Pakistan stocks end almost flat ahead of Eid holidays

The benchmark index closed on a relatively flat note Thursday, fluctuating throughout the session as traders navigated the last day of rollover week and exercised caution ahead of the long Eid holiday.

An analyst at Ismail Iqbal Securities attributed the market's movement to the impact of key sectors including commercial banks, power generation and distribution, and cement industries, which collectively added 359 points to the index.

Despite these contributions, activity remained lackluster during the final trading session before the holiday break.

An analyst at Al Habib Capital said the market opened with positive momentum. However, profit taking strikes back, pulling the index in negative territory. “Long Eid holidays feed the investors’ sentiment to cash out the positions from the market.”

KSE-100 index gained 0.03% or 34.43 points to close at 117,806.75 points.

Currency

US dollar eased against PKR in the inter-bank market. Pakistani currency gained 4 paisas to close at 280.22. In the open market USD was trading at PKR 282.

Indian Stocks

Indian stock markets, which began the day on a negative note, recovered and turned positive as major financial stocks gained. On Thursday, Indian markets continued to rise, despite weak signals from global markets, with buying seen across different sectors.

Meanwhile, Trump plans to implement retaliatory tariffs starting April 2, though it's unclear which countries and industries might be exempted.

BSE-100 index shed 0.61% or 148.96 points to close at 24,671.80 points.

DFM General Index shed 0.09% or 4.41 points to close at 5,112.15 points.

Crude Oil

Oil prices remained stable on Thursday as markets evaluated the impact of newly imposed U.S. tariffs, while worries over global supply sustained prices close to their highest levels in a month.

Analysts noted that oil prices had shrugged off declining equity markets on Wednesday, instead strengthening due to U.S. tariffs targeting Venezuela and a decrease in U.S. crude and fuel inventories.

Brent crude prices decreased by 0.11% to $73.71 per barrel.

Gold Prices

Gold prices stayed steady on Wednesday, but without strong upward momentum. Uncertainty around U.S. President Donald Trump's expected tariff announcement on April 2 supports the demand for gold as a safe haven.

Additionally, the Federal Reserve's prediction of two interest rate cuts this year helps bolster the appeal of the non-yielding metal.

International gold prices surged 1.19% to close at $ 3,053.61 per ounce. In the local market, gold prices increased by PKR 3,200 to 321,000 per tola.