KSE-100 closes over 800 points lower on late-session selling
The Pakistan Stock Exchange (PSX) witnessed a volatile session on Monday, with the KSE-100 Index witnessing a bullish momentum in the first half but closing the day lower by over 800 points on late-session selling.
The KSE-100 started the session positive, hitting an intra-day high of 120,590.77.
However, selling pressure in the final hours pushed the index to an intra-day low of 118,672.84.
At close, the benchmark index settled at 118,877.81, down by 813.29 points or 0.68%.
Earlier, buying was observed in key sectors including cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks PRL, HUBCO, PSO, SNGPL, MARI, OGDC, POL and PPL traded in the green.
During the previous week, the PSX saw a mild recovery last week ended on May 30, supported by improved economic policy clarity. However, gains remained limited as investors braced for potential tax-related announcements in the upcoming Federal Budget.
The benchmark KSE-100 Index closed at 119,691 points on Friday, recording a gain of 588 points or 0.49% on a week-on-week (WoW) basis, up from 119,102.67 points at the close of the previous.
Internationally, Asian share markets and the US dollar made a soft start on Monday as US-China trade tensions continued to simmer, while investors turned defensive ahead of key US jobs data and a widely expected cut in European interest rates.
There was little obvious reaction to President Donald Trump's threat late Friday to double tariffs on imported steel and aluminium to 50%, beginning on June 4, a sudden twist that drew the ire of European Union negotiators.
Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals.
Beijing then forcefully rejected Trump's trade criticism, suggesting a call might be some time coming.
White House officials also continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners.
Markets will be particularly interested to see if Trump goes ahead with the 50% tariff on Wednesday, or backs off as he has done so often before.
In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.4%, while Hong Kong dropped 2.5%.
South Korean stocks edged up 0.2% on hopes a snap presidential election on Tuesday would deliver a clear winner.
EUROSTOXX 50 futures dipped 0.2%, while FTSE futures and DAX futures were little changed.
S&P 500 futures eased 0.4% and Nasdaq futures lost 0.5%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
33 minutes ago
- Business Recorder
Wheat up 2-4 cents, corn up 1-3 cents, soy down 2-4 cents
CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Thursday: Wheat - Up 2 to 4 cents per bushel CBOT wheat rose amid concerns over escalating attacks between grain exporters Ukraine and Russia, analysts said. Russia said it will respond to Ukraine's latest attacks as and when its military sees fit. The U.S. Department of Agriculture reported net weekly export sales reductions of 49,100 metric tons for 2024-25 and net weekly export sales of 444,900 metric tons for 2025-26. Analysts had expected net cancellations of 200,000 metric tons to net sales of 100,000 metric tons for 2024-25. They expected net sales of 300,000 to 800,000 metric tons for 2025-26. CBOT July soft red winter wheat was last up 2-1/2 cents at $5.45-3/4 per bushel. K.C. July hard red winter wheat was last up 1/4 cent at $5.40-3/4 per bushel, and Minneapolis July spring wheat was up 1/4 cent at $6.24-3/4 per bushel. Wheat rises for 2nd session on Black Sea, China supply woes Corn - Up 1 to 3 cents Technical buying and U.S. export demand underpinned CBOT corn, analysts said. The USDA reported weekly U.S. export sales of 942,300 metric tons for 2024-25 and 160,100 metric tons for 2025-26. Analysts expected 775,000 to 1.4 million metric tons for 2024-25 and 20,000 to 250,000 metric tons for 2025-26. South Korean importers bought corn in international tenders, with some expected to be sourced from the U.S. Pacific Northwest, European traders said. CBOT July corn was last up 3 cents at $4.41-3/4 per bushel. Soybeans - Down 2 to 4 cents CBOT soybeans retreated with soyoil and soymeal. Concerns about Washington's trade war with China, the world's biggest soybean importer, hung over futures. Chinese President Xi Jinping held talks with U.S. President Donald Trump by phone, the official Xinhua news agency reported on Thursday. Weekly U.S. soybean export sales were 194,300 metric tons for 2024-25 and 3,500 metric tons for 2025-26, the USDA said. Analysts expected 100,000 to 500,000 metric tons for 2024-25 and zero to 100,000 metric tons for 2025-26. CBOT July soybeans were last down 3-1/4 cents at$10.41-3/4 per bushel.
Business Recorder
38 minutes ago
- Business Recorder
Apple gives Tata India iPhone repair business as partnership expands
BENGALURU: Apple has brought in Tata Group to handle repairs for iPhones and MacBook devices in its fast-growing Indian market, signalling the Indian conglomerate's deepening role in the U.S. tech giant's supply chain, two people familiar with the matter said. As Apple looks beyond China for manufacturing, Tata has fast emerged as its key supplier and already assembles iPhones for local and foreign markets at three facilities in south India, with one of them also making some iPhone components. In its latest partnership expansion, Tata is taking over the mandate from an Indian unit of Taiwan's Wistron, ICT Service Management Solutions, and will carry out such after-sales repairs from its Karnataka iPhone assembly campus, both sources said. The market for repairs is only going to boom in India, the world's second-biggest smartphone market, as iPhone sales skyrocket. Counterpoint Research estimates around 11 million iPhones were sold in India last year, giving Apple a 7% market share, compared to just 1% in 2020. Apple airlifts 600 tons of iPhones from India 'to beat' Trump tariffs, sources say The latest contract award signals Apple's growing confidence on Tata as it hopes to win more business from the world's most valuable smartphone company. 'Tata's deepening partnership with Apple could also pave the groundwork for Apple directly selling refurbished devices in India, like how it does in the United States currently,' said Prabhu Ram, a vice president at Cybermedia Research. The takeover from ICT by Tata is currently ongoing, both sources said, who declined to be named as they were not authorized to speak on the matter. Apple and Wistron did not respond to requests for comment, while a spokesperson for Tata declined to comment. While Apple's official service centres across India can do basic repairs, they would now ship phones and laptops to Tata's facility for more complex issues. Wistron's ICT however will continue to service other clients excluding Apple, one of the sources said. Amid an impending threat of U.S. President Donald Trump's tariffs on China, India is also emerging as a favoured destination for iPhone exports. Apple CEO Tim Cook has said the bulk of iPhones sold in the United States during June quarter will be made at factories in India.
Business Recorder
an hour ago
- Business Recorder
EU has existing tools to reduce pain of steel tariffs, Thyssenkrupp executive says
BRUSSELS: Europe already has tools to reduce the impact of Trump tariffs and Chinese over-capacity on the EU steel industry, such as stopping Russian imports of the metal, a Thyssenkrupp executive board member said on Thursday. The European Union banned steel imports from Russia after its invasion of Ukraine, with its shipments to be phased out incrementally. Stopping those completely is among the tools the bloc can use to help its steel industry weather Trump tariffs and a Chinese supply glut, Thyssenkrupp board member Ilse Henne said during a conference with EU trade chief Maros Sefcovic. 'There is still Russian steel coming into Europe. How much? Three to 4 million (tons a year),' Henne said. 'And it's very easy to stop that.' 'Security starts in making sure that industries survive today. And for the steel industry, that means simply applying a number of defense instruments that we already have.' Thyssenkrupp Steel Europe: US tariffs have limited impact but put pressure on trade The EU is also currently negotiating a trade agreement with India, with talks due to conclude by the end of this year. India's federal trade minister Piyush Goyal said in April India was trying to secure greater access for its steel exports to various markets, including the EU. Henne said Europe was 'at the edge' in its negotiations with India. 'There is a solution, or a high risk that Indians dump following the Chinese deals on the market,' she said. The EU already fears much of China's steel and aluminium production will be rerouted from the U.S. to flood Europe, as Chinese state aid has created a supply glut. The Commission already tightened existing steel import quotas by 15% in April and is working on replacing those safeguards with a tighter system ahead of their expiry next year. It is also examining how to set aluminium safeguards, as well as possible export duties on metal scrap.
