The Pakistan Stock Exchange (PSX) maintained its bullish momentum, propelled by a global market rally following a US court’s decision to block President Donald Trump’s tariffs. In the early hours of trading on Thursday, the benchmark KSE-100 Index surged by over 1,200 points.

By 10:50am, the index had reached 119,239.74, marking a gain of 906.84 points, or 0.77%. Broad-based buying was observed across key sectors, including automobile assembly, cement, commercial banks, oil and gas exploration, OMCs, and power generation.

Major stocks such as HUBCO, MARI, OGDC, PPL, SNGPL, SSGC, MCB, MEBL, and NBP all traded in the green.

On Tuesday, the PSX had shown a slight recovery amid pre-budget speculation and expectations of a real estate package in the federal budget, with the index gaining 112 points, or 0.09%, to settle at 118,333 points. The market was closed on Wednesday in observance of Youm-e-Takbeer.

Globally, Asian shares and Wall Street futures saw a boost on Thursday following the ruling by a Manhattan-based Court of International Trade, which determined that Trump overstepped his authority with his proposed tariffs on imports. The dollar strengthened against safe-haven currencies as a result.

The White House has appealed the decision and may take it to the Supreme Court, but for now, investors are optimistic that Trump might reconsider the high tariff levels he had threatened.

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This optimism was reflected in the markets, with Japan’s Nikkei rising 1.7% and South Korean shares climbing 1.2% to a nine-month high.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.3%, while Chinese blue chips gained 0.5%. The positive impact extended worldwide, with EUROSTOXX 50 futures up 1.1%, FTSE futures rising 0.7%, and DAX futures increasing by 0.9%.

In the US, S&P 500 futures climbed 1.6%, and Nasdaq futures rose 1.9%, bolstered by strong earnings from Nvidia, which exceeded sales estimates and projected robust revenues for the upcoming quarter, leading to a 4.4% increase in its shares after hours.