Bullish momentum was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 1,200 points during the intra-day trading on Monday.
At 2pm, the benchmark index was hovering at the 111,535.16 level, an increase of 1,212.23 points or 1.1%.
Buying was observed in key sectors including power generation, OMCs, fertilizer and automobile assemblers. Index-heavy stocks including INDU, HBL, EFERT, PSO, SHELL, NRL, PRL and HUBCO traded in the green.
“Many stocks have reached attractive levels and there could be some fresh buying at these levels. Nonetheless, the near-term market may continue to grapple with low liquidity,” Intermarket Securities in a note on Monday.
“The next International Monetary Fund (IMF) Review remains a key milestone to cross and may revive investor sentiment,” it added.
During the previous week, PSX remained under severe selling pressure and closed in deep red with heavy losses. The benchmark KSE-100 index plunged by 3,932.79 points on a week-on-week basis and closed at 110,332.94 points.
Internationally, Asian shares dithered and the US dollar edged higher on Monday after US President Donald Trump warned more tariffs were imminent including on steel and aluminium, an inflationary move that could limit the scope for rate cuts.
Speaking to reporters on Air Force One, Trump said he would announce on Monday 25% tariffs on all steel and aluminium imports into the US, and reveal other reciprocal tariffs on Tuesday or Wednesday.
China’s retaliatory tariffs on some US exports are due to take effect on Monday, with no sign as yet of progress between Beijing and Washington.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1%, while Japan’s Nikkei went flat.
South Korea’s main index fell 0.2%, led by losses in steel makers.
Chinese blue chips were little changed, with worries about deflation soothed by data showing consumer inflation accelerated to its fastest in five months in January.
This is an intra-day update
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