logo
Stocks surge, KSE-100 gains nearly 1,000 points

Stocks surge, KSE-100 gains nearly 1,000 points

Trading at the Pakistan Stock Exchange (PSX) commenced on a bullish note, with the benchmark KSE-100 Index gaining nearly 1,000 points during the opening minutes of trading on Monday.
At 9:35am, the benchmark index was hovering at 132,909.43, an increase of 960.37 points or 0.73%.
Buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including ARL, HUBCO, PSO, SSGC, EFERT, MCB, MEBL and UBL traded in the green.
The PSX kicked off fiscal year 2026 at a record high, with the KSE-100 index surpassing the 130,000 points mark for the first time. The index closed the previous week at 131,949 points, marking a 6.1% week-on-week increase.
Internationally, stock markets slipped in Asia on Monday amid confusion as US officials flagged a delay on tariffs but failed to provide much detail on the change, while oil prices slid as OPEC+ opened the supply spigots more than expected.
The United States is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates to take effect on August 1.
Trump in April announced a 10% base tariff rate on most countries and higher 'reciprocal' rates ranging up to 50%, with an original deadline of this Wednesday.
However, Trump also said levies could range in value from 'maybe 60% or 70%', and threatened an extra 10% on countries aligning themselves with the 'Anti-American policies' of the BRICS group of Brazil, Russia, India and China.
With very few actual trade deals done, analysts had always suspected the date would be pushed out, though it was still not clear if the new deadline applied to all trading partners or just some.
Investors have grown somewhat used to the uncertainty surrounding US trade policy and the initial market reaction was cautious. S&P 500 futures and Nasdaq futures both eased 0.3%.
EUROSTOXX 50 futures eased 0.1%, while FTSE futures fell 0.2% and DAX futures held steady.
Japan's Nikkei lost 0.5%, while South Korean stocks went flat. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.6%, as Chinese blue chips dropped 0.5%.
This is an intra-day update
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Stocks surge, KSE-100 settles above 133,000 level
Stocks surge, KSE-100 settles above 133,000 level

Business Recorder

timean hour ago

  • Business Recorder

Stocks surge, KSE-100 settles above 133,000 level

Trading at the Pakistan Stock Exchange (PSX) remained bullish on Monday, with the benchmark KSE-100 Index closing the day at a new record high on. Positive momentum was observed throughout the trading session, pushing the benchmark index to an intra-day high of 133,862.01. At close, the KSE-100 settled at 133,370.14 level, an increase of 1,421.08 points or 1.08%. Buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including ARL, HUBCO, PSO, SSGC, EFERT, MCB, MEBL and UBL traded in the green. The PSX kicked off fiscal year 2026 at a record high, with the KSE-100 index surpassing the 130,000 points mark for the first time. The index closed the previous week at 131,949 points, marking a 6.1% week-on-week increase. The benchmark KSE-100 index has showcased an 'outstanding performance in FY25, leading all major asset classes with an impressive return of 60.15%', said Arif Habib Limited (AHL). Internationally, stock markets slipped in Asia on Monday amid confusion as US officials flagged a delay on tariffs but failed to provide much detail on the change, while oil prices slid as OPEC+ opened the supply spigots more than expected. The United States is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates to take effect on August 1. Trump in April announced a 10% base tariff rate on most countries and higher 'reciprocal' rates ranging up to 50%, with an original deadline of this Wednesday. However, Trump also said levies could range in value from 'maybe 60% or 70%', and threatened an extra 10% on countries aligning themselves with the 'Anti-American policies' of the BRICS group of Brazil, Russia, India and China. With very few actual trade deals done, analysts had always suspected the date would be pushed out, though it was still not clear if the new deadline applied to all trading partners or just some. Investors have grown somewhat used to the uncertainty surrounding US trade policy and the initial market reaction was cautious. S&P 500 futures and Nasdaq futures both eased 0.3%. EUROSTOXX 50 futures eased 0.1%, while FTSE futures fell 0.2% and DAX futures held steady. Japan's Nikkei lost 0.5%, while South Korean stocks went flat. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.6%, as Chinese blue chips dropped 0.5%.

Gold prices fall in international and local markets
Gold prices fall in international and local markets

Express Tribune

timean hour ago

  • Express Tribune

Gold prices fall in international and local markets

Gold prices dropped significantly on Monday in both international and domestic markets, with per tola rates in Pakistan falling by thousands of rupees. In the international bullion market, the price of gold declined by $25 per ounce, bringing the new global rate to $3,310 per ounce. The global dip directly impacted local rates in Pakistan, where the price of 24-karat gold fell by Rs2,500 per tola, bringing the new price to Rs353,000 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association. Similarly, the price of 10 grams of 24-karat gold dropped by Rs2,143, setting the new rate at Rs302,640. Gold prices slipped to a near-one-week low on Monday due to an uptick in the US dollar, with investors awaiting details on the trade front ahead of US President Donald Trump's tariff negotiation deadline. Spot gold was down 0.8% at $3,309.21 per ounce by 1023 GMT. US gold futures shed 0.7% to $3,318.70. "We are seeing a slight pullback due to short-term positive dollar and maybe that's just since the economic data coming from the U.S. is still pretty strong, taking away the immediate need to cut rates," said WisdomTree commodities strategist Nitesh Shah.

Euro zone bond yields tick higher as focus shifts to US tariff deadline
Euro zone bond yields tick higher as focus shifts to US tariff deadline

Business Recorder

time2 hours ago

  • Business Recorder

Euro zone bond yields tick higher as focus shifts to US tariff deadline

LONDON: Euro zone bond yields rose on Monday as markets remained focused on developments around US tariffs, with officials flagging a delay to a July 9 deadline, while specifics on the changes remained murky. Germany's benchmark 10-year Bund yields increased 2 bps to 2.583%, largely in line with moves in 10-year Treasuries which were last at 4.3556%. 'Today is all about what Trump does in terms of his tariffs,' said Mohit Kumar, chief financial economist for Europe at Jefferies, who said markets were in a holding pattern until it became clear which countries might face higher tariffs. President Donald Trump said on Sunday the United States was close to finalising several trade agreements in the coming days and would notify other countries of higher tariff rates by July 9, with the higher rates to take effect on August 1. 'Where euro zone markets are concerned, the key question is: is Europe going to be part of that list or not?,' said Kumar, whose base case is that the region will not feature, though he thinks Japan might be included. Whatever the outcome, markets have been braced for heightened volatility this week ahead of the original July 9 deadline, with more concrete details on Trump's plans for import tariffs with the United States' major trading partners set to become clear. German two-year yields, typically more sensitive to shifts in interest rate expectations, were up by 1 basis point to 1.82% but remained close to a three-week low. Italian 10-year yields rose 2.4 bps to 3.495%, with their premium over German Bunds at 90.4 bps, according to LSEG data. Meanwhile, Britain's 10-year gilt yield was down 1.3 basis points at 4.54%, though yields remain elevated following a sharp sell-off in UK government bonds last Wednesday, which was spurred by a U-turn on planned government cuts to welfare spending. Elsewhere, German industrial production rose more than expected in May thanks to the automotive industry and energy production, the federal statistics office said on Monday. Investor sentiment in the euro zone improved more than expected in July to hit its highest level in more than three years, a survey showed on Monday, as the bloc's economic recovery broadened. Markets are currently placing a 86% bet on no change at the European Central Bank's next meeting, set for July 23, with an outside chance of a 25 bps rate cut. 'The ECB is in a fantastic place, in the sense that rates are neutral, inflation is going to 2%, growth is fine - it's not great - but we're far from recession level,' said Kumar. 'They can really afford to just wait and watch,' he said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store