ANL 34.32 Decreased By ▼ -0.20 (-0.58%)
ASC 14.85 Decreased By ▼ -0.31 (-2.04%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 90.24 Decreased By ▼ -4.76 (-5.01%)
BOP 7.79 Decreased By ▼ -0.08 (-1.02%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
DGKC 124.20 Decreased By ▼ -2.40 (-1.9%)
EPCL 56.30 Decreased By ▼ -0.86 (-1.5%)
FCCL 24.31 Decreased By ▼ -0.19 (-0.78%)
FFBL 27.60 Decreased By ▼ -0.36 (-1.29%)
FFL 16.05 Increased By ▲ 0.01 (0.06%)
HASCOL 9.74 Decreased By ▼ -0.28 (-2.79%)
HUBC 80.00 No Change ▼ 0.00 (0%)
HUMNL 6.44 Decreased By ▼ -0.01 (-0.16%)
JSCL 20.50 Increased By ▲ 0.09 (0.44%)
KAPCO 40.21 Decreased By ▼ -0.73 (-1.78%)
KEL 3.85 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 16.25 Decreased By ▼ -0.99 (-5.74%)
MLCF 46.60 Decreased By ▼ -0.31 (-0.66%)
PAEL 35.10 Decreased By ▼ -1.07 (-2.96%)
PIBTL 10.33 Decreased By ▼ -0.16 (-1.53%)
POWER 9.25 Decreased By ▼ -0.10 (-1.07%)
PPL 85.50 Decreased By ▼ -0.24 (-0.28%)
PRL 25.01 Decreased By ▼ -0.70 (-2.72%)
PTC 9.55 Increased By ▲ 0.10 (1.06%)
SILK 1.24 Increased By ▲ 0.07 (5.98%)
SNGP 38.82 Decreased By ▼ -0.54 (-1.37%)
TRG 167.40 Increased By ▲ 7.79 (4.88%)
UNITY 30.65 Decreased By ▼ -0.10 (-0.33%)
WTL 1.53 Increased By ▲ 0.10 (6.99%)
BR100 4,820 Decreased By ▼ -31.91 (-0.66%)
BR30 25,669 Decreased By ▼ -2.82 (-0.01%)
KSE100 44,978 Decreased By ▼ -208.43 (-0.46%)
KSE30 18,443 Decreased By ▼ -42.02 (-0.23%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,501
5824hr
Pakistan Cases
725,602
458424hr
Sindh
269,126
Punjab
250,459
Balochistan
20,321
Islamabad
66,380
KPK
99,595

Latin American currencies srengthened on Monday, bucking gloom in emerging markets, with Brazil's real gaining nearly half a percent as investors cheered progress in the government's pension reform bill.

The real firmed to 3.8057 per dollar after Brazilian House speaker Rodrigo Maia said on Saturday he expects the lower house of Congress to begin voting on the bill on Tuesday.

A special pension reform committee in Congress passed the basic text of a bill that aims to generate savings of around 1 trillion reais ($264 billion) over 10 years, shore up public finances, and spur investment and economic growth.

Waldery Rodrigues, the special secretary to the Economy Ministry, said the bill's approval will boost gross domestic product growth by at least 0.4-0.5 percentage point a year.

The main Bovespa stock index edged higher to extend its record run, helped by gains in miner Vale SA, which rose 1.2% as Dalian-traded iron ore prices jumped as much as 2.5% on expectations that demand for the steelmaking raw material will be strong.

The Mexican peso gained about 0.5%, while the Chilean peso CLP and the Colombian peso also rose against the dollar.

The gains follow a weak session for emerging currencies on Friday after strong US jobs numbers cooled expectations the Federal Reserve will cut interest rates by 50 basis points in its July meeting, supporting the dollar.

"We think it'll (the weakness) be short-lived and recommend buying dips, particularly in EM currencies," Morgan Stanley analysts wrote in a note. "Even if the Fed only cuts 25bp (MS expecting 50bp) but provides dovish guidance, then we'd expect the bid for EM currencies to remain."

Investors are looking ahead to Fed Chairman Jerome Powell's semi-annual testimony to the US Congress on July 10-11 for clues on the direction of monetary policy.

Markets in Argentina were shut for a public holiday on Monday and Brazilian exchanges will be closed on Tuesday for a regional holiday.

Copyright Reuters, 2019