ISLAMABAD (PEN) : The Pakistan Stock Exchange (PSX) opened Monday on a bullish note, with the benchmark KSE-100 Index crossing the 120,000 threshold amid gains of over 650 points in early trading.
Market Overview and Sector Performance
By 10:10 a.m., the KSE-100 stood at 120,326.64 points, up 635.55 points or 0.53%. Investor interest was prominent across key sectors such as cement, commercial banking, fertilizer, oil and gas exploration, oil marketing companies (OMCs), and refineries. Major stocks including Pakistan Refinery Limited (PRL), Hub Power Company (HUBCO), Pakistan State Oil (PSO), Sui Northern Gas Pipelines Limited (SNGPL), Mari Petroleum (MARI), Oil & Gas Development Company (OGDC), Pakistan Oilfields Limited (POL), and Pakistan Petroleum Limited (PPL) traded positively.
Last week, the PSX witnessed moderate recovery, closing at 119,691 points on May 30, reflecting a weekly gain of 588 points or 0.49%. This progress was attributed to clearer economic policy signals, although investor caution prevailed ahead of potential tax announcements in the upcoming Federal Budget.
Global Market Context
Internationally, Asian markets and the U.S. dollar experienced a subdued start Monday amid ongoing US-China trade tensions. Investors adopted a cautious stance ahead of significant U.S. employment data releases and an anticipated European interest rate cut.
Despite President Donald Trump’s late Friday announcement threatening to double tariffs on steel and aluminum imports to 50% starting June 4—a move criticized by European Union negotiators—markets showed minimal immediate reaction.
Treasury Secretary Scott Bessent mentioned that Trump plans to discuss the critical minerals dispute with Chinese President Xi Jinping soon, although Beijing dismissed trade criticisms and indicated a call might be delayed.
White House officials also downplayed a recent court ruling stating Trump exceeded his authority by imposing broad import duties on U.S. trading partners.
Market watchers remain attentive to whether the 50% tariff will be implemented Wednesday or postponed, as Trump has previously delayed similar measures.
Regional Market Movements
Meanwhile, MSCI’s broad Asia-Pacific index excluding Japan remained flat. Japan’s Nikkei declined 1.4%, and Hong Kong’s Hang Seng dropped 2.5%. South Korean shares edged up 0.2%, buoyed by optimism for a decisive outcome in Tuesday’s presidential election.
In Europe, futures for EUROSTOXX 50 dipped 0.2%, while FTSE and DAX futures remained largely unchanged. U.S. futures showed modest losses with S\&P 500 down 0.4% and Nasdaq declining 0.5%.
