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Business Recorder
2 hours ago
- Business
- Business Recorder
PSX crosses 130,000-point mark for first time
KARACHI: The Pakistan Stock Exchange (PSX) delivered a historic performance on Wednesday, surpassing the psychological milestone of 130,000 points for the first time ever. The market continued its record-breaking upward trajectory driven by aggressive institutional buying, strong earnings expectations, and positive macroeconomic indicators; the market continued its record-breaking upward trajectory. The benchmark KSE-100 Index soared by 2,144 points or 1.67 percent to settle at 130,344 points on Wednesday compared to 128,200 points on Tuesday. During the intraday trading index hit an intraday high of 130,546 points and low of 128,616 points. The rally was largely fuelled by a surge in heavyweight banking stocks, renewed interest in the pharmaceutical sector, and persistent bullishness in select industrials and energy plays. On Wednesday, BRIndex100 closed at 13,275.85 points, gaining 225.34 points or 1.73 percent with a total turnover of 806.95 million shares, while BRIndex30 edged up by 325.29 points or 0.84 percent to close at 38,824.81 points with a total volume of 480.66 million shares. According to Topline Securities, during Wednesday's trading session, the bulls were on a rampage as the KSE-100 shattered records, storming past the 130,000 points milestone. With fixed-income yields offering little excitement, investors are rotating into equities in search of alpha, giving the market a powerful tailwind, it added. Banks led the charge with blue-chip names like United Bank Limited (UBL), MCB Bank, Bank Alfalah (BAHL), Meezan Bank (MEBL), Habib Bank Limited (HBL), and National Bank of Pakistan (NBP) collectively contributing a remarkable 1,286 points to the index. Adding to the euphoria, the pharmaceutical sector staged a noteworthy comeback, turning heads after a relatively quiet spell. The Searle Company Limited hit its upper circuit while Citi Pharma Limited, Haelon, and Abbott Laboratories also attracted solid investor interest. Overall market activity remained vibrant. Total trading volumes in the ready market clocked in at a robust 1.02 billion shares slightly lower than yesterday, while the total traded value reached an impressive Rs 49.29 billion as compared to Rs 44 billion on previous day. WorldCall Telecom (WTL) led the volumes chart with a turnover of 89.8 million shares at the closing rate of Rs 1.61, closely followed by Bank of Punjab (BOP) with 89.5 million shares and Rs 11.54 closing rate, beside Kohinoor Spinning with the closing rate of Rs 6.12 and 46.3 million shares changing hands. The day's market capitalization swelled to Rs 15.712 trillion from the previous day's Rs 15.472 trillion, reflecting the addition of Rs 240 billion. The market breadth remained positive, with 256 companies closing higher, 192 declining, and 25 remaining unchanged at the day's end as the total 473 companies were active. Among individual performers, PIA Holding Company Limited registered an increase of Rs 1,778.37 to close at Rs 19,562.10, while Khyber Textile Mills Limited surged by Rs 111.75 to settle at Rs 1,486.16. Conversely, Bhanero Textile Mills Limited and Rafhan Maize Products faced notable declines of Rs 108.56 and 71.20 respectively and settled at Rs 977.06 and Rs 9515.17. The BR Automobile Assembler Index settled at 21,048.74 points, showing a gain of 505.94 points or 2.46 percent, with a total turnover of 11.81 million shares. The BR Cement Index ended at 10,540.64 points, down by 11.98 points or 0.11 percent, as total traded shares stood at 36.80 million shares. The BR Commercial Banks Index closed at 36,777.60 points, rising by a substantial 1,503.71 points or 4.26 percent on a turnover of 205.03 million shares. Meanwhile, the BR Power Generation and Distribution Index dropped by 87.35 points or 0.42 percent to finish at 20,621.61 points, with 20.48 million shares changing hands. The BR Oil and Gas Index posted a gain of 149 points or 1.24 percent, closing at 12,206.89 points with a total traded volume of 82.41 million shares. Lastly, the BR Technology & Communication Index edged up by 1.97 points or 0.07 percent to settle at 2,983.15 points, with 135.9 million shares traded during the session. Adding its perspective, JS Global in its market commentary stated that the bullish momentum is driven by easing inflation — June CPI fell to 3.2% year-on-year — alongside favourable macroeconomic indicators and fiscal reforms outlined in the FY26 federal budget. Renewed investor confidence is clearly evident, with strong participation across key sectors, it added. Copyright Business Recorder, 2025
Business Recorder
a day ago
- Business
- Business Recorder
PSX achieves historic milestone
KARACHI: The Pakistan Stock Exchange (PSX) sustained its bullish momentum on Tuesday, with the benchmark KSE-100 Index registering another record closing mainly attributed to the macroeconomic stability with easing inflation and strengthening rupee, besides hopes of monetary easing in coming weeks. The benchmark KSE-100 Index surged by a remarkable 2,572.11 points or 2.05 percent to settle at an all-time high of 128,199.43 points. It opened on a firm note and maintained a steady upward trajectory throughout the session, peaking at an intra-day high of 128,475.70 points, and low of 126,113.28 points. BRIndex100 closed at 13,050.51 points, gaining 279.22 points or 2.19 percent with a total volume of 810.23 million shares. On the other hand, BRIndex30 edged up by 205.47 points or 0.54 percent to close at 38,499.52, with a total volume of 485.71 million shares. Topline Securities noted that KSE-100 Index rang in the new fiscal year with a bang, soaring at 128,199 points. Investor sentiment remained upbeat amid expectations of economic stability, a strengthening rupee, and hopes of monetary easing in the coming months. The local equity benchmark indices delivered another impressive performance, ending the day with significant gains driven by strong buying activity in the banking and fertilizer sectors, it added. The ready market volume stood at 1.032 billion shares, slightly lower than the 1.144 billion shares traded in the previous session. However, the traded value increased to Rs 44 billion, up from Rs 35.238 billion a day earlier. Meanwhile, the overall market capitalization posted a strong gain of Rs 233 billion, rising to Rs 15.472 trillion from Rs 15.239 trillion in the last session. Among the volume leaders, Kohinoor Spinning emerged as the most traded stock with 84.98 million shares changing hands with a closing rate Rs.6.39. It was closely followed by Bank of Punjab with 73.83 million shares and Sui Southern Gas Company with 69.16 million shares which closed at Rs 10.92 and Rs 44.73 respectively. Among the top gainers in the ready market were PIA Holding Company LimitedB, which jumped by an extraordinary Rs 1,616.70 to close at Rs 17,783.73, and Khyber Textile Mills Limited, which surged by Rs 118.44 to settle at Rs 1,374.41. On the other hand, the laggards included Unilever Pakistan Foods Limited, which dropped by Rs 223.33 to finish at Rs 23,390, and Supernet Technologies Limited, which declined by Rs 71.02 to close at Rs 844.28. Market breadth remained firmly positive. In the ready market, 233 scrips posted gains against 206 losses, while 40 closed unchanged among 479 total active companies. The BR Automobile Assembler Index finished at 20,542.80 points, gaining 110.64 points or 0.54 percent, with a total turnover of 8.41 million shares. The BR Cement Index, however, slipped by 67.78 points or 0.64 percent to close at 10,552.62, with 45.93 million shares traded. The BR Commercial Banks Index posted a strong performance, rising by 1,575.13 points or 4.67 percent to settle at 35,273.89, accompanied by a turnover of 180.05 million shares. Meanwhile, the BR Power Generation and Distribution Index added 79.84 points or 0.39 percent to close at 20,708.96, with a total volume of 17.35 million shares. The BR Oil and Gas Index also ended on a positive note, up 107.96 points or 0.9 percent to 12,057.89, with 98.51 million shares changing hands. Lastly, the BR Technology & Communication Index gained 58.48 points or 2 percent, closing at 2,981.18, with a total turnover of 119.46 million shares. According to Ahsan Mehanti of Arif Habib Corporation, stocks closed at a new all-time high amid upbeat data on CPI inflation, which eased to 3.4 percent year-on-year for June 2025, alongside government projections of rising exports and inflation ranging between 5-7 percent for FY26. He noted that the government's decision to abolish extra duties on industrial power tariffs and a sharp rise in global crude oil prices played a catalytic role in driving the bullish close at the Pakistan Stock Exchange. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business
- Business Recorder
Stocks soar on China loan
KARACHI: The Pakistan Stock Exchange (PSX) concluded the last day of fiscal year 2024-25 on a powerful note on Monday, fueled by strong fiscal year-end flows, active institutional participation and a significant external financing development that improved investor sentiment. By the close of the session, the benchmark KSE-100 Index had surged by 1,248.25 points, or one percent, settling at a record 125,627.31 points, soaring to an all-time closing. The market's upward trajectory was evident throughout the day as the index touched an intraday high of 125,748.59 points, and the low of 124,500.21 points. On Monday, BRIndex100 closed at 12,771.29, gaining 97.10 points or 0.77 percent with a total volume of 873.51 million shares. Meanwhile, BRIndex30 settled at 38,294.05, up by 30.32 points or 0.08 percent with a total turnover of 530.03 million shares. Topline Securities in its market commentary noted 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 upbeat sentiment was fuelled by strong fiscal year-end flows and a significant external trigger as China rolled over $3.4 billion in commercial loans to Islamabad. This move also helped Pakistan meet the IMF's foreign reserves requirement of around $14 billion, reinforcing investor confidence and effectively addressing one of the most pressing concerns in the country's economic landscape. Heavyweight stocks played a decisive role in Monday's rally as fertilizer, banking, and energy exploration stocks led the charge. On the trading front, market participation remained exceptionally strong. The total traded volume on the ready market reached 1,144 million shares, a sharp increase from 773 million shares recorded in the previous session. The overall traded value on Monday remained at Rs 35.23 billion, although low from the previous session's Rs 37.56 billion. On the volume chart, WorldCall Telecom (WTL) emerged as the volume leader, with an impressive 139.88 million shares changing hands, closing at Rs. 1.58 per share. Other actively traded stocks by volume included Kohinoor Spinning (KOSM) with 96.37 million shares traded and closed at Rs. 6.50. This was followed by TPL Properties (TPLP) with 51.66 million shares closing at Rs. 9.97. Among the standout performers of the day, PIA Holding Company LimitedB delivered a spectacular surge, rising by Rs. 1,469.73 to close at Rs. 16,167.03, while Unilever Pakistan Foods Limited also posted a strong gain of Rs. 113.33, finishing at Rs. 23,613.33. On the downside, Rafhan Maize Products Company Limited witnessed a decline of Rs. 45.66, settling at Rs. 9,553.67, followed by Sapphire Fibres Limited, which fell by Rs. 37.97 to close at Rs. 1,069.36. Market breadth remained decisively positive, as 297 companies closed higher, 152 declined, while 32 remained unchanged out of a total of 481 active companies in the ready market. Market capitalization rose by Rs 177 billion to Rs 15.239 trillion from Rs 15.062 trillion a session earlier, underlining the magnitude of the market's rally. The BR Automobile Assembler Index closed at 20,432.16 points, showing an increase of 105.99 points or 0.52 percent, with a total turnover of 2.15 million shares. The BR Cement Index ended the session at 10,620.40 points, down by 68.93 points or 0.64 percent, with 22.50 million shares traded. The BR Commercial Banks Index posted a strong performance, closing at 33,698.76 points after gaining 608.35 points or 1.84 percent, with a total turnover of 138.76 million shares. The BR Power Generation and Distribution Index advanced by 116.39 points or 0.57 percent to close at 20,629.12 points, with a turnover of 21.50 million shares. The BR Oil and Gas Index increased by 30.70 points or 0.26 percent, settling at 11,949.93 points with a total turnover of 53 million shares. Meanwhile, the BR Technology & Communication Index rose by 56.23 points or 1.96 percent to finish at 2,922.70 points, registering the highest sector turnover of 202.14 million shares. Ahsan Mehanti, Director at Arif Habib Corporation, noted that the stock market's bullish run was largely supported by strong foreign financing inflows and a stable rupee. He attributed much of the recent rally to positive developments such as China's $3.4 billion refinancing, improved foreign exchange reserves, and growing anticipation of energy tariff relief for industries. Mehanti added that the upbeat momentum in global stock markets and the government's privatization plans for major public-sector entities further contributed to strengthening investor confidence on the local bourse. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
PSX surges to a historic high
KARACHI: The Pakistan Stock Exchange (PSX) witnessed a stellar performance during the outgoing week, as the benchmark KSE-100 Index jumped by 4,355 points, or 3.6 percent, on a week-on-week (WoW) basis to close at an all-time high of 124,379 points on Friday. The sharp rally was largely driven by easing geopolitical tensions in the Middle East and the smooth passage of the federal budget in the National Assembly. The rally gained momentum following the ceasefire between Iran and Israel, announced earlier in the week by the US President. After days of escalating tensions and military posturing, both agreed to halt hostilities at least for now, following diplomatic interventions led by the European mediators and US President. The development was widely seen as a positive breakthrough in stabilizing the broader region and alleviating investor concerns regarding energy markets and regional trade flows. The move also contributed to a cooling off in global oil prices, which had previously spiked on the back of supply disruption fears. The easing of external threats allowed local investors to refocus their attention on domestic economic developments and corporate earnings prospects. As diplomatic efforts gained traction and a ceasefire appeared imminent, investor confidence returned swiftly, triggering a broad-based rally from the second trading session onward. By Friday's close, the KSE-100 index had added a net 4,355 points over the week, one of its strongest weekly gains in recent quarters. However, the BRIndex100 closed the week in negative territory as investor caution persisted. The index shed 258.87 points to settle at 12,674.19 points by the end of the week. Market participation also weakened, with the average daily trading volume falling to 549.52 million shares compared to 597.31 million shares in the previous week. In contrast, the BRIndex30 recorded a notable gain of 1,179.77 points on a week-on-week basis, finishing at 38,263.73 points. The average daily traded volume on the BRIndex30 stood at 325.96 million shares. Adding to market enthusiasm was the passage of the much-awaited Federal Budget for FY26 by the National Assembly of Pakistan. With a total outlay of Rs 17.6 trillion, the budget introduced minor adjustments to tax slabs and levies while projecting a moderate headline inflation rate of 4.49 percent for the upcoming fiscal year. Despite the bullish momentum, market activity saw a slight dip in terms of traded volumes. The average daily traded volume on the ready board slipped to 736 million shares, marking a 10 percent WoW decline from the previous week's 822 million shares. However, the total traded value surged by a substantial 41 percent to Rs 31.33 billion from Rs 22.22 billion, reflecting heightened investor interest in select high-value and fundamentally strong stocks. The overall market capitalization of the PSX increased by Rs 526 billion or around 3.6 percent, reaching at Rs 15.062 trillion which was 14.536 trillion on the week ended on 20th June. Sector performance remained broadly positive, with key contributors including fertilizer, banking, e&ps, and textile composite sectors. JS Global noted that textile, chemical, fertilizer, and Cement stocks were amongst the leading sectors, gaining between 4.9 percent and 6.1 percent over the week. The technology and communication sector also remained active, contributing 14 percent to the overall traded volumes, followed by banking stocks at 11 percent, investment banks at 10 percent, and food producers at 8 percent. Among individual stocks, BNWM (Bannu Woollen Mills) emerged as the star performer, soaring by an eye-catching 40.9 percent on WoW basis, followed by BIPL (Bank Islami Pakistan) and GHGL (Ghani Glass), which gained 20.3 percent and 20.2 percent respectively. Conversely, PSEL (Pak Services) was the worst performer of the week, tumbling by 17.3 percent, followed by PKGP (Pakgen Power) which shed 11.1 percent, and PGLC (Pakistan General Lighting) fell 2.5 percent. On the macroeconomic front, developments remained a mixed bag. The State Bank of Pakistan's foreign exchange reserves fell sharply by US $2.7 billion WoW to US $9.1 billion, marking their lowest level since July 2024. This decline was largely attributed to external debt repayments, although SBP officials expressed optimism about forthcoming inflows totalling over US$3 billion from multilateral and bilateral partners in the coming weeks. The government's external financing program also made headlines, with fresh loans and rollover commitments totalling nearly US $20 billion secured during the first 11 months of FY25. This included US $6.9 billion in new loans and additional rollovers from key allies including China, Saudi Arabia, and the UAE. Additionally, the government successfully inked a US $350 million financing agreement with the Asian Development Bank (ADB) to support ongoing infrastructure and energy projects. In the domestic economy, May 2025's power generation data revealed a modest 1 percent YoY increase, while inflationary pressures showed signs of easing amid stable commodity prices and controlled monetary aggregates. The government continued to actively manage fiscal accounts, raising Rs 345 billion in the latest T-Bill auction against a target of Rs 650 billion, with marginally lower yields across all tenors reflecting easing inflation expectations. Experts noted that while external account pressures remain a concern due to scheduled debt repayments, the gradual improvement in fiscal discipline, availability of external financing, and prospects of monetary easing create a constructive environment for the equity market in the coming weeks. Copyright Business Recorder, 2025
Business Recorder
6 days ago
- Business
- Business Recorder
PSX sheds over 700 points
KARACHI: The Pakistan Stock Exchange (PSX) experienced a turbulent session on Thursday as the benchmark KSE-100 Index plunged amid persistent selling pressure and cautious investor sentiment. The Benchmark KSE100 Index lost 715.18 points, closing at 122,046.46 points. Throughout the session, the KSE-100 Index oscillated between a high of 123,417.87 and a low of 122,142.43, ultimately settling with a loss of 0.58 percent. On Thursday, BRIndex100 closed at 12,450.07, losing 74.24 points or 0.59 percent, with a total turnover of 510.86 million shares. On the other hand, BRIndex30 edged down by 181.55 points or 0.48 percent to close at 37,666.23, as the total volume on the index stood at 295.50 million shares. Topline Securities noted that after two consecutive sessions of strong gains, the local bourse witnessed a round of profit-taking today, driven by fiscal year-end considerations and short-term portfolio rebalancing. Despite the bearish mood, overall market activity remained robust, with a noticeable uptick in volumes. The Ready Market recorded a turnover of 758.5 million shares compared to 749.8 million shares in the previous session, while the traded value also saw an increase, reaching Rs 29.93 billion from Rs 28.03 billion a day earlier. Market capitalization, however, contracted to Rs 14.796 trillion from Rs 14.858 trillion erasing approximately Rs 62 billion in value. Investor interest remained concentrated in a few select stocks. Pak International Bulk Terminal led the volume chart with 37.5 million shares traded settling at Rs 8.52. WorldCall Telecom continued to be a retail investors' favorite, with a turnover of 33.2 million shares, closing at Rs 1.45. Other actively traded stocks included Pervez Ahmed Co, Sui Southern Gas, K-Electric, and Hum Network. On the price movement front, PIA Holding Company Limited stood out with an extraordinary surge of Rs 1,214.65 per share, closing at Rs 13,361.18. Mills also registered a notable gain, adding Rs 71.57 to close at Rs 787.28. In contrast, Ismail Industries Limited witnessed a sharp decline of Rs 125.74 to settle at Rs 1,804.26, while Pakistan Services Limited dropped Rs 77.38, closing at Rs 849.03. Market breadth remained negative throughout the session, with 200 companies ending in the green, 237 closing lower, and 36 remaining unchanged out of a total of 473 actively traded companies in the Ready Market. The BR Automobile Assembler Index concluded the session at 20,120.89 points, down by 80.25 points or 0.40 percent, with a cumulative traded volume of 3.18 million shares. The BR Cement Index extended its bearish momentum, losing 107.71 points or 1.02 percent to settle at 10,444.61 points, on the back of selling pressure while total turnover stood at 26.49 million shares. BR Commercial Banks Index down by 464.58 points or 1.41 percent to close at 32,454.53 points, with total volume recorded at 45.63 million shares. Likewise, the BR Power Generation and Distribution Index finished at 20,183.44 points after shedding 167.82 points or 0.82 percent, with an overall turnover of 39.05 million shares. The BR Oil and Gas Index managed to limit losses, closing marginally lower by 22.07 points or 0.19 percent at 11,713.83 points, as trading activity in the sector remained relatively active with 63.02 million shares changing hands. Meanwhile, the BR Technology & Communication Index remained under pressure, retreating by 35.55 points or 1.26 percent to end at 2,787.32, despite hefty volumes of 93.04 million shares. According to market observers, bearish sentiment prevailed as investors remained cautious amid persistent concerns over fiscal measures and ongoing trade negotiations between Islamabad and Washington. Ahsan Mehanti, Director at Arif Habib Corporation, remarked that stocks came under pressure due to mounting economic uncertainty, with market participants closely watching the outcome of Pak-US reciprocal tariff discussions, aimed at averting a potential 29 percent trade duty on Pakistani exports. Adding to the nervous sentiment was the prevailing political noise surrounding the delayed approval of the revised Finance Bill 2025-26 by the Parliament. Meanwhile, apprehensions over the Federal Board of Revenue's collection targets and the expanded discretionary powers granted under the federal budget, which are expected to impact industrial sectors, further weighed on investor confidence and contributed to the bearish close at the Pakistan Stock Exchange. Copyright Business Recorder, 2025
