PSX starts week on strong note, adds 484 points

The Pakistan Stock Exchange (PSX) started the new business week on a high note with the benchmark index gaining 484.38 points in the session.

The current index was 0.27 percent higher than the previous close of 180,104.61 at 180,588.99.

The index hit an intraday high of 181,158.86 and a low of 180,393.34. Volume for the session was 113,603,577 shares.

Asian equities nudged up on Monday, boosted by Chinese stocks ahead of major economic data, with investors keeping a careful eye on oil prices following large gains last week amid a truce in the Gulf crisis.

The U.S. dollar dipped into two-month lows after a slew of underwhelming data, including an unexpected fall in retail sales, prompted markets to give up on bets for an impending rate hike from the Federal Reserve. The CME Group’s FedWatch program currently shows a 30% chance of a rate hike next month, down dramatically from over 50% a week ago.

MSCI’s broadest index of Asia-Pacific equities outside Japan (.MIAPJ0000PUS), opens new tab increased 0.5% while Japan’s Nikkei (.N225), opens new tab gained 0.3%.

The CSI300 index of Chinese blue-chips, opens new tab increased 0.8% and the Hang Seng index, opens new tab climbed 1.6% ahead of the release of China’s activity statistics for July later in the day.

Industrial output is forecast to fall to 4.8% from 5.3% before. But investors may be braced for a positive surprise as exports surged on strong global AI demand last month.