The KSE-100 briefly crossed 99,000 as the banking sector continued to rally.
The KSE-100 index briefly crossed the 99,000 mark on Monday, led by a strong performance in the banking sector, while the broader Pakistan Stock Exchange (PSX) showed mixed trends.
The index opened the session in negative territory, falling to an intraday low of 97,137.63 by 9:40 am. However, market activity picked up as buying momentum pushed the index above 99,000, touching an intraday high of 99,317.47. By midday, the KSE-100 was hovering at 98,127.89, showing a gain of 329.66 points or 0.34%.
According to a Business Recorder report on Monday, the rally was led by commercial banks, fertilizers and pharmaceuticals, with stocks like HBL, NBP, MEBL, UBL, MCB, HUBCO, PSO, SSGC, and FFC trading in the green. were
Meanwhile, political unrest remained a major concern. Thousands of loyalists of Pakistan Tehreek-e-Insaf (PTI) founding chairman Imran Khan began a “decisive” long march towards Islamabad, crossing government barriers.
In response, authorities arrested hundreds of PTI supporters in Rawalpindi and Islamabad as protesters demanded the release of political prisoners, the repeal of the 26th Constitutional Amendment, and the return of the PTI’s “stolen mandate”. A rally was held.
On the global front, Asian stocks saw a major rally on Monday, with MSCI’s broadest index of Asia-Pacific shares climbed 1.6%. Meanwhile, U.S. equity futures rose 0.5%, driven by optimism over the selection of Scott Besant as the next U.S. Treasury Secretary. The dollar weakened against other currencies, while bond yields fell, adding to market sentiment.
Updates:
According to the latest data, the KSE-100 index has shown volatility, reaching a high of 99,317.47 and holding steady below 99,000. As of 12:32 PM on Monday, the index stood at 98,323 points, according to the PSX website.
Ongoing political unrest and mass protests have added to volatility in the local market, as investors keep a close eye on developments.
