Daily Times

Positive sentiments prevail over the 100-Index of the Pakistan Stock Exchange (PSX) as it continued with bullish trend on Monday, gaining 1,378.34 more points, a positive change of 1.65 percent, reaching all time high level of 84,910.30 points against 83,531.96 points on the last trading day.

A total of 449,507,635 shares were traded during the day as compared to 381,529,555 shares the previous trading day, whereas the price of shares stood at Rs 30.196 billion against Rs.20.523 billion on the last trading day. As many as 448 companies transacted their shares in the stock market, 224 of them recorded gains and 86 sustained losses, whereas the share price of 3 companies remained unchanged.

The three top trading companies were Pak Petroleum with 40,779,930 shares at Rs 126.69 per share, Hub Power Company XD with 28,080,507 shares at Rs 121.70 per share and Fauji Cement XD with 23,127,553 shares at Rs 28.00 per share. Hoechst Pakistan Limited witnessed a maximum increase of Rs 185.20 per share price, closing at Rs 2,285.20, whereas the runner-up was Pakistan Tobacco Company Limited with Rs 85.77 rise in its per share price to Rs 1,027.45.

Bhanero Textile Mills Limited witnessed a maximum decrease of Rs 82.27 per share closing at Rs 966.73 followed by Hallmark Company Limited with Rs 43.04 decline to close at Rs 1,132.30.

Asian Markets: Asian markets rose Monday after a blockbuster US jobs report soothed any concerns about the world’s top economy, while the dollar held gains with traders scaling back bets on another bumper interest rate cut.

Oil prices rose as traders await Israel’s response to Iran’s missile barrage last week amid fears of a region-wide war in the Middle East.

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All three main indexes on Wall Street rallied Friday on data showing a forecast-busting 254,000 US jobs were created last month and the unemployment rate fell.

The reading was the best in six months and sharply higher than readings in July and August, which had sparked worries that the economy could be heading for a recession.

The dollar rallied on the reading as investors lowered their expectations the Federal Reserve will cut interest rates 50 basis points for a second straight meeting when it gathers this month.

“The September payrolls print was meaningfully better than expected,” said Taylor Nugent, a senior markets economist at National Australia Bank.

“It was going to take more bad news for the to match the extent of cuts in near-term pricing.

“But instead the data was supportive of assessment that the US labour market is not primed for imminent, sharper deterioration and may even be holding up a little better than expected.”

Inflation data later in the week will be closely watched by traders hoping for more of an idea about the Fed’s decision-making.

Jim Reid at Deutsche Bank Research said: “My personal view was always that the amount of rate cuts priced in since mid to late summer was only likely if we had a recession. “If we didn’t, then the rates market overall was too pessimistic. I would still say that today.”

The stronger dollar against the yen boosted Japanese stocks, with the Nikkei 225 climbing almost two percent, while Hong Kong extended its recent rally fuelled by China’s raft of economic stimulus measures.

There were also gains in Sydney, Singapore, Seoul, Taipei, Jakarta, Bangkok and Manila.

Wellington and Mumbai edged down, while London, Paris and Frankfurt were on the back foot in early trade. Shanghai was closed for a holiday. Crude prices reversed early losses after a volatile day Friday that saw them soar five percent at one point before paring the gains. The initial rally came after US President Joe Biden said he was “discussing” possible Israeli strikes on Iranian oil sites in retaliation for Tehran’s barrage. But the commodity pared the gains after Biden advised Tel Aviv against such action, saying he was trying to rally the world to avoid the escalating prospect of all-out war in the Middle East.

Still, investors are awaiting the next developments in the crisis on the first anniversary of Hamas’s deadly attack on Israel that led the country to fighting wars against the Iran-aligned militant group in Gaza and Hezbollah in Lebanon.