Pakistan stocks decline amid sector volatility
KSE-100 index shed 1.32% to close at 112,638 points
Pakistan stocks closed down on Thursday, as the market experienced significant volatility driven by uncertainty in the cement and gas sectors, affecting investor sentiment.
Commercial Banks, Cement, and Technology & Communication sectors were the major laggards in Thursday’s session, collectively shedding 580 points from the index.
Analysts observed that the persistent sectoral challenges continue to dampen market confidence.
KSE-100 index shed 1.32% or 1,510.19 points to close at 112,638.26 points.
India's stock market fell on Thursday because investors were selling in IT, bank, finance, pharma, and auto sectors, ahead of the upcoming Q3 FY25 results.
This drop in the Indian market followed similar trends in other Asian markets and was influenced by a sell-off in US bonds, leading to cautious investor behavior.
BSE-100 index lost 0.71% or 177.56 points to close at 24,818.41 points.
DFM General Index gained 0.38% or 20.01 points to close at 5,229.34 points.
Commodities
Oil prices steadied on Thursday after data showed a surprise rise in U.S. product inventories and weak economic data from China. Crude benchmarks had dropped over 1% on Wednesday, but trading is expected to remain limited on Thursday.
U.S. gasoline and distillate inventories rose sharply in the week ending January 3, with gasoline up 6.3 million barrels (expected 0.5 mb) and distillates up 6.1 million barrels (expected 0.5 mb). Overall crude inventories decreased less than expected, at 0.96 million barrels (expected 1.8 mb).
This marks the eighth consecutive week of significant inventory builds, raising concerns about cooling demand in the U.S.
Brent crude prices gained 0.24% to $76.34 per barrel.
Gold prices rose despite mixed US jobs data. Private companies hired fewer workers than expected, but jobless benefit applications decreased.
Traders are waiting for Friday's Nonfarm Payroll report and University of Michigan's Consumer Sentiment reading. Strong results might lower gold and USD due to US Dollar strength.
International gold prices increased 0.52% reaching $2,670.19 per ounce.
Currency
US dollar eased against PKR in the inter-bank market. Pakistani currency gained 12 paisas to 278.60. In the open market USD was trading at PKR 279.
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