PSX: Buying continues, KSE-100 up over 450 points

Business Recorder reported that investors bought shares on the PSX on Monday, lifting the benchmark KSE-100 index by more than 450 points during the session. By 11:15am the index hovered near 171,350.38, a rise of 465.80 points or 0.27 per cent. Purchases were visible in car assemblers, cement makers, banks, exploration producers, oil marketers and refiners. Several heavyweights traded higher, among them NBP, UBL, PSO, SSGC, OGDC, MARI, PPL, POL and HUBCO.

Last week the PSX was volatile, with the index in a tight band despite sharp shifts in investor mood. A continuing standoff between Iran and the US, worries over regional energy supplies and a steep rise in oil prices at home and abroad kept buyers cautious. The KSE-100 added only 372.73 points, or 0.22 per cent, over the week to end at 170,884.59.

Abroad, Asian shares rose on Monday as AI-related data demand lifted chipmakers, while oil eased on reports that more crude was leaving the Middle East than previously estimated. Japan's Nikkei did not trade but its futures climbed 0.5 per cent, while South Korea's tech-focused index added 1.5 per cent. Bond markets stayed under pressure as US 2-year yields rose 36 basis points over two weeks to 4.7604 per cent, the highest since mid-2024. Following a hawkish Federal Reserve message last week, futures put a 56 per cent chance on another October rate hike.