Pakistan stocks closed lower amid lack of positive triggers

Pakistan's stock market faced significant pressure throughout the day, with the absence of positive triggers weighing heavily on investor sentiment. The local bourse experienced a volatile session Monday.

Initial optimism in the morning gave way to a broader sense of uncertainty as the lack of major catalysts left investors wary.

As the session progressed, selling pressure intensified, leading to a substantial sell-off in the latter half of the trading day.

By the market's close, the benchmark index had slipped into negative territory, reflecting the overall lack of confidence and momentum among market participants. Analysts noted that without clear positive indicators, the market struggled to maintain its early gains.

KSE-100 index shed 341.76 points or 0.3% to close at 111,743.53 points.

Indian stocks closed positively on Monday after initial losses. Despite a weak start, significant intraday recovery and gains in select sectors showed investors' cautious optimism amidst global economic cues.

Glenmark Pharmaceuticals saw a 4% rise in its stock despite a weak Q4 performance, maintaining its FY25 guidance. GSK Pharma surged 20% following a strong Q3 earnings report, making it one of the top midcap gainers. JSPL rebounded sharply from its intraday lows as promoters bought additional shares.

BSE-100 index gained 21.8 points or 0.09% to close at 23,852.88 points.

The Dubai Financial Market (DFM) General Index gained 0.39% or 20.89 points to close at 5,382.85 points.

Commodities

Oil prices didn't change much on Monday as investors watched for updates on a possible Russia-Ukraine peace deal that could ease sanctions affecting global supply.

The market also kept an eye on peace talks after U.S. President Donald Trump and his officials announced they had started discussions with Russia to end the war in Ukraine.

Brent crude prices decreased 0.15% to $74.63 per barrel.

Gold prices are rising on Monday in light trading due to the U.S. markets being closed for President's Day. The metal remains within Friday’s trading range, indicating investor uncertainty and suggesting potential for increased volatility in the future.

International gold prices surged 0.40% reaching $2,898.36 per ounce.

Currency

US dollar remained steady against PKR in the inter-bank market. Pakistani currency settled at 279.26, a loss of 6 paisas against the US dollar. In the open market USD was trading at PKR 281.50.