Budget uncertainty keeps PSX restrained
The Pakistan Stock Exchange (PSX) closed the week on a negative note with a loss of 50 points, weighed down by growing investor anxiety ahead of the federal budget and concerns over proposed International Monetary Fund (IMF)-backed tax measures targeting exporters and industrial sectors.
Friday's session reflected narrow, range-bound trading before settling slightly lower at a level above 119,100 points. Despite intra-day gains above the 120,000 mark, the KSE-100 index failed to hold the momentum, with resistance firmly capping advances.
'Stocks closed lower amid pre-budget uncertainty and concerns over weak exports,' noted Arif Habib Corp Managing Director Ahsan Mehanti. Investor concerns over IMF-driven new tax measures proposed for exporters and industries, the National Assembly's approval of Off-grid (CPPs) Levy Bill and rupee instability played the role of catalysts in negative close.
At the end of trading, the benchmark KSE-100 index recorded a decline of 50.37 points (-0.04%), settling at 119,102.67.
Arif Habib Limited (AHL) stated that 39 stocks advanced while 59 declined, with Engro Holdings (+3.08%), Attock Refinery (+3.48%) and Pakgen Power (+4.6%) emerging as the top contributors to index gains. On the downside, Fauji Fertiliser Company (FFC, -1.91%), MCB Bank (-1.09%) and Systems Limited (-0.98%) weighed on the benchmark index.
Despite briefly moving above the 120,000 level during the week, the index failed to sustain the momentum, with strong resistance at 120k holding firm. While a breakout is anticipated, the market's inability to stay above 120k raises the risk of further declines towards support levels, AHL said.
"A range-bound session was observed at the exchange on the last trading day of the week as the index traded between the intra-day high of +389 points and intra-day low of -488 points with low volumes to finally close at 119,103 (down 0.04%)," Topline Securities wrote in its market review.
The top positive contribution to the index came from Engro Holdings, Attock Refinery, Pakgen Power, Meezan Bank and Pakistan Services as they cumulatively added 280 points. On the other hand, the top negative contribution came from FFC, MCB Bank, Systems Limited, Mari Petroleum, Pakistan Petroleum, HBL, Hubco and Engro Fertilisers, which pulled the index down by 257 points.
Traded value-wise, Attock Refinery (Rs1.49 billion), Frieslandcampina Engro (Rs1.01 billion), Mari Petroleum (Rs564 million), Hubco (Rs557 million) and Pakistan Petroleum (Rs505 million) dominated the activity, Topline added.
"Dull activity was observed on the last trading day of the week as investors adopted a cautious stance and preferred to stay on sidelines ahead of the federal budget," wrote Mohammed Waqar Iqbal of JS Global. The KSE-100 index fluctuated between the intra-day high of 119,542 points (+389) and the low of 118,665 points (-487), before closing with a marginal loss of 50 points at 119,102.
Trading volumes remained thin throughout the day, with major participation seen in sideboard stocks. "Going forward, we expect the market to continue consolidating; hence, investors are advised to wait for dips before taking fresh positions," he said.
Overall trading volumes were recorded at 338 million shares compared with the previous tally of 589.8 million. The value of shares traded during the day was Rs18.5 billion. Shares of 459 companies were traded. Of these, 183 stocks closed higher, 232 fell and 44 remained unchanged.
Big Bird Foods was the volume leader with trading in 32.7 million shares, gaining Rs2.09 to close at Rs53.86. It was followed by WorldCall Telecom with 19.4 million shares, losing Rs0.02 to close at Rs1.25 and Descon Oxychem with 16.1 million shares, gaining Rs2.28 to close at Rs35.96. During the day, foreign investors sold shares worth Rs336.5 million, according to the NCCPL.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
4 hours ago
- Business Recorder
Stocks surge, KSE-100 settles above 133,000 level
Trading at the Pakistan Stock Exchange (PSX) remained bullish on Monday, with the benchmark KSE-100 Index closing the day at a new record high on. Positive momentum was observed throughout the trading session, pushing the benchmark index to an intra-day high of 133,862.01. At close, the KSE-100 settled at 133,370.14 level, an increase of 1,421.08 points or 1.08%. Buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including ARL, HUBCO, PSO, SSGC, EFERT, MCB, MEBL and UBL traded in the green. The PSX kicked off fiscal year 2026 at a record high, with the KSE-100 index surpassing the 130,000 points mark for the first time. The index closed the previous week at 131,949 points, marking a 6.1% week-on-week increase. The benchmark KSE-100 index has showcased an 'outstanding performance in FY25, leading all major asset classes with an impressive return of 60.15%', said Arif Habib Limited (AHL). Internationally, stock markets slipped in Asia on Monday amid confusion as US officials flagged a delay on tariffs but failed to provide much detail on the change, while oil prices slid as OPEC+ opened the supply spigots more than expected. The United States is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates to take effect on August 1. Trump in April announced a 10% base tariff rate on most countries and higher 'reciprocal' rates ranging up to 50%, with an original deadline of this Wednesday. However, Trump also said levies could range in value from 'maybe 60% or 70%', and threatened an extra 10% on countries aligning themselves with the 'Anti-American policies' of the BRICS group of Brazil, Russia, India and China. With very few actual trade deals done, analysts had always suspected the date would be pushed out, though it was still not clear if the new deadline applied to all trading partners or just some. Investors have grown somewhat used to the uncertainty surrounding US trade policy and the initial market reaction was cautious. S&P 500 futures and Nasdaq futures both eased 0.3%. EUROSTOXX 50 futures eased 0.1%, while FTSE futures fell 0.2% and DAX futures held steady. Japan's Nikkei lost 0.5%, while South Korean stocks went flat. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.6%, as Chinese blue chips dropped 0.5%.
Business Recorder
10 hours ago
- Business Recorder
Pakistani companies with market cap of over $2bn at PSX
The Pakistan Stock Exchange (PSX) has hit record highs in recent weeks with its benchmark KSE-100 Index sitting pretty at over 130,000. It hit an all-time high of 131,949.07 on Friday, with analysts attributing the market's record-breaking trajectory to aggressive institutional buying, strong earnings expectations, and positive macroeconomic indicators. With the growth of the KSE-100 – widely seen as a benchmark for market performance – Business Recorder is listing companies with the highest market capitalisation with the figure of $2 billion used as a qualification criterion. As of July 7, 2025, a total of five companies listed at the PSX have a market capitalisation of $2 billion or more. OGDC currently leads the list with a market cap of $3.46 billion. Oil and Gas Development Company Limited (OGDC) ($3.46 billion) Oil and Gas Development Company Limited (PSX:OGDC) is the largest exploration and production (E&P) company in Pakistan with operations including exploration, drilling operation services, production, reservoir management, and engineering support. The company has the most extensive exploration acreage in Pakistan, covering over 40% of the country's total acreage awarded with net hydrocarbons of oil and gas. With over 67%, the Government of Pakistan is the largest shareholder in OGDC, followed by the OGDC Employee Empowerment Trust and Privatisation Commission of Pakistan. Its profile on the PSX says the company was incorporated on October 23, 1997 under the Companies Ordinance, 1984 (now the Companies Act, 2017). The company was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961. The market capitalisation of OGDC at the PSX stands at $3.46 billion. **United Bank Limited (UBL) ($2.98bn) Founded in 1959, United Bank Limited (UBL) is a banking company incorporated in Pakistan and is engaged in commercial banking and related services. The bank is a subsidiary of Bestway International Holdings Limited which is a wholly owned subsidiary of Bestway Group Limited. UBL operates one of the largest branch networks in Pakistan with over 1765+ branches and 1750+ ATMs along-with the bank's branchless banking proposition, UBL Omni spread all over the country, according to the information available on its website. Bestway Group is a diversified multinational family-owned business with annualised turnover in excess of £4.5 billion. Starting off as a chain of retail convenience stores, the group has grown to become a diversified multinational business with interests across the wholesale, pharmacy, real estate, cement and banking sectors. The market capitalisation of UBL at the PSX stands at $2.98 billion. Mari Petroleum Company Limited (MARI) ($2.73 billion) By operating the country's largest gas reservoir at Mari Gas Field, Daharki, Sindh, Mari Petroleum Company Limited (PSX: MARI) is the second largest producer of natural gas. A public limited company incorporated in Pakistan in 1984, Mari Petroleum is an integrated oil and gas exploration and production company and around 70% exploration success rate, which is much higher than industry averages of around 33% national and 14% international. Mari's key customers include fertiliser manufacturers, power generation companies, gas distribution companies; and refineries. The market capitalisation of MARI at the PSX stands at $2.73 billion. Meezan Bank Limited (MEBL) ($2.29 billion) Meezan Bank Limited (PSX:MEBL), Pakistan's first and largest Islamic bank, is a public limited company incorporated in the country in 1997. The bank formally commenced its operations in 2002 after being issued the first-ever Islamic commercial banking licence by the State Bank of Pakistan. Currently, the bank is engaged in corporate, commercial, consumer, investment and retail banking activities. As per data available on the MEBL's website, it has a retail banking network of more than 1,000 branches across the country. MEBL's branch network is supported by banking services that include over 950 ATMs, VISA and MasterCard Debit cards, a call center, internet banking, mobile application and SMS banking facility. The market capitalisation of MEBL at the PSX stands at $2.29 billion. **Fertilizer Company Limited (FFC) ($2.05 billion) Fauji Fertilizer Company Limited is incorporated in Pakistan as a public limited company. The company is engaged in the manufacturing, purchasing and marketing of fertilisers and chemicals. The company also undertakes investment in other fertiliser, chemicals, cement, food processing, energy generation and banking operations. As of December 31, 2024, FFC has a total of 1,423.109 million shares outstanding which are held by 29,400 shareholders. Associated companies, undertakings and related parties (Committee of Admin Fauji Foundation) have the majority stake of 43.51% in FFC followed by local general public holding 25.06% shares. Public sector companies and corporation account for 9.62% shares of FFC while banks, DFIs, NBFIs, Insurance, Pension Funds, Takaful and Modarabas collectively hold 9.02% shares. Around 2.39% of FFC's shares are held by foreign companies. The remaining shares are held by other categories of shareholders. The market capitalisation of FFC at the PSX stands at $2.05 billion. Among other listed companies at the PSX several stocks boast market capitalisations exceeding $1 billion, including Lucky Cement (LUCK), Pakistan Petroleum Limited (PPL), and MCB Bank Limited (MCB), Colgate-Palmolive Pakistan (COLG), and Nestle Pakistan (NESTLE). Market capitalisation for each company was calculated on Monday, July 7, 2025 (10am). For the purpose of this calculation, the exchange rate was used at Rs283 to 1 US dollar.
Express Tribune
10 hours ago
- Express Tribune
PSX sustains rally as KSE-100 index crosses 133,000
The Pakistan Stock Exchange (PSX) opened on a bullish note on Monday, with the benchmark KSE-100 Index gaining 1,187.99 points, or 0.9%, current index of 133,137.05 during intra-day trading. The index recorded a high of 133,156.63 and a low of 132,467.12. Trading volume stood at over 41 million shares, with the total traded value reaching Rs 3.39 billion. This builds on last week's strong opening to the new fiscal year, when the index had hit a then-record high of 131,949.06 points. Analysts attributed the positive momentum to investor optimism surrounding potential policy clarity and improving macroeconomic indicators. Earlier in the week, the Pakistan Stock Exchange (PSX) opened the new fiscal year on a bullish note, with the benchmark KSE-100 Index surging to an all-time high of 131,949.06 points during the week ended July 4, 2025. Read: PSX kicks off FY26 with historic week The index gained 7,570 points, or 6.1% week-on-week, driven by improving macroeconomic indicators, foreign inflows, and strong investor sentiment. The rally extended momentum from the previous fiscal year (FY25), which closed with the PSX ranked as the best-performing regional bourse, delivering a 60% annual return. Easing inflation, lower electricity tariffs, and renewed interest from both local and foreign investors supported the continued upward trajectory. According to Arif Habib Limited's (AHL) weekly report, the KSE-100 Index surged from 125,627.31 to 131,949.06 during the week, posting a 6.1% gain. The rally was broad-based, supported by improved macroeconomic indicators. Inflation for June 2025 eased to 3.2% from 3.5% in May, as reported by the Pakistan Bureau of Statistics (PBS). JS Global's Syed Danyal Hussain noted that the KSE-100 index's strong FY25 close and continued FY26 momentum reflect improving sentiment. The index's 6% week-on-week increase was complemented by a 31% rise in average daily turnover (ADTO). June 2025's CPI came in at 3.2% year-on-year, bringing the FY25 average to 4.5%, a drop from 23.4% in FY24.
