The 100-Index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Monday, gaining losing 982.77 points, a positive change of 0.87 percent, closing at 114,230.06 points as compared to 113,247.29 points on the last trading day.
A total of 521,209,059 shares were traded during the day as compared to 499,846,692 shares the previous trading day, whereas the price of shares stood at Rs 28.287 billion against Rs. 24.825 billion on the last trading day.
As many as 449 companies transacted their shares in the stock market, 280 of them recorded gains and 116 sustained losses, whereas the share price of 53 companies remained unchanged.
The three top trading companies were WorldCall Telecom with 70,133,140 shares at Rs 1.78 per share, Cnergyico PK with 39,599,889 shares at Rs.6.95 per share and Sui South Gas with 31,998,634 shares at Rs.43.76 per share.
Unilever Pakistan Foods Limited witnessed a maximum increase of Rs.499.99 per share price, closing at Rs 21,400.00, whereas the runner-up was Services Industries Limited with Rs 126.00 rise in its per share price to Rs.1,542.18.
JDW Sugar Mills Limited witnessed a maximum decrease of Rs 55.00 per share closing at Rs 913.09 followed by Sapphire Textile Mills Limited with Rs 44.08 decline to close at Rs.1,206.00.
Separately, Asian and European markets slid Monday after traders trimmed bets on US Federal Reserve rate cuts and oil extended a rally sparked by new sanctions on Russia’s energy sector.
An outsized US jobs report Friday dealt another blow to hopes for more interest rate cuts in 2025, and was followed by hefty losses on Wall Street.
In Asia on Monday, Hong Kong and Shanghai stocks fell but pared initial losses as data showed Chinese exports and imports topped forecasts in December.
Tokyo’s stock market was closed for a holiday.
In Europe, London, Paris and Frankfurt also dropped.
Keenly awaited data showed the US economy created 256,000 jobs last month, a jump from November’s revised 212,000 and smashing forecasts of 150,000-160,000.
“Given a resilient labour market, we now think the Fed cutting cycle is over,” said Bank of America’s Aditya Bhave and other economists.
It follows data last week that pointed to a rise in inflation expectations, and adds to concerns that president-elect Donald Trump’s plans to slash taxes, regulations and immigration will reignite prices.
Surging oil prices added to unease, with both main contracts extending Friday’s gains — after the United States and Britain announced new sanctions against Russia’s energy sector, including oil giant Gazprom Neft.
“The spike in oil prices could pose additional challenges for central banks, particularly the Federal Reserve, if it leads to higher inflation,” said Patrick Munnelly, partner at broker Tickmill Group.
However, analysts do not expect prices to spike too much in the longer term as global oil production is expected to meet demand.
On currency markets, the pound was wallowing around lows not seen since the end of 2023 owing to fading hopes for US rate cuts as well as worries about the British economy.
The euro struggled at its weakest level since November 2022.