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Express Tribune
3 hours ago
- Business
- Express Tribune
PSX retreats as investors lock in profits
Listen to article After riding high on a wave of optimism in the previous session, the Pakistan Stock Exchange (PSX) reversed course on Wednesday as investors opted to lock in profits. The KSE-100 index slipped 165.26 points, or 0.12%, closing at 139,254.36. Despite an early push that saw the index touch 140,202, selling pressure influenced trading through the remainder of the session, reflecting a cautious flip in sentiment. Arif Habib Corp MD Ahsan Mehanti commented that stocks closed lower amid institutional profit-taking in overbought shares and concerns over delay in privatisation of ailing state-owned companies. "Rupee instability, rising inflation and worries about foreign outflows triggered bearish activity at the PSX," he said. KTrade Securities wrote in its market wrap that the PSX witnessed a mixed session as investors opted to book profits at market highs, leading to a slight pullback in the benchmark index. The index touched intra-day high of 140,202 before retreating on selling pressure. KTrade expected the mixed trend to persist, with heightened volatility due to futures rollover and the ongoing earnings season, which may keep sentiment cautious. Among key negative contributors were Engro Holdings, HBL, MCB Bank and Pakgen Power. Arif Habib Limited (AHL) commented that the PSX failed to hold early gains above 140,200 and fell for the remainder of the session. Some 39 shares rose while 60 fell, with Bank AL Habib (+1.95%), Mari Petroleum (+1.04%) and Hub Power (+0.87%) being the key contributors to index gains. In contrast, Engro Holdings (-1.23%), Habib Bank (-1.23%) and Pakgen Power (-6.8%) were the biggest drags. During the trading session, PIA Holding Company (-1.2%) saw pressure as the airline's buyer would be required to invest Rs70 billion over five years under the revised business plan. Pre-qualified bidders are set to begin site visits and expert sessions from next week, AHL said. In addition, the State Bank of Pakistan's monetary policy announcement is scheduled for July 30. Among corporate announcements, Systems Ltd (+0.91%) was considering potential acquisition in the IT and IT-enabled services space. AHL expected the market outlook to remain positive, with focus still on 140,500 this week. JS Global analyst Muhammad Hasan Ather said that stocks experienced a slight pullback, with the benchmark index closing down 165 points at 139,254. After Tuesday's rally, profit-taking emerged as investors reassessed the sustainability of the optimism. Despite the initial momentum, profit-taking activities continued to dominate the market. Key sectors including banks and oil registered mild corrections. While near-term volatility is likely to persist, investor sentiment may improve if fiscal clarity emerges from the Federal Board of Revenue's negotiations with businessmen, Ather said. Topline Securities, in its report, noted that the market traded within a range throughout the session, moving between intra-day high of 140,202 and intra-day low of 139,105 amid futures rollover-related pressure. Key laggards included Enrgo Holdings, Habib Bank, Pakgen Power, MCB Bank and Meezan Bank, which collectively shaved 277 points off the index. In contrast, Bank AL Habib, Mari Petroleum and Hub Power offered some support by contributing 174 points, Topline mentioned. Overall trading volumes increased to 656.6 million shares compared with Tuesday's tally of 629 million. Traded value stood at Rs32.1 billion. Shares of 483 companies were traded. Of these, 211 stocks closed higher, 243 fell and 29 remained unchanged. WorldCall Telecom topped the volumes chart with trading in 55.4 million shares, rising Rs0.08 to close at Rs1.54. It was followed by Media Times with 38.4 million shares, up Rs0.6 to close at Rs3.67 and First Dawood Properties with 31.3 million shares, falling Rs0.89 to close at Rs6.75. Foreign investors sold shares worth Rs327.7 million, the National Clearing Company reported.
Express Tribune
a day ago
- Business
- Express Tribune
PSX at peak as traders win support
Foreign institutional investors were net buyers of Rs37.6 million worth of shares during the trading session. PHOTO: AFP Listen to article The Pakistan Stock Exchange (PSX) soared to a new all-time high on Tuesday, driven by investor confidence following a high-level meeting between business leaders and Army Chief Asim Munir, where assurances of institutional support for economic progress were given. The government's success in securing a majority in Senate elections, optimism surrounding the State Bank of Pakistan's (SBP) expected monetary easing and forecasts of robust corporate earnings further reinforced the market rally. The benchmark KSE-100 index surged to intra-day high of 1,684 points, before settling at 139,419.62, an increase of 1,202.03 points, or 0.87%. According to Ahsan Mehanti of Arif Habib Corp, stocks traded at a new all-time high after business leaders met with army chief and were assured of the military's support for economic progress. Additionally, the government won a majority in Senate seats, further bolstering the bullish sentiment. Speculation about the SBP's anticipated policy easing next week, alongside expectations of handsome financial results and annual payouts, fuelled the bullish activity at the PSX, he said. In its review, Topline Securities commented that bulls roared back to life in Tuesday's trading session, lifting the benchmark index to impressive levels. The index surged to intra-day high of 1,684 points, before closing at 139,420, reflecting a solid gain of 1,202 points. The rally was fuelled by positive investor sentiment and renewed market confidence, ahead of the anticipated announcement of robust corporate results. This wave of optimism helped paint a bullish picture across the board, setting the tone for a potentially upbeat week ahead, it said. Key movers of the day were Engro Holdings, HBL, Fauji Fertiliser Company (FFC), Engro Fertilisers, Pakistan Petroleum and Oil and Gas Development Company, which together contributed 1,142 points to the index. Trading activity remained vibrant, with total volumes hitting 629 million shares and traded value reaching Rs34.7 billion, Topline added. In its commentary, Arif Habib Limited (AHL) noted that a one-sided price delivery from the 137,200-138,200 zone would now trigger a move towards the weekly draw at 140,500 points. Some 59 shares rose while 39 fell, with Engro Holdings (+5.24%), HBL (+4.42%) and FFC (+1.45%) contributing the most to index gains. On the flip side, UBL (-0.95%), Pakistan Services (-9.67%) and Systems Limited (-1.35%) were the biggest drags, it said. AHL mentioned that according to SBP data foreign companies operating in Pakistan repatriated over $2 billion in profits and dividends in FY25. "Momentum remains strong, with the KSE-100 holding the first offered support zone. This bodes well for the remaining week," it added. Senior analyst Ali Najib stated that post-Monday's negativity, trading resumed on a buoyant note in the morning. The fertiliser sector led the show on Tuesday as Engro Holdings, Fauji Fertiliser and Engro Fertilisers saw hefty buying since the opening bell on expectations of strong results along with higher-than-anticipated dividend payouts. In addition, robust buying interest was seen across key sectors, including commercial banks, cement, oil and gas exploration, oil marketing companies, power generation and refineries, reflecting broad-based investor confidence and sector-wide optimism, Najib said. The 137,000 level now acts as key support for the KSE-100, driven by improved earnings and foreign inflows. A drop below may take the index to 135,000, where attractive valuations and policy easing hopes could spark renewed buying, he added. Overall trading volumes increased to 629 million shares compared with Monday's tally of 608.2 million. Traded value stood at Rs34.7 billion. Shares of 478 companies were traded. Of these, 268 stocks closed higher, 178 fell and 32 remained unchanged. First Dawood Properties was the volume leader with trading in 44.1 million shares, gaining Rs1 to close at Rs7.64. It was followed by WorldCall Telecom with trading in 26.4 million shares, falling Rs0.01 to close at Rs1.46 and Pakistan Telecommunication Company Ltd with 24.9 million shares, rising Rs0.91 to close at Rs23.96. During the day, foreign investors sold shares worth Rs375.5 million, the National Clearing Company reported.
Express Tribune
2 days ago
- Business
- Express Tribune
PSX hits record over army chief's support for businesses
The Pakistan Stock Exchange (PSX) soared to a new all-time high on Tuesday, driven by investor confidence following a high-level meeting between business leaders and Army Chief Asim Munir, where assurances of institutional support for economic progress were given. The government's success in securing a majority in Senate elections, optimism surrounding the State Bank of Pakistan's (SBP) expected monetary easing and forecasts of robust corporate earnings further reinforced the market rally. The benchmark KSE-100 index soared to intra-day high of 1,684 points, before settling at 139,419.62, an increase of 1,202.03 points, or 0.87%. Market Snapshot – July 22, 2025 Unlock today's market moves and stay one step ahead! — PSX (@pakstockexgltd) July 22, 2025 According to Ahsan Mehanti of Arif Habib Corp, stocks traded at a new all-time high, after business leaders met with army chief and were assured of the military's support for economic progress. Additionally, the government won a majority in Senate seats, further bolstering bullish sentiment. Speculation about the SBP's anticipated policy easing next week, alongside expectations of strong financial results and annual payouts in the earnings season, fuelled the bullish activity at the PSX, he added. In its market review, Topline Securities commented that bulls roared back to life in Tuesday's trading session, lifting the benchmark index to impressive levels. The index surged to intra-day high of 1,684 points, before closing at 139,420, reflecting a solid gain of 1,202 points. The rally was fuelled by positive investor sentiment and renewed market confidence as the index moved upwards ahead of the anticipated announcement of strong corporate results. This wave of optimism helped paint a bullish picture across the board, setting the tone for a potentially upbeat week ahead, Topline said. Overall trading volumes increased to 629 million shares compared with Monday's tally of 608.2 million. Traded value stood at Rs34.7 billion. Shares of 478 companies were traded. Of these, 268 stocks closed higher, 178 fell and 32 remained unchanged. First Dawood Properties was the volume leader with trading in 44.1 million shares, gaining one rupee to close at Rs7.64 per share.
Express Tribune
2 days ago
- Business
- Express Tribune
PSX loses steam as investors book profit
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File The Pakistan Stock Exchange (PSX) commenced the week with lacklustre trading on Monday as the benchmark KSE-100 index lost momentum owing to profit-taking by investors ahead of expiry of July-end contracts. After fluctuating within a narrow band throughout the day, the index recorded a decrease of 379.78 points, or 0.27%, and settled at 138,217.58 by the close of trading. Analysts attributed the bearish sentiment to uncertainty surrounding external debt repayments in FY26 and investor anxiety ahead of the State Bank's monetary policy decision. Geopolitical worries, inflationary pressures and currency depreciation further contributed to the market's decline. Ahsan Mehanti of Arif Habib Corp remarked that stocks closed under pressure amid geopolitical uncertainty as well as concerns over the impact of inflation on the monetary policy announcement next week. He said that rupee instability and worries about external debt repayments due in FY26 drove bearish activity at the PSX. In its review, Topline Securities commented that the market remained range bound throughout the session, fluctuating between intra-day high of 139,201 and intra-day low of 138,150, as investors engaged in profit-taking ahead of July-end contract expiry. Pressure on the index came from Fauji Fertiliser Company (FFC), United Bank Limited (UBL), Oil and Gas Development Company (OGDC), Systems Limited and Hub Power, which dragged the market down by 438 points. On the other hand, HBL, Engro Fertilisers and Pakistan Aluminium Beverage Cans lent some support by contributing 152 points, Topline added. According to Arif Habib Limited (AHL), the week commenced with the decline in KSE-100 into the support range of 137.2-138.2k. Some 42 shares rose while 56 fell, with HBL (+2.13%), Engro Fertilisers (+0.79%) and Pakistan Aluminium Beverage Cans (+5.47%) contributing the most to index gains. On the flip side, FFC (-1.48%), UBL (-1.06%) and OGDC (-0.94%) were the biggest drags, it said. According to reports, Finance Minister Muhammad Aurangzeb held meetings with US officials to negotiate Washington's demands as part of trade talks ahead of the August 1 deadline. Both parties expressed optimism that the ongoing talks would yield positive outcomes, benefiting the economies of both countries. AHL pointed out that in June 2025, power generation rose 2.1% year-on-year, reaching 13,744 gigawatt hours (GWh), compared to 13,459 GWh in June 2024. On a month-on-month basis, generation rose 8%. JS Global analyst Muhammad Hasan Ather stated that the KSE-100 index experienced a volatile session and closed down 380 points. After hitting a historic high last week, the market saw profit-taking amid investor caution. Despite a strong opening, intra-day selling erased early gains. The pullback follows a robust 3.2% weekly surge, driven by macroeconomic optimism and earnings expectations, he said. Looking ahead, the market may consolidate near current levels, with sentiment hinging on corporate earnings, economic indicators and clarity on foreign investment flows, the analyst added. Arif Habib Ltd Deputy Head of Trading Ali Najib remarked that the 135,000 level served as initial support for the KSE-100 index, backed by strong corporate earnings and consistent foreign inflows. "If this level is breached, the index may drift towards 132,000, where compelling valuations and expectations of monetary easing could help revive investor sentiment and reignite buying interest," he said. Overall trading volumes decreased slightly to 608.2 million shares compared with Friday's tally of 609.4 million. Traded value stood at Rs23.5 billion. Shares of 479 companies were traded. Of these, 193 stocks closed higher, 245 fell and 41 remained unchanged. First Prudential Modaraba was the volume leader with trading in 58.7 million shares, gaining Rs0.48 to close at Rs4.98. It was followed by K-Electric with trading in 53.2 million shares, gaining Rs0.12 to close at Rs5.43 and Pakistan International Bulk Terminal with 51.7 million shares, falling Rs0.08 to close at Rs10.06. Foreign investors sold shares worth Rs815.8 million, the National Clearing Company reported.
Express Tribune
5 days ago
- Business
- Express Tribune
PSX ends flat after touching 140,000
Listen to article The Pakistan Stock Exchange (PSX) ended Friday's session on a flat note despite strong early gains as investors opted for profit-taking after the KSE-100 index touched a record intra-day high of 140,585 points. The index closed just shy of 138,600, with momentum briefly driven by institutional buying before fading in the latter half. The session was buoyed by positive macroeconomic news as Pakistan posted a current account surplus of $2.1 billion in FY25 – the highest in over two decades – largely driven by record remittances and IT exports. Analysts expect market momentum to continue amid potential of strong earnings and hopes of monetary easing, though short-term corrections may occur as valuations stretch and investors await clarity on the central bank's next move. "Stocks closed flat on institutional profit-taking in overbought shares amid foreign outflows and worries over the outcome of trade bodies' strike call against budgetary measures and taxmen powers," noted Arif Habib Corp MD Ahsan Mehanti. Reports of $23 billion in external debt repayments due in FY26 and rupee fluctuations drove bearish activity at the PSX, he added. At the end of trading, the benchmark KSE-100 index posted a decline of 68.14 points, or 0.05%, and settled at 138,597.36. Arif Habib Limited (AHL) said that the market remained flat, after briefly touching the 140,000 level during intra-day trading. Out of the actively traded stocks, 26 advanced while 73 declined. Major contributors to the index's gains included Fauji Fertiliser Company (FFC) (+4.13%), UBL (+2.3%) and Engro Holdings (+1.65%). On the flip side, Systems Ltd (-2%), Meezan Bank (-1.4%) and Hubco (-1.5%) were the major drags, it said. In terms of macroeconomic developments, Pakistan posted a current account surplus of $2.1 billion in FY25, the highest in over two decades. Looking ahead, the index shows upside potential towards 140,500, with support levels now placed in the 137,200-138,200 range, AHL added. Topline Securities' market review stated that the KSE-100 index opened on a positive note and rose to intra-day high of +1,920 points on buying by local institutions. However, profit-taking was observed in the second half of the trading session as investors came in to book profit before weekend. The top positive contribution to the index came from FFC, UBL, Engro Holdings, Pakistan Services, Pakistan Aluminium Beverage Cans and Engro Fertilisers as they cumulatively contributed +1,052 points. On the other hand, Systems Ltd, Meezan Bank, Hubco, NBP and Mari Petroleum pulled the index down by 345 points. Muhammad Hasan Ather of JS Global noted that the benchmark KSE-100 index closed flat. Investors booked profits following a record-breaking rally as the index touched intra-day high of 140,585 points. Sentiment remained buoyant on expectations of strong corporate earnings and potential monetary easing, supported by the finance minister's dovish comments. Looking ahead, market momentum is likely to persist through earnings season, though intermittent profit-taking may emerge as valuations stretch and investors await clarity on the State Bank's policy move, Ather added. Overall trading volumes were recorded at 609.4 million shares, compared with the previous day's tally of 780 million. The value of shares traded was Rs31.6 billion. Shares of 478 companies were traded. Of these, 120 stocks closed higher, 331 fell and 27 remained unchanged. Pakistan International Bulk Terminal was the volume leader with trading in 53.1 million shares, gaining Rs0.05 to close at Rs10.14. It was followed by First Dawood Properties with 42 million shares, losing Rs0.07 to close at Rs6.93 and Ghani Chemworld with 31.8 million shares, gaining Rs0.20 to close at Rs13.41. Foreign investors were buyers of shares worth a net Rs267.8 million, the National Clearing Company reported.
