The KSE-100 rebounded following early-session selling pressure post-Eid holidays, with the benchmark index reversing direction from a nearly 350-point loss on Monday.
By 11 am, the benchmark index was hovering at 70,296.85, showing a decrease of just 17.86 points. It had earlier hit an intra-day low of 69,914.10.
Market experts attributed the early session decline to escalating tension on the global front, particularly amid Iran’s retaliatory strikes on Israel.
“Global scenarios are driving pressure at the bourse,” stated Sana Tawfik, an analyst at brokerage house Arif Habib Limited (AHL), speaking to Business Recorder.
“However, positive developments on the domestic front have persisted during the past week.”
In a significant development, Pakistan’s economic team, led by Finance Minister Muhammad Aurangzeb, departed for Washington on Sunday to engage in talks with the International Monetary Fund (IMF) for a new bailout program.
Talks between Pakistan and the IMF are scheduled for this week in Washington. The government team will request the Fund’s approval for a new loan program. The main ministerial meetings and events are set to be held from April 17-19.
Globally, Asian shares declined, and gold prices rose on Monday as risk sentiment waned after Iran’s retaliatory attack on Israel, heightening fears of a broader regional conflict and keeping traders on edge.
The dollar reached a fresh 34-year high against the yen amidst growing expectations that persistent inflationary pressures in the United States will result in sustained higher interest rates.
Markets in Asia began the week cautiously, with MSCI’s broadest index of Asia-Pacific shares outside Japan falling 0.7% following Iran’s launch of explosive drones and missiles at Israel late on Saturday, in retaliation for a suspected Israeli attack on its consulate in Syria on April 1. This marked Iran’s first direct attack on Israeli territory.
