Another record high: KSE-100 closes 230 points higher despite early selling pressure

The KSE-100 Index closed the trading session on Monday in the green as it recovered from the selling pressure witnessed in the early part of the day.

The benchmark index started the session with some selling pressure, which market experts attributed to escalating tensions on the global front amid Iran’s retaliatory strikes on Israel.

However, the index witnessed a buying spree in the second half and closed the session at 70,544.58, up by 229.86 points or 0.33%.

Earlier, it hit a intra-day low of 69,914.10.

“Global scenario seen driving pressure at the bourse,” Sana Tawfik, analyst at brokerage house Arif Habib Limited (AHL), told Business Recorder.

“Otherwise, on the domestic front, positive developments have held during the past week.”

In a key development, Pakistan’s economic team led by Finance Minister Muhammad Aurangzeb left for Washington on Sunday to hold talks with the International Monetary Fund (IMF) for a new bailout programme.

Talks between Pakistan and the IMF are scheduled for this week in Washington, wherein the government team will request the Fund for approval of a new loan programme. The main ministerial meetings and events will be held from April 17-19.

Globally, Asian shares slumped and gold prices rose on Monday as risk sentiment took a hit after Iran’s retaliatory attack on Israel stoked fears of a wider regional conflict and kept traders on edge.

The dollar scaled a fresh 34-year high against the yen on growing expectations that sticky inflationary pressures in the United States will keep rates there higher for longer.

Markets in Asia began the week on a cautious footing.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7% after Iran had, late on Saturday, launched explosive drones and missiles at Israel in retaliation for a suspected Israeli attack on its consulate in Syria on April 1.

That marked Iran’s first direct attack on Israeli territory.

Meanwhile, the Pakistani rupee registered a marginal decline, depreciating 0.06% against the US dollar in the inter-bank market on Monday. At close, the local unit settled at 278.12, a loss of Re0.18 against the greenback, as per the State Bank of Pakistan.

Volume on the all-share index increased to 555.2 million from 389.4 million a session ago.

The value of shares rose to Rs21.98 billion from Rs17.27 billion in the previous session.

WorldCall Telecom was the volume leader with 88.62 million shares, followed by Fauji Cement with 33.10 million shares, and Fauji Foods Ltd with 30.02 million shares.

Shares of 353 companies were traded on Monday, of which 180 registered an increase, 156 recorded a fall, while 17 remained unchanged.