Bulls dominated the trade floor at the Pakistan Stock Exchange (PSX) on Monday as shares gained more than 800 points. The KSE-100 index rose by 0.95% to close at 86,057.51 points, attributed to a reduction in political noise after the passing of the 26th Amendment.
Pakistani politics witnessed a successful weekend with the approval of the ‘Constitutional Package’, leading to optimism in the market. Experts like Mohammed Sohail from Topline Securities and Yousuf M. Farooq from Chase Securities believe the market is rerating due to declining interest rates and economic stabilization.
Meanwhile, Asian markets started the week mixed as Chinese central bank interest rate cuts aimed at boosting the economy. The People’s Bank of China slashed rates to all-time lows to revive spending. Despite a strong Wall Street performance, traders are preparing for the earnings season.
Gold prices hit a record high due to geopolitical tensions, while oil prices rose after a significant drop the previous week. Overall, markets are volatile as investors await further developments.