Pakistan stocks opened strong Friday, buoyed by pre-market momentum following AGP Limited’s earnings announcement. The early rally pushed the KSE-100 index up by as much as 482 points during intraday trading.
However, gains proved short-lived as selling pressure mounted in the latter hours of the session. The market closed at 113,252, down 0.47%, as investors consolidated positions near the close of earnings season.
Market analysts attributed the mixed performance to profit-taking and cautious sentiment as the earnings season drew to a close. Trading volume remained modest as investors awaited further cues from upcoming economic data and corporate announcements.
KSE-100 index shed 0.47% or 532.64 points to close at 113,251.67 points.
US dollar eased against PKR in the inter-bank market. Pakistani currency gained 5 paisas to close at 279.67. In the open market USD was trading at PKR 281.3.
Indian stocks fell on Friday as concerns over a slowing US economy and rising inflation, worsened by former President Trump’s tariff policies, dampened investor sentiment.
The decline followed US Labor Department data revealing an unexpected rise in jobless claims, raising fears of reduced spending by key Indian IT clients.
BSE-100 index lost 2.04% or 477.57 points to close at 22,978.78 points.
DFM General Index shed 0.81% or 43.47 points to close at 5,317.63 points.
Commodities
Oil prices dropped over 1% on Friday, heading for their first monthly decline since November, amid concerns over Washington’s tariff threats and Iraq’s resumption of oil exports from Kurdistan.
Investor sentiment was further dampened by uncertainty over OPEC’s April production plans and ongoing peace talks to end the Ukraine war.
Brent crude prices decreased by 1.34% to $73.05 per barrel.
Gold prices declined on Friday, February 28, heading towards their steepest weekly drop since November.
The bullion market faced pressure from a stronger US dollar as investors anticipated critical US inflation data for clues on the Federal Reserve’s monetary policy direction.
International gold prices decreased by 0.91% reaching $2,858.95 per ounce.
