Optimism continues, KSE-100 crosses 120,000 level
Bullish momentum was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index crossing the 120,000 level, amid a gain of over 650 points during the opening hours of trading on Monday.
At 10:10am, the benchmark index was hovering at 120,326.64 level, an increase of 635.55 points or 0.53%.
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 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%.
This is an intra-day update
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