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Express Tribune
5 days ago
- Business
- Express Tribune
PSX update today: Hits new all-time high as KSE-100 crosses 140,000
The Pakistan Stock Exchange (PSX) witnessed yet another significant upswing on Friday, driving the benchmark KSE-100 index to a new all-time high. The index is up 126.38 points, with the current level at 138,791.87, marking a 0.09% gain from the previous close of 138,665.49 during intra-day trading. The market touched a record high of 140,585.38 and a low of 138,551.61, showcasing a wide trading range driven by active participation across key sectors. Trading volume remained strong at 107 million shares, while the daily traded value reached Rs11.38 billion, underlining continued investor interest in equities amid stabilising macroeconomic signals. Read: PSX climbs to new peak above 138,000 This rally follows Thursday's bullish momentum when the KSE-100 index surpassed the 138,000 milestone for the first time in history. Stock buying was observed across the board, with notable strength in auto, cement, fertiliser and energy sectors. Arif Habib Corp MD Ahsan Mehanti commented that stocks closed at an all-time high, driven by broad-based gains amid unconfirmed reports of a potential US president's visit on September 18, which was expected to strengthen bilateral trade ties. JS Global analyst Muhammad Hasan Ather stated that the historic rally at the PSX was driven by aggressive buying in energy, oil, fertiliser and pharmaceutical sectors, which was further fuelled by expectations of a rate cut in the upcoming monetary policy committee meeting. The rally was driven by heavy institutional flows, with local investors stepping in to scoop up, reigniting market momentum.
Arab News
08-07-2025
- Business
- Arab News
Pakistan prequalifies four investors for PIA, greenlights Roosevelt Hotel joint venture deal
KARACHI: Pakistan has prequalified four investors for the sale of Pakistan International Airlines (PIA), while its Cabinet Committee on Privatization (CCOP) has approved the transaction structure for the denationalization of the Roosevelt Hotel in New York under a joint venture, the ministry of privatization said on Tuesday. Pakistan has been seeking to sell a 51-100 percent stake in the struggling national airline to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund program. It would be the country's first major privatization in nearly two decades. Among the bidding groups, one is a consortium of major industrial firms Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures. Another is led by investment firm Arif Habib Corp. and includes fertilizer producer Fatima Fertilizer, private education operator The City School, and real estate firm Lake City Holdings. Additionally, Fauji Fertilizer Company, a military-backed conglomerate, and Pakistani airline Airblue, have been approved to bid for PIA. 'The prequalified parties will now proceed to the buy-side due diligence phase — a critical next step in the transparent and competitive privatization process of PIACL,' the privatization commission's statement said. PIA, once a respected carrier in Asia, has been propped up by taxpayers for decades due to political interference, corruption and inefficiencies. The airline's privatization has repeatedly collapsed amid union resistance, legal hurdles and low investor appetite. Pakistani state-owned enterprises post annual losses of more than Rs800 billion ($2.87 billion), and when subsidies, grants and other support are included, the burden swells beyond Rs1 trillion ($3.59 billion), Finance Minister Muhammad Aurangzeb told parliament while presenting the budget for fiscal year 2025–26 earlier this month. PIA has been one of the government's most costly liabilities, which has accumulated over $2.5 billion in losses in roughly a decade and been surviving on repeated bailouts that have weighed heavily on Pakistan's strained budget. Last month, five consortiums submitted expressions of interest for a 51–100 percent stake in PIA after the government restructured its balance sheet to make the deal more attractive. It also scrapped the sales tax on leased aircraft and is providing limited protection from legal and tax claims. Around 80 percent of the airline's debt has been transferred to the state. ROOSEVELT HOTEL Separately, the CCOP approved the transaction structure for Roosevelt Hotel under a 'Joint Venture model with multiple options.' 'This option is aimed at maximizing long-term value for the country, while ensuring flexibility, multiple exit opportunities, and minimizing future fiscal exposure,' the privatization commission said. How much money the hotel ultimately brings in, and its overall valuation, depends on the type of transaction structure adopted, Privatization Commission Chairman Muhammad Ali told Arab News in an interview last month. If the government formed a joint venture with a private investor, sharing both the risks and future profits, the hotel could be worth four to five times more than its as-is valuation, he said at the time. 'So, depending on what sort of structure you have, how much risk you take, how much effort the government puts in, we can make a lot of money from this asset,' the privatization chief had said. The Roosevelt, a 1,015-room historic hotel in Midtown Manhattan, has long been one of Pakistan's most prominent but politically sensitive overseas assets. Acquired by Pakistan International Airlines Investment Limited (PIAIL) in 1979, the hotel occupies a full city block on Madison Avenue and 45th Street. Over the past two decades, successive Pakistani governments have floated plans to sell, lease, or redevelop the property, but no proposal has advanced beyond early-stage planning. Operations at the Roosevelt were suspended in 2020 following steep financial losses during the COVID-19 pandemic. In 2023, Pakistan entered a short-term lease with the City of New York to use the property as a temporary shelter for asylum seekers, generating more than $220 million in projected rental income. That agreement ended in 2024 and no new revenue stream has since been announced. The Roosevelt Hotel is one of several state assets the government hopes will contribute to its target of raising Rs86 billion ($306 million) in privatization proceeds during the fiscal year starting July 1, alongside the sale of PIA and three electricity distribution companies.
CNA
08-07-2025
- Business
- CNA
Pakistan approves four potential bidders for struggling national airline PIA
The Pakistani government said on Tuesday it had approved four parties, including business groups and a military-backed firm, to potentially bid for a stake in debt-ridden Pakistan International Airlines. Pakistan has been seeking to sell a 51-100 per cent stake in the struggling national airline to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme. It would be the country's first major privatisation in nearly two decades. Among the bidding groups, one is a consortium of major industrial firms Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures. Another is led by investment firm Arif Habib Corp, and includes fertiliser producer Fatima Fertilizer, private education operator The City School, and real estate firm Lake City Holdings. Additionally, Fauji Fertilizer Company, a military-backed conglomerate, and Pakistani airline Airblue, have been approved to bid for PIA. "The pre-qualified parties will now proceed to the buy-side due diligence phase," Pakistan's Privatisation Minister Muhammad Ali said in a statement. The review process is set to last two to two-and-a-half months, with final bidding and negotiations anticipated in the fourth quarter of 2025, Ali previously told Reuters. The country's privatisation ministry also said that the Cabinet Committee on Privatisation approved the transaction structure for the Roosevelt Hotel located in New York, including options for both outright sale and long-term lease. From the Roosevelt Hotel, Pakistan is expecting over $100 million as a first payment during this year, Ali previously told Reuters.
Express Tribune
01-07-2025
- Business
- Express Tribune
PSX opens fiscal year strong as KSE-100 hits all-time high
The Pakistan Stock Exchange (PSX) opened the new fiscal year 2025–26 on a bullish note, with benchmark KSE-100 Index surging by 2,300.18 points during intra-day trading. The current index is at 127,927.49, up 1.83% from the previous close of 125,627.31. The market touched an intraday high of 128,149.46, while the lowest level recorded during the session was 126,113.27. Total traded volume stood at 198.08 million shares, with a trading value of Rs16.83 billion . Analysts attributed the rally to positive investor sentiment supported by signs of economic and political stability, as well as optimism around fiscal reforms announced in the federal budget. Earlier on Monday, PSX closed the fiscal year 2024-25 at a record high on Monday, where the benchmark KSE-100 index surged 1,248 points, or 1%, to 125,627. According to Ahsan Mehanti of Arif Habib Corp, stocks hit a new all-time high at the year-end close, driven by record trading volumes following the rollover of $3.4 billion financing by China, which boosted foreign exchange reserves to over $14 billion, meeting the IMF's June 30 target and supporting rupee stability. Read: PSX closes fiscal year at all-time high At the end of trading, the KSE-100 index recorded an increase of 1,248.25 points, or 1%, and settled at 125,627.31. In its review, Topline Securities commented that the local bourse wrapped up the fiscal year on a high note, carrying forward last week's bullish momentum with another stellar performance. The benchmark index soared to an intra-day high of 1,369 points before closing with a gain of 1,248 points (up 1%) to settle at 125,627. In its commentary, Arif Habib Limited (AHL) said that the week saw a solid start, with the KSE-100 gaining 1% to close above 125,600 points. Some 71 shares rose, while 29 fell, where FFC (+1.52%), HBL (+3.51%) and Bank AL Habib (+2.7%) contributed the most to index gains. Overall, shares of 481 companies were traded. Of these, 297 stocks closed higher, 152 fell and 32 remained unchanged.
Express Tribune
21-06-2025
- Business
- Express Tribune
PSX closes flat over Israel-Iran tensions
Listen to article Pakistan Stock Exchange (PSX) closed flat on Friday as investors remained cautious amid ongoing uncertainty about the Israel-Iran conflict. After opening on a positive note, driven by reports that the Trump administration may delay its decision on taking action in the Middle East by two weeks, the benchmark KSE-100 index touched the intra-day high of 120,829 points. However, it later succumbed to profit-taking, settling marginally higher by 21 points at 120,023. Key support at the 120k level held firm throughout the week despite volatile sessions. "Stocks closed lower on fears of an escalation in Middle East tensions," said Ahsan Mehanti, Managing Director of Arif Habib Corp. Weak rupee and a slump in global equities fuelled panic selling at the PSX, he said. At the end of trading, the benchmark KSE-100 index posted a slight gain of 20.65 points, or 0.02%, and settled at 120,023.24. Topline Securities, in its review, wrote that the KSE-100 index, after opening on a positive note, traded in the positive zone for most part of the session on news that the Trump administration had decided to exercise restraint and would decide on US action in the Israel-Iran conflict within two weeks. However, due to the lack of confidence, the index came down during latter hours to close flat at 120,023, up 0.02%. Top positive contribution to the index came from Hub Power, Systems Limited, UBL, OGDC, Maple Leaf Cement and Pakistan Petroleum as they cumulatively added 168 points. On the flip side, top negative contributors were Pakgen Power, TRG Pakistan, Fauji Fertiliser Company, Pakistan Services, Engro Fertilisers and MCB Bank, which erased 180 points from the index, Topline said. "It was another volatile session that ended with thin change," noted Ali Najib, Deputy Head of Trading at Arif Habib Limited, as the benchmark index closed marginally higher at 120,023 (+21 points). It is pertinent to note that the 120k level has so far proved to be a saviour throughout the week. He pointed out that the market opened on a positive note, driven by media reports suggesting a possible de-escalation in the Israel-Iran conflict. However, profit-taking in the final hour, ahead of the weekend, erased early gains as short-term investors squared off their positions, Najib added. Mubashir Anis Naviwala of JS Global commented that the market started the session on a weak note, with sentiment remaining cautious throughout the day. After touching the intra-day high of 120,829, the index dropped to the low of 119,872 amid profit-taking. However, the positive takeaway was that the index managed to close above the 120,000 psychological mark, he said. Overall trading volumes were recorded at 421.6 million shares compared with the previous tally of 604.5 million. The value of shares traded was Rs15.7 billion. Shares of 468 companies were traded. Of these, 178 stocks closed higher, 245 fell and 45 remained unchanged. WorldCall Telecom was the volume leader with trading in 42.8 million shares, losing Rs0.04 to close at Rs1.45. It was followed by TRG Pakistan with 26.7 million shares, losing Rs5.12 to close at Rs56.68 and Pervez Ahmed Consultancy with 25.5 million shares, losing Rs0.25 to close at Rs2.84. During the day, foreign investors sold shares worth Rs69.3 million, according to the NCCPL.
