Across Asia, markets were largely subdued on Monday as escalating hostilities in the Gulf pushed oil prices higher.
The Pakistan Stock Exchange (PSX) began the new trading week on a negative note as investors remained cautious due to rising tensions in the Middle East.
During intraday trading, the KSE-100 Index fell by 1,180.15 points, dropping to 152,686.01 points, a decline of 0.77% from the previous close of 153,866.16 points.
Across Asia, markets were largely subdued on Monday as escalating hostilities in the Gulf pushed oil prices higher, complicating the inflation outlook and increasing expectations that most central banks will maintain their current policy stance at upcoming meetings, with the possibility of only one rate hike.
There was a potential positive development as well. According to a report by the The Wall Street Journal, the administration of Donald Trump may announce as early as this week that several countries have agreed to form a coalition to escort commercial vessels through the Strait of Hormuz.
In regional markets, Nikkei 225 slipped 0.8%, while South Korean equities rose 0.2%, after both markets recorded losses last week. Meanwhile, MSCI Asia Pacific Index ex Japan edged down 0.1%.
Chinese blue-chip stocks also weakened, with the CSI 300 Index declining 0.5%, despite economic data showing that retail sales and industrial production for January and February exceeded expectations. However, housing prices in China continued to fall.
In Europe, futures for the EURO STOXX 50, DAX Index, and FTSE 100 Index each gained around 0.4%.
Meanwhile, S&P 500 and Nasdaq Composite futures rose 0.5% in volatile trading. Although the earnings season has concluded, attention is now shifting to artificial intelligence developments as Nvidia hosts its Nvidia GTC in Silicon Valley this week, where the company is expected to unveil new advancements in chips and AI infrastructure.
