever Pakistan Foods Limited fell by Rs 435.17 to close at Rs 27,345.83.
30.234 billion, compared to 598.304 million shares worth Rs 37.778 billion in the previous session.
Out of 318 futures-market companies, 21 recorded gains, while 297 declined.