The Pakistan Stock Exchange (PSX) opened trading on Monday with strong momentum, as the benchmark KSE 100 Index surged by more than 1,400 points in the early minutes of trading.
According to sources, at 11:40 am the benchmark KSE 100 Index rose by 1,460.92 points, or 0.79 percent, to reach 185,590.50 points. Buying interest was seen across key sectors, including automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, oil marketing companies (OMCs), and refineries. Heavyweight stocks such as OGDC, Mari, PPL, POL, PSO, SNGPL, HBL, MCB, Meezan Bank (MEBL), and UBL traded in the green zone.
Last week, the stock market experienced sharp volatility due to geopolitical uncertainty, an increase in local interest rates, external trade challenges, and mixed performance across various sectors. Despite these factors, the benchmark KSE 100 Index closed the week almost unchanged. According to the weekly report, the index ended down by 44.90 points at 184,129.58 points.
Meanwhile, Asian stock markets also posted gains on Monday. Strength in chip stocks (shares of semiconductor companies) and bargain buying in momentum stocks, including silver, helped improve overall market sentiment. In addition, expectations of further interest rate cuts by the US Federal Reserve boosted investor confidence.
Japan’s Nikkei Index led the rally, rising 4.4 percent to hit a record high. Excluding Japan, the MSCI Asia Pacific Index climbed 2.2 percent, while South Korea’s technology heavy index jumped by a strong 4.3 percent.
