Profit-taking at bourse, KSE-100 down nearly 300 points
The stock market opened on a positive note, pushing the benchmark index to an intraday high of 139,867.82.
However, selling pressure soon emerged, and by 2:30pm, the KSE-100 Index was hovering at 138,959.41 level, a decrease of 294.94 points or 0.21%.
On Wednesday, PSX came under mild pressure as investors opted for profit-taking. Investors appeared to reassess the sustainability of the recent bullish momentum, leading to a measured pullback in key sectors.
The benchmark KSE-100 Index shed 165.26 points or 0.12%, settling at 139,254.36 points.
Globally, shares in Asia rallied and the Australian dollar hit an eight-month high on Thursday as optimism over earnings and trade supported demand for higher-yielding assets.
Tokyo's broad Topix gauge of shares hit an all-time high, following new records on Wall Street overnight, after a trade pact between Japan and the US stoked speculation more deals would appear soon to head off sweeping tariffs. Nasdaq and S&P futures rose after results by Google parent Alphabet beat estimates to kick off the 'Magnificent Seven' earnings season.
The US has also reached deals with the Philippines and Indonesia, and an agreement with the European Union is also expected.
The EU and US are closing in on a trade deal that would impose 15% tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Meanwhile, Treasury Secretary Scott Bessent said US and Chinese officials will meet in Stockholm next week.
Results from Magnificent Seven members, whose results have powered indexes to previous peaks, are in the spotlight for guidance on spending and returns surrounding artificial intelligence (AI).
Alphabet strongly beat estimates and cited massive demand for its cloud computing services as it hiked its capital spending plans. But electric car maker Tesla posted its worst quarterly sales decline in more than a decade and profit that trailed analyst targets.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%. Japan's Topix surged for a second day, rising 1.4% to surpass its previous all-time high reached last year.
This is an intra-day update
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