The KSE-100 Index rose by 1,867.61 points or 1.63%, settling at 116,169.41 by market close. During the session, the index hit an intra-day high of 116,681.59. Strong bullish momentum drove the gains, with investors showing renewed interest in the market.
Key Sectors in Focus
Buying activity was strong in automobile assemblers, oil and gas exploration companies, OMCs, and refineries. However, selling pressure was noted in commercial banks, fertilizers, and power generation stocks.
Energy sector heavyweights, including MARI, OGDC, POL, PPL, PSO, SNGPL, SSGC, and NRL, traded in positive territory. Conversely, key banking stocks like HBL, MCB, and MEBL ended in the red.
Monetary Policy Anticipation Boosts Optimism
The market’s surge came ahead of the Monetary Policy Committee (MPC) meeting scheduled for later in the day. Investors expect a further policy rate cut, driving optimism in the market.
Inflation has remained below the 5% mark, while T-bill yields dropped significantly in the latest auction. The 3-month and 6-month yields fell by 100bps and 89bps, respectively, fueling expectations of continued monetary easing.
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Record-Breaking Weekly Performance
Last week, the PSX set new records as the KSE-100 Index posted significant gains. The index surged 5,247.85 points on a week-on-week basis, closing at 114,301.80. Strong local investor interest and institutional support played a key role in the market’s robust performance.
Asian Markets Show Mixed Sentiment
Asian stock markets exhibited caution on Monday. Rising bond yields challenged equity valuations, especially for the tech sector. Japan’s Nikkei rose 0.1%, while South Korea steadied after pledges of government support.
MSCI’s Asia-Pacific index remained flat, reflecting a cautious mood ahead of key global economic data and central bank meetings.
Global Economic Data in Focus
The Federal Reserve’s meeting on Wednesday remains a major highlight for global markets. Investors anticipate a 25bps rate cut, with rates expected to drop to 4.25%-4.50%. Market players will closely watch the Fed’s guidance on future rate adjustments.
Additionally, global manufacturing surveys and U.S. retail sales data will be released this week. A key inflation report scheduled for Friday could further influence market trends.
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