The Pakistan stock market kicked off the week on a positive note, with the benchmark KSE-100 Index gaining over 200 points during the opening minutes of trading on Monday.
At 9:35am, the benchmark index was hovering at 162,333.36, an increase of 230.44 points or 0.14%.
Buying interest was observed in key sectors, including cement, commercial banks, OMCs, power generation and refinery. Index-heavy stocks, including HUBCO, PPL, PSO, SNGPL, SSGC, HBL and MCB, traded in the green.
During the previous week, the KSE-100 Index largely held its ground despite sharp fluctuations in macroeconomic indicators and a significant rise in trading activity. The benchmark closed the week at 162,102.92 points, reflecting a nominal gain of 0.1%.
The muted index performance came even as investor participation surged, suggesting a market in consolidation amid heavy turnover.
Global stocks began an event-filled week on the front foot on Monday, as investors took heart from growing expectations of a Federal Reserve rate cut in December even as policymakers remain divided over such a move.
Markets were gearing up for potential catalysts, including the release of U.S. retail sales and producer prices data due later in the week, while British finance minister Rachel Reeves is also set to unveil her highly anticipated budget.
Geopolitical developments were also front and centre of trading rooms, after the United States and Ukraine said they had created an “updated and refined peace framework” to end the war with Russia, keeping pressure on oil prices on hopes of a potential supply boost.
After a rough ride for global equity markets last week driven in part by worries over lofty tech valuations, Monday’s session in Asia gave stocks some much-needed reprieve.
Trading was thinned with Japan markets closed for a holiday, but MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4% and South Korea’s tech-heavy Kospi index was up 0.7%.
Nasdaq futures and S&P 500 futures rose 0.64% and 0.45%, respectively, while EUROSTOXX 50 futures advanced 0.78%.
This is an intra-day update
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