Strong momentum was observed at the Pakistan Stock Exchange (PSX) amid ease in tensions between Pakistan and Afghanistan, with the benchmark KSE-100 Index gaining over 1,400 points during the opening minutes of trading on Monday.
At 9:35am, the benchmark index was hovering at 165,218.30, an increase of 1,412.09 points or 0.86%.
Buying interest was observed in key sectors including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, OGDC, PPL, PSO, SSGC, SNGPL, HBL, NBP and UBL, traded in the green.
Pakistan and Afghanistan reached an immediate ceasefire agreement following high-level negotiations held in Doha, Qatar, where both countries agreed to respect each other’s sovereignty and territorial integrity, Defence Minister Khawaja Asif said on Sunday.
A follow-up meeting is scheduled for October 25 in Istanbul, Türkiye, where delegations from both nations will engage in further discussions to address remaining issues and finalise a monitoring mechanism.
During the previous week, the PSX witnessed a rollercoaster ride marked by political uncertainty, border tensions, and renewed investor optimism following Pakistan’s staff-level agreement with the International Monetary Fund (IMF).
The KSE-100 Index opened at 163,098.19 points and, after a series of volatile sessions, closed at 163,806.22 points, trimming most of its losses, reflecting a weekly gain of 708.03 points, which was 0.4%.
Globally, a jump in the Nikkei led Asian markets higher on Monday as
Japan looked close to installing a new prime minister, while a reading on US inflation this week is expected to be no more than a speed bump on the way to further rate cuts there.
Data showed China’s economy grew 1.1% in the third quarter, to top forecasts, while industrial output also beat with a rise of 6.5%, which could reinforce Beijing’s determination to fight a lengthy trade war with the United States.
But on an annual basis, its 4.8% growth marked the weakest pace in a year.
Shares in South Korea added 1.0%, while MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 1.3%.
Chinese blue chips gained 1.0%, having lost ground last week.
This is an intra-day update
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