Bullish momentum continued at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index rose over 550 points on Monday. The index reached a high of 65,069.43 before dropping to 64,781.11 mid-day, still up over 0.4% or 266 points. Some sectors, like automobile assemblers and commercial banks, were trading well, while others, like oil and gas exploration companies, were not doing as well.
Last week, the stock market also did well, with the KSE-100 index gaining 2,063.86 points and closing at 64,514.90 points. Globally, Asian share markets were uncertain as investors waited for U.S. and Chinese inflation data and corporate earnings reports. Geopolitical tensions in the Red Sea and the ongoing conflict between Israel and Hamas were also affecting the market. However, there was good news from Washington, where U.S. congressional leaders agreed on a $1.6 trillion spending deal to avoid a government shutdown.
Overall, the early action in the market was cautious, with MSCI’s broadest index of Asia-Pacific shares outside Japan remaining flat after a 2.5% drop the previous week. This is just an update on what is happening during the day.
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