A volatile session was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 450 points during trading on Monday.
At 12:05pm, the benchmark index was hovering at 111,615.69 level, a decrease of 469.60 points or 0.42%.
Selling was witnessed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including PRL, NRL, PSO, SHEL, SNGPL, MARI, OGDC, PPL, HBL, MCB, MEBL and NBP traded in the red.
This dip followed a bullish run last week, during which the PSX saw strong buying interest on the back of fresh buying mainly by local investors coupled with institutional support. The benchmark KSE-100 index surged by 1,762.36 points on a week-on-week basis and closed at 112,085.30 points.
Internationally, Asia share markets crept higher on Monday as Hong Kong’s tech sector stole the limelight, while upbeat Japanese economic growth contrasted with a weak US retail sales report to lift the yen on the US dollar.
Geopolitics remained in focus with reports that talks on the Russian-Ukraine conflict will begin in Saudi Arabia this week, though the participants are not entirely clear.
The imminent threat of reciprocal US tariffs has receded until April, but the risk that they might include levies based on value-added taxes in other countries was a major worry.
The Financial Times reported on Sunday that the European Commission would explore tough import limits on certain foods made to different standards to protect its farmers, echoing President Donald Trump’s reciprocal trade policy.
For now, investors were just relieved that major tariffs had not already been introduced and MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.3%.
Tokyo’s Nikkei edged up 0.1% after Japan reported surprisingly strong economic growth of an annualised 2.8% for the fourth quarter. The gains were limited by a further rise in the yen to 151.80 per dollar.
South Korean shares added 0.8% and Taiwan’s rallied 1.2%.
This is an intra-day update
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