The stock market rose on Friday as risk appetite improved following reports that Pakistan and Afghanistan agreed to uphold a ceasefire, while earnings-season speculation added further momentum.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed to an intraday high of 159,804.97, gaining 3,072.10 points, or 1.96%, and recorded a low of 158,195.54, reflecting a gain of 1,462.67 points, or 0.93%.
“Bullish activity witnessed after reports of Pak Afghan agree to maintain ceasefire in the cross border conflict. Speculations in the earnings season played a catalyst role in bullish activity at PSX,” said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities.
Turkey’s foreign ministry confirmed late Thursday that Pakistan and the Afghan Taliban regime agreed to uphold a ceasefire following a fresh round of talks in Istanbul. It added that meetings held in Istanbul from October 25–30 aimed to solidify the ceasefire first agreed in Doha on October 18–19.
Separately, the State Bank of Pakistan said foreign exchange reserves held by the central bank rose by $16 million to $14.471 billion during the week ended October 24.
Total liquid foreign reserves fell to $19.687 billion from $19.853 billion a week earlier as commercial-bank reserves decreased to $5.216 billion from $5.398 billion. The SBP expects its reserves to reach $17.8 billion by the end of this fiscal year.
On Thursday, the market extended losses, shedding 1,732.19 points, or 1.09%, to close at 156,732.87 against 158,465.06 a day earlier.
During that session, the index climbed to an intraday high of 159,507.41, gaining 1,042.36 points, or 0.66%, before dropping to a low of 156,327.60, reflecting a decline of 2,137.45 points, or 1.35%.
