KSE-100 briefly crosses 99,000 mark

Despite political unrest in the country, Pakistan’s benchmark KSE-100 index briefly crossed 99,000 mark on Monday.

The KSE-100 surged over 1,200 points on the opening day of the trade. It hit an intra-day high of 99,317.47 before retreating below 99,000.

Commercial banks, fertilizer, and pharmaceuticals led the charge with HBL, NBP, MEBL, UBL, MCB, HUBCO, PSO, SSGC and FFC in the green territory.

However, the rally occurred amidst ongoing political uncertainty domestically and against a backdrop of global market optimism.

Asian markets rallied, boosted by a decline in US bond yields following the appointment of Scott Bessent as the likely next US Treasury Secretary, and US futures also pointed upwards.

Investors are, meanwhile, also gauging political volatility on the local front.