PSX: Buying interest drives KSE-100 above 181,000 level

The KSE-100 index moved above the 181,000 mark on Monday, reaching 181,044.50 at 2:30pm after a gain of 939.89 points, or 0.52%, according to Business Recorder. Purchases were spread across carmakers, cement makers, banks, fertiliser producers, exploration firms, fuel retailers, power generators and refiners. Heavyweight stocks such as MARI, OGDC, PPL, POL, HUBCO, HBL, MCB, MEBL and UBL were also trading higher during the session.

The index had shed 1,325.41 points in the previous week, a 0.7% weekly decline that left it at 180,104.61. Investors were weighed down by doubts over whether the US-Iran ceasefire would be extended and by worries about crude flows through the Strait of Hormuz and the Red Sea, even though local fiscal and external-sector readings were encouraging. Elsewhere in Asia, shares were little changed on Monday, while MSCI's broadest Asia-Pacific index outside Japan was flat.

Investors kept a close watch on crude. Brent held near $88.50 a barrel, following a 6% rise last week, while US crude eased 0.3% to $82.12 a barrel after gaining 5.4% in the same period. Oil tanker movement through the Strait of Hormuz has stayed halted, and progress towards peace talks has yet to materialise as the Iran war continues to push inflation risks upward.