Bullish momentum prevailed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 600 points during the opening hours of trading on Monday.
At 9:50am, the benchmark index was hovering at 122,739.07 level, an increase of 595.51 points or 0.49%.
Buying interest was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, MARI, OGDC, PPL, POL, FFC, UBL and MCB traded in the green.
During the previous week, the PSX navigated through a volatile week, where a historic market rally driven by budget optimism and monetary easing hopes was swiftly overshadowed by rising geopolitical tensions in the Middle East, forcing investors to lock in profits and adopt a cautious stance.
The trading week began on a promising note, with the market welcoming the unveiling of the Rs17.3 trillion federal budget for FY26. The government refrained from introducing any adverse fiscal measures for the capital markets, and in fact, Capital Gains Tax (CGT) provisions turned out better than expected. This encouraged mutual funds and institutional investors to divert funds towards equities.
The KSE-100 Index settled at 122,144 points, reflecting a modest 0.4% week-on-week gain, or 502 points.
Internationally, Asian markets kept their nerve on Monday and oil prices climbed anew as the conflict between Israel and Iran showed no sign of cooling, adding geopolitical uncertainty to the world’s economic troubles in a week packed with central bank meetings.
Yet there was no sign of panic among investors with currency markets calm and Wall Street stock futures steadying after an early dip.
Oil did add 1% to last week’s 13% surge in an inflationary pulse that, if sustained, should make the Federal Reserve even less likely to cut interest rates when it meets on Wednesday.
Futures imply almost no chance of a reduction in the 4.25% to 4.5% rate band, and scant prospect of a move in July either. Markets will be particularly sensitive to any change in the Fed’s “dot plot” path for rates.
Markets are still wagering on two easings by December, with a first move in September seen as most likely.
For now, investors were waiting on developments and MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%.
Japan’s Nikkei firmed 0.8% and South Korean stocks added 0.5%.
Chinese blue chips added 0.1% as data showed retail sales rose 6.4% in May to handily top forecasts, while industrial output was in line with expectations.
S&P 500 futures rose 0.1% and Nasdaq futures gained 0.2%, recovering from an early dip.
This is an intra-day update
Bullish momentum prevailed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 600 points during the opening hours of trading on Monday.
At 9:50am, the benchmark index was hovering at 122,739.07 level, an increase of 595.51 points or 0.49%.
Buying interest was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, MARI, OGDC, PPL, POL, FFC, UBL and MCB traded in the green.
During the previous week, the PSX navigated through a volatile week, where a historic market rally driven by budget optimism and monetary easing hopes was swiftly overshadowed by rising geopolitical tensions in the Middle East, forcing investors to lock in profits and adopt a cautious stance.
The trading week began on a promising note, with the market welcoming the unveiling of the Rs17.3 trillion federal budget for FY26. The government refrained from introducing any adverse fiscal measures for the capital markets, and in fact, Capital Gains Tax (CGT) provisions turned out better than expected. This encouraged mutual funds and institutional investors to divert funds towards equities.
The KSE-100 Index settled at 122,144 points, reflecting a modest 0.4% week-on-week gain, or 502 points.
Internationally, Asian markets kept their nerve on Monday and oil prices climbed anew as the conflict between Israel and Iran showed no sign of cooling, adding geopolitical uncertainty to the world’s economic troubles in a week packed with central bank meetings.
Yet there was no sign of panic among investors with currency markets calm and Wall Street stock futures steadying after an early dip.
Oil did add 1% to last week’s 13% surge in an inflationary pulse that, if sustained, should make the Federal Reserve even less likely to cut interest rates when it meets on Wednesday.
Futures imply almost no chance of a reduction in the 4.25% to 4.5% rate band, and scant prospect of a move in July either. Markets will be particularly sensitive to any change in the Fed’s “dot plot” path for rates.
Markets are still wagering on two easings by December, with a first move in September seen as most likely.
For now, investors were waiting on developments and MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%.
Japan’s Nikkei firmed 0.8% and South Korean stocks added 0.5%.
Chinese blue chips added 0.1% as data showed retail sales rose 6.4% in May to handily top forecasts, while industrial output was in line with expectations.
S&P 500 futures rose 0.1% and Nasdaq futures gained 0.2%, recovering from an early dip.
This is an intra-day update
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