Pakistan's stock market closed on a negative note Monday, with indices gradually shedding points throughout the session. Lower trading volumes marked the first session of Ramadan, along with a bank holiday, leading to muted overall market sentiment.
The negative mood was driven by the absence of a positive catalyst, as well as Engro Holdings' earnings falling short of expectations. Additionally, the shorter trading hours added pressure to the market.
Market participants are keenly awaiting positive triggers to uplift investor sentiment in the coming days.
KSE-100 index shed 1.12% or 1,264.78 points to close at 111,986.89 points.
After significant selling in the previous session, Indian markets saw some buying activity on March 3, aiming to recover after the longest monthly losing streak for frontline indices.
However, on Monday, Indian stocks remained relatively unchanged due to ongoing concerns about a potential trade war, heavy foreign capital outflows, and macroeconomic uncertainties.
BSE-100 index gained 0.19% or 43.19 points to close at 23,021.97 points.
DFM General Index shed 0.23% or 12.32 points to close at 5,305.31 points.
Commodities
Oil prices dipped slightly on Monday due to uncertainties surrounding the Ukraine peace deal and U.S. tariffs. However, the losses were tempered by encouraging manufacturing data from China.
The purchasing managers' index in China climbed to 50.2 in February, up from 49.1 in January, which exceeded analysts' expectations and fueled optimism about increased oil demand.
Brent crude prices decreased by 0.43% to $72.50 per barrel.
Gold prices strengthened on Monday, recovering from a more than three-week low in the previous session. This uptrend was driven by a weaker dollar and increased safe-haven buying spurred by concerns over President Donald Trump's tariff policies.
International gold prices increased by 0.31% reaching $2,868.4 per ounce.
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