Strong buying momentum was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 2,000 points during intra-day trading on Monday.
At 1:05pm, the benchmark index was hovering at 163,614.76, an increase of 1,983.03 points or 1.23%.
Buying interest was seen in key sectors including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including HUBCO, ARL, MARI, OGDC, PPL, POL, HB, MEBL and NBP, traded in the green.
The stock market ended last week on a subdued note after a volatile trading period dominated by geopolitical concerns, profit-taking, and corporate earnings announcements. The benchmark KSE-100 Index declined by 1.03% week-on-week, closing at 161,631.73 points.
Internationally, Asian stocks rose on Monday as the US-China trade truce and soaring spending on artificial intelligence kept risk sentiment aloft, while the dollar held near a three-month high after hawkish comments from Federal Reserve policymakers.
Investors are still focused on developments from last week, including central bank meetings and the US-China agreement on a year-long trade truce that was within broad expectations. But doubts remain if the truce will last for the full duration.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.35% higher at 727.82, hovering near the 4-1/2-year high it touched last week. The index is up more than 27% this year, on course for its best year since 2017.
China’s blue-chip stocks eased 0.6% after data showed China’s factory activity in October expanded at a slower pace than in September as new orders and output both waned amid tariff anxiety. Hong Kong’s Hang Seng Index was 0.3% higher.
Japan markets are closed for a holiday with no cash Treasuries trading, resulting in muted activity during Asian hours.
Nasdaq futures were 0.25% higher, while European futures also pointed to higher open.
This is an intra-day update
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