Business
PSX has a significant increase when the KSE-100 index surpasses the 186,000 threshold.
The Pakistan stock market began the new trading week on a positive note as the KSE-100 Index, the benchmark index, crossed the 186,000 points mark after gaining over 1,100 points in early trade.
The benchmark index opened Monday’s session up more than 1,100 points at 186,868, indicating ongoing bullish momentum in the market.
The rally extended the bullish trend seen in recent sessions, with investors continuing to show strong purchasing activity at the opening of trade.
The KSE-100 Index had completed the previous trading week at 185,910 points, so Monday’s early gains were a continuation of the market’s upward trajectory.
Asian share markets stuttered on Monday as caution took hold before of a major earnings season for the AI industry, while the likelihood for additional supply knocked on oil prices and promised relief from inflationary pressures, Reuters reported.
There were no significant advancements in the acrimonious U.S.-Iran peace talks, but ships are flowing through the Strait of Hormuz with 160 vessels recorded going through from Monday to Saturday last week.
South Korea’s red-hot market cooled a tad last week but is still up 90% year-to-date as AI demand and tight supplies raise chip prices. The index was down 0.8% Monday. Japan’s Nikkei lost 0.4%.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.2%, while Chinese blue chips were flat.
In Europe, EUROSTOXX 50 futures declined 0.1%, and DAX and FTSE futures were unchanged. S&P 500 futures climbed 0.2% and Nasdaq futures gained 0.7% after a 2.1% advance last week.The Pakistan stock market entered the new trading week on a positive note on Monday as the benchmark KSE-100 Index crossed the 186,000-point level after gaining over 1,100 points during early trading.
The benchmark index opened Monday’s session up more than 1,100 points at 186,868, indicating ongoing bullish momentum in the market.
The rally extended the bullish trend seen in recent sessions, with investors continuing to show strong purchasing activity at the opening of trade.
The KSE-100 Index had completed the previous trading week at 185,910 points, so Monday’s early gains were a continuation of the market’s upward trajectory.
Asian share markets stuttered on Monday as caution took hold before of a major earnings season for the AI industry, while the likelihood for additional supply knocked on oil prices and promised relief from inflationary pressures, Reuters reported.
There were no significant advancements in the acrimonious U.S.-Iran peace talks, but ships are flowing through the Strait of Hormuz with 160 vessels recorded going through from Monday to Saturday last week.
South Korea’s red-hot market cooled a tad last week but is still up 90% year-to-date as AI demand and tight supplies raise chip prices. The index was down 0.8% Monday. Japan’s Nikkei lost 0.4%.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.2%, while Chinese blue chips were flat.
In Europe, EUROSTOXX 50 futures declined 0.1%, and DAX and FTSE futures were unchanged. S&P 500 futures climbed 0.2% while Nasdaq futures rose 0.7% after a 2.1% increase last week.
China announced on Friday it was adding 14 European entities to an export control list in retaliation for the European Union penalizing 14 Chinese enterprises as part of its latest round of sanctions against Russia.
Chinese companies will not be allowed to export dual-use items, which can be used for both civilian and military purposes, to the 14 European organizations, China’s Commerce Ministry said in a statement.
Additionally, foreign companies are barred from providing to the 14 entities dual-use items made in China.
The European companies affected include Czech vehicle manufacturer Tatra Trucks, Italian electric motor maker Lafert SpA, German manufacturer Sindlhauser Materials GmbH and French drone manufacturer Cavok UAS.
A Chinese Commerce Ministry spokesperson said the measures were taken in retaliation for the E.U. on Thursday adding 14 mainland Chinese and Hong Kong enterprises to its latest list of sanctions against Russia over its war in Ukraine.
The measures are intended “to safeguard national security and interests, and to fulfill international obligations such as non-proliferation, in response to the E.U.’s egregious actions,” the spokesperson said.
The E.U. on Thursday adopted its 21st package of sanctions against Russia targeting banks, cryptocurrency companies and military equipment manufacturers among other categories. The sanctions included entities from other countries such as China, India and Turkey, believed to provide Russia with dual-use goods and technology.
Petroleum Division said that the pricing of petrol and high-speed diesel will not be adjusted till July 27.
Prices of petrol and diesel will not change over the weekend and the existing rates will continue, the Petroleum Division said in an official notification.
“The notification stated that the existing prices of petrol, high-speed diesel and other petroleum products will remain intact till July 27 (Monday) and the consumers will be able to purchase fuel at the existing rates during this period.
The government has also not announced any hike or cut in the price of petroleum products, officials said.
The present pricing will remain in force until the next price review, when a new decision will be taken.
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Petrol and diesel prices have seen a dramatic increase of Rs20.81 per litre and Rs55.36 per litre respectively within a week under Pakistan’s newly established daily petroleum pricing scheme.
The petroleum division said that under the new pricing mechanism, petrol price was jacked up by Rs5.44 per litre and diesel Rs31.05 per litre from July 18.
On July 21, petrol prices were slashed by 35 paisas per litre, while diesel prices were raised by Rs5.71 per litre.
The petrol prices were increased by Rs4.93 per litre and Rs7.15 per litre for diesel on July 22. On July 23, a day later, the petrol price was increased by Rs6.39 per litre and diesel by Rs7.83 per litre.
On July 24, petrol prices were increased by Rs4.40 per litre and diesel by Rs3.62 per litre.
On July 17, the federal cabinet had decided to start daily pricing of petroleum products and had authorised the Oil and Gas Regulatory Authority (OGRA) to fix the rates of fuel on a daily basis in line with the international market trends.
After the last modification, petrol prices are now Rs335.18 a litre while diesel is being offered at Rs383.46 a litre.
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