Pakistan stock market rebounds after three-day decline

Pakistan stocks experienced a positive turnaround on Thursday, marking a recovery following three consecutive negative sessions.

The market turned bullish amid speculations ahead of major earnings announcements scheduled for next week.

Contributing to the surge, proposals from the International Monetary Fund (IMF) to ease the gas circular debt issue, stabilize the rupee, and commitments from a U.S. investor delegation played a catalytic role in lifting the Pakistan Stock Exchange (PSX).

The uptick was primarily fueled by strong performances from Mari Petroleum, Bank Al Habib, Lucky Cement, PSO, and HUBCO, which collectively added 923 points to the index.

KSE-100 index gained 1.54% or 1,719.04 points to close at 113,206.40 points.

On Thursday, the Indian benchmark indices continued their upward trajectory for the third consecutive session, buoyed by gains in financial and oil & gas stocks.

However, IT and auto stocks applied downward pressure. Investors are now eagerly anticipating the Union Budget 2025, which is expected to influence the market's future direction.

BSE-100 index gained 0.34% or 81.41 points to close at 24,339.30 points.

DFM General Index gained 0.5% or 25.62 points to close at 5,154.97 points.

Commodities

Oil prices remained stable on Thursday amid concerns over potential tariffs by U.S. President Donald Trump on Mexico and Canada, the top suppliers of crude to the U.S., and an upcoming OPEC+ meeting.

U.S. crude stockpiles rose by 3.46 million barrels last week, close to the 3.19 million barrel increase predicted by analysts, as demand was impacted by winter storms.

Additionally, Russia’s crude exports from western ports in February are expected to drop by 8% compared to January as Moscow increases refining.

Brent crude prices gained 0.03% to $76.6 per barrel.

Gold prices rose on Thursday after falling on Wednesday due to the Federal Reserve's decision on interest rates.

The main focus was Fed Chairman Jerome Powell's response to questions about President Trump's push for lower rates and borrowing costs.

International gold prices increased 0.92% reaching $2,778.38 per ounce.

Currency

US dollar steadied against PKR in the inter-bank market. Pakistani currency lost 10 paisas to 278.97. In the open market USD was trading at PKR 281.