PSX KSE-100 index gains 158 points after profit-taking

PKR remains stable against USD, appreciating 0.01% to 278.13 in the inter-bank market on Monday

The Pakistan Stock Exchange (PSX) benchmark KSE-100 Index ended 158 points higher on Monday, closing at 79,491.14—up 0.20% from the previous session. 

The index initially surged to an intra-day high of 79,993.18 but later faced profit-taking, which pushed it down to an intra-day low of 79,368.18 before recovering slightly in the final hours of trading.

Notably, MEBL, DGKC, UBL, ENGRO, and OGDC collectively contributed to a drop of 126 points. Conversely, MARI, HUBC, and EFERT saw positive movement, adding 373 points to the index, according to Topline Securities.

Ismail Iqbal Securities reported that political uncertainty weighed on the market. Following recent discussions about a ‘constitutional package’ in the capital, both the National Assembly (NA) and Senate sessions were prorogued. 

Globally, Asian markets had a cautious start. MSCI’s Asia-Pacific index was flat after a 0.8% gain last week, and Japan’s Nikkei saw futures trading lower due to recent yen gains. 

S&P 500 and Nasdaq futures were slightly up. Economic data from China showed weaker-than-expected industrial output, retail sales, and new home prices.

Meanwhile, the Pakistani rupee remained stable against the US dollar, appreciating 0.01% to 278.13 in the inter-bank market.