Pakistan stocks positive ahead of IMF review

The Pakistan Stock Exchange (PSX) closed on a positive note Monday, gaining momentum in the latter half of the session after a range-bound start. The surge was driven by improving sentiment surrounding the upcoming International Monetary Fund (IMF) review in March.

Stocks closed bullish in the pre-budget rally, led by scrips across the board on a strong economic outlook. Finance Minister's recent hints at surging remittances, higher forex reserves, low inflation, and support to the construction industry contributed to the optimistic market sentiment.

KSE-100 index gained 1.36% or 1,529.17 points to close at 114,330.10 points.

Indian stocks ended lower on Monday, influenced by weak global market signals.

The dip was primarily driven by negative trends in the US market, ongoing foreign fund outflows, and concerns regarding US tariffs.

BSE-100 index shed 254.41 points or 1.07% to close at 23,528.90 points.

The Dubai Financial Market (DFM) General Index shed 0.45% or 24.38 points to close at 5,334.87 points.

Commodities

Oil prices stabilized on Monday as investors awaited updates on negotiations to end the conflict in Ukraine and considered the potential resumption of crude exports from northern Iraq.

Brent crude prices were unchanged at $74.43 per barrel.

Gold prices remained steady today as the US dollar fell, with investors eagerly awaiting key economic data from Europe and the US this week.

Specifically, investors are looking forward to the release of the US core personal consumption expenditures price index, the Federal Reserve's preferred measure of inflation, due next Friday. It is expected to show a 0.3% monthly increase in January, up from a 0.2% rise in December 2024.

International gold prices surged 0.50% reaching $2,951.7 per ounce.

Currency

US dollar remained steady against PKR in the inter-bank market. Pakistani currency settled at 279.66, a loss of 9 paisas against the US dollar. In the open market USD was trading at PKR 281.50.