PSX: Buying continues, KSE-100 up over 200 points
Buying interest was observed at the Pakistan Stock Exchange (PSX) on Monday, with the benchmark KSE-100 Index gaining over 200 points during the opening minutes of trading. At 10am, the benchmark index was hovering at 171,103.30, up 218.72 points or 0.13%. Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and…
On Monday, the Pakistan Stock Exchange (PSX) recorded buying interest, as evidenced by the KSE-100 Index surging over 200 points during the opening minutes of trading. By 10am, the benchmark index stood at 171,103.30, marking a gain of 218.72 points or 0.13%. This buying activity was particularly evident in sectors like automobile assemblers, cement, commercial banks, oil and gas exploration, OMCs, and refineries, among others.
Index-linked stocks such as HUBCO, MARI, OGDC, PPL, POL, PSO, SSGC, NBP, and UBL were among those trading in the green. In the preceding week, the PSX experienced notable volatility, with the benchmark index fluctuating within a tight range despite significant changes in investor sentiment. Geopolitical tensions between the United States and Iran, concerns over regional energy supplies, and a sharp rise in global and domestic oil prices contributed to a cautious investor sentiment, preventing substantial gains.
The KSE-100 Index advanced a mere 372.73 points, or 0.22% week-on-week, to 170,884.59 points. Globally, stock markets exhibited a positive trend on Monday, with AI-driven demand for data supporting chipmakers and an increase in Middle East oil exports, which helped curb oil prices. Japan’s Nikkei futures rose 0.5%, while South Korea’s tech-heavy index gained 1.5%.
The MSCI Asia-Pacific index outside Japan increased by 0.8%, and Chinese blue-chip stocks gained 0.6%. Similarly, S&P 500 and Nasdaq futures rose by 0.4% and 0.6%, respectively. In Europe, EUROSTOXX 50 and DAX futures also climbed by 0.4%, while FTSE futures saw a 0.2% increase. Bond markets remained tense following a sharp sell-off that pushed US 2-year yields to a 36-basis-point level in less than two weeks, reaching 4.7604%.
Elevated Federal Reserve rates and their potential continuation into October have led to expectations of a 56% chance of a further rate hike.
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