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Express Tribune
27-06-2025
- Business
- Express Tribune
PSX faces profit-taking after two days of gains
Listen to article Stocks came under selling pressure at the Pakistan bourse on Thursday as the benchmark KSE-100 index gave up early gains and closed with a drop of over 700 points amid profit-taking. At the commencement of trading, the market extended its healthy momentum of the past two days, hitting intra-day high at 123,418 within the very first hour. However, profit-taking emerged soon afterwards, which gradually took the index to intra-day low of 122,142 before the end of trading. "Stocks closed under pressure amid economic uncertainty ahead of the outcome of Pakistan-US reciprocal tariff talks to avoid potential 29% tariffs on exports," said Arif Habib Corp MD Ahsan Mehanti. Uncertainty about federal cabinet's approval of the revised Finance Bill 2025, along with concerns over tax collection targets and expanded powers for taxmen, which could affect industries, fuelled the bearish close, he added. At the end of trading, the KSE-100 index settled at 122,046.46, down 715.18 points, or 0.58%. Early gains were extended up to 123,418 before the market came off highs to close 0.58% lower day-on-day at 122,046, Arif Habib Limited (AHL) wrote in its daily report. On KSE-100, 71 stocks declined and only 27 advanced, reflecting a broadly negative sentiment. Engro Holdings (+2.22%), National Foods (+8.07%) and Pakistan Petroleum (+0.79%) were the top contributors to index gains. On the other hand, Bank AL Habib (-2.84%), Lucky Cement (-1.86%) and HBL (-2.59%) were the major drags, it said. AHL pointed out that the Supreme Court granted relief to the cement sector by suspending the Lahore High Court's directive that required Punjab-based manufacturers to pay 6% of the ex-factory price in royalty on limestone. Apart from that, The Organic Meat Company (+5.64%) announced plans to export beef casings to Europe, a significant move seen by investors as a step towards diversification and growth. "Heading into last session of the week, the KSE-100 is up 1.69%," AHL said and anticipated that 120k would continue as the support level and a base for push towards 130k. Topline Securities reported that after two consecutive sessions of strong gains, the local bourse witnessed a round of profit-taking, driven by fiscal year-end considerations and short-term portfolio rebalancing. The benchmark index saw a volatile ride, climbing as high as 656 points before slipping to the low of 715 points. It settled at 122,046, reflecting a cautious investor mood as the quarter was drawing to a close. Engro Holdings, National Foods, Pakistan Petroleum and Tariq Glass Industries provided the biggest support, adding 228 points to the index. Meanwhile, Bank AL Habib, Lucky Cement, HBL, Pakistan Services and Systems Limited dragged the index down by 407 points, it said. KTrade Securities observed that the PSX showed signs of buyers' exhaustion as investors booked profits following a recent rally driven by the US-brokered ceasefire between Iran and Israel. Selling pressure was concentrated in banking, cement and technology sectors and market sentiment remained cautiously optimistic, contingent on the ceasefire's sustainability, it mentioned. JS Global analyst Mubashir Anis Naviwala, in his review, wrote that the market opened on a positive note, touching intra-day high of 123,418 early in the session. However, broad-based profit-taking set in after two strong bullish days, which dragged the index into the red. Naviwala saw a positive near-term outlook as dips may offer attractive entry opportunities. Overall trading volumes increased to 758.5 million shares compared with Wednesday's tally of 749.8 million. The value of shares traded was Rs30 billion. Shares of 473 companies were traded. Of these, 200 stocks closed higher, 237 fell and 36 remained unchanged. Pakistan International Bulk Terminal was the volume leader with trading in 37.5 million shares, losing Rs0.06 to close at Rs8.52. It was followed by WorldCall Telecom with 33.3 million shares, falling Rs0.04 to close at Rs1.45 and Pervez Ahmed Consultancy with 33 million shares, gaining Rs0.25 to close at Rs3.29. Foreign investors sold shares worth Rs967 million, the National Clearing Company reported.
Express Tribune
23-06-2025
- Business
- Express Tribune
Stocks slump in panic selling
Pakistan Stock Exchange (PSX) faced a sharp sell-off on Monday as escalating geopolitical tensions rattled investor confidence and triggered panic selling. Mounting fears of retaliation following the US attack on Iran spurred concerns of supply disruptions, inflationary pressure and a downbeat export outlook. The benchmark KSE-100 index plunged to the intra-day low of 4,135 points, touching 115,887 before trimming some of the losses and settling at 116,167, a plunge of 3,856 points, or 3.21%. It marked one of the steepest single-day declines in recent months. Analysts warned of continued volatility over unfolding developments in the Middle East, however, they added that global markets were yet to react, despite the fact that they were facing worst-case scenarios with oil, gold and the US dollar index only rising around 1%, 0.25% and 0.6%, respectively. According to Ahsan Mehanti of Arif Habib Corp, stocks slumped amid a sell-off in global equities due to escalation in Middle East tensions. Supply disruptions driven by expected retaliation to the US attack on Iran contributed to a weak export outlook and high inflation worries, which played a major role in selling activity at the PSX, he said. At the end of trading, the benchmark KSE-100 index recorded a sharp decrease of 3,855.77 points, or 3.21%, and settled at 116,167.47. In its review, Topline Securities commented that the PSX experienced a subdued trading session in line with the cautious mood seen across global markets. The KSE-100 index dropped sharply, falling as much as 4,135 points during intra-day trading, before wiping off some of the losses to settle at 116,167, down 3,856 points. Investor sentiment was dampened by rising geopolitical tensions, especially the intensifying conflict between Israel and Iran, which led to heightened uncertainty and widespread risk aversion. The nervousness triggered broad-based panic selling, it observed. Topline added that major index-heavy stocks, including Engro Holdings, Pakistan Petroleum, Lucky Cement, OGDC and Mari Petroleum, were among the top laggards, dragging the index down by 1,054 points. In its commentary, Arif Habib Limited (AHL) stated that the week started with strong selling following escalation in the Middle East over the weekend. Only five shares rose while 93 fell, with Engro Holdings (-5.02%), Pakistan Petroleum (-6.3%) and Lucky Cement (-4.02%) being the biggest drags. Oil prices were being closely watched where a $5-per-barrel increase was estimated to raise Pakistan's annual import bill by $996 million and add nearly 22 basis points to the headline inflation, AHL noted. The brokerage house observed that the KSE-100 "is now trading back below 120,000, which will serve as resistance". Equities would react to news flow from the Middle East, however, it should be noted that global markets had not yet reacted to an extreme situation. Oil prices were up less than 1%, gold was only marginally higher by 0.25% while the dollar index was up 0.6%, AHL pointed out. "Any diplomatic resolution this week can see risk assets rally sharply." JS Global analyst Mubashir Anis Naviwala remarked that the PSX suffered heavy losses amid a sharp sell-off, opening with a steep 2,000-point gap down amid panic selling. The index failed to recover throughout the session, touching the low of 115,887 and eventually closing with a massive loss of 3,856 points at 116,167. Total traded volume stood at 595 million shares, with top activity in WorldCall Telecom, Sui Southern Gas Company, Pervez Ahmed Consultancy, K-Electric and Kohinoor Spinning Mills, he noted. The sharp decline reflected heightened fears driven by uncertainty and external pressures. "We advise investors to remain cautious, focusing on risk management and selective accumulation," the analyst added. Overall trading volumes increased to 595 million shares compared with Friday's tally of 421.6 million. The value of shares traded was Rs23.5 billion. Shares of 468 companies were traded. Of these, 56 stocks closed higher, 386 fell and 26 remained unchanged. WorldCall Telecom was the volume leader with trading in 53.3 million shares, falling Rs0.10 to close at Rs1.35. It was followed by Sui Southern Gas Company with 36 million shares, losing Rs4.2 to close at Rs38.8 and Pervez Ahmed Consultancy with 24 million shares, dropping Rs0.12 to close at Rs2.72. Foreign investors bought shares worth Rs162 million, the National Clearing Company reported.
Express Tribune
13-06-2025
- Business
- Express Tribune
PSX retreats from record on profit-taking
Listen to article The Pakistan Stock Exchange (PSX) experienced a turbulent session on Thursday, where the benchmark KSE-100 index hit a record intra-day high at 126,718 before reversing course to close modestly lower. The day saw intense swings, reflecting both optimism fuelled by post-budget clarity and renewed pressure from geopolitical tensions. Early gains were supported by improved investor sentiment, driven by the budget announcement, robust remittances and monetary policy expectations. However, the rally lost steam as the session progressed, with profit-taking in overheated stocks and geopolitical uncertainty, surrounding the Middle East, undermining sentiment. Global equity selloffs, a slump in crude oil prices and a weakening rupee added to investor concerns. Arif Habib Corp MD Ahsan Mehanti stated that stocks closed under pressure on geopolitical uncertainty and post-budget profit-taking in overbought shares. "The rout in global equities on Middle East tensions, a slump in international crude oil prices and a weak rupee on contracting exports were among the key factors behind bearish close of the market," he added. At the end of trading, the benchmark KSE-100 index lost 259.56 points, or 0.21%, and settled at 124,093.12. KTrade Securities noted that the bourse experienced a volatile session as the KSE-100 index fluctuated between the high of 126,718 and low of 123,846, ultimately closing down 0.21% at 124,093. Initial gains were driven by positive market sentiment following the FY26 budget, perceived as favourable for capital markets. However, rising geopolitical tensions involving Iran, Israel and the US prompted heavy profit-taking later in the day, it said. Negative contribution mainly came from sectors such as investment banks, oil and gas, and fertiliser, where notable contractions were seen in Engro Holdings, Fauji Fertiliser, Pakistan Petroleum and OGDC. Cement stocks saw strong buying before profit-taking set in. Given the ongoing regional uncertainties, the market outlook is likely to remain cautious, added KTrade. Arif Habib Limited (AHL) Deputy Head of Trading Ali Najib wrote that the PSX witnessed a dramatic session, which led to a lower close for the KSE-100 index after hitting a record intra-day high. The market opened strong, building on the previous session's bullish momentum and breaking key psychological levels of 125,000 and 126,000. However, profit-taking in the latter half erased gains and dragged the index into the negative territory. The pullback comes after several sessions of aggressive rallying, largely driven by improved macroeconomic indicators and declining cut-off yields in the T-bill auction, Najib said. Topline Securities mentioned in its review that the stock market ended on a negative note, weighed down by cautious investor sentiment and profit-taking. It attributed the downtrend largely to declines in shares of Engro Holdings, Fauji Fertiliser, Pakistan Petroleum, OGDC and Bank Alfalah, which erased 401 points from the index. In contrast, support came from Pakgen Power, United Bank, Bank AL Habib, Lucky Cement and DG Khan Cement, which added 347 points. JS Global analyst Mubashir Anis Naviwala said that the index hit a high of 126,718 before profit-taking dragged it down by 260 points. The analyst advised investors to watch for key support levels and use dips to accumulate stocks with focus on fertiliser, cement and banking sectors for near-term opportunities. Overall trading volumes decreased to 1.02 billion shares compared with Wednesday's tally of 1.04 billion. The value of shares traded was Rs50.5 billion. Shares of 474 companies were traded. Of these, 170 stocks closed higher, 270 fell and 34 remained unchanged. Sui Southern Gas Company was the volume leader with trading in 55.9 million shares, rising Rs0.78 to close at Rs41.92. It was followed by Fauji Cement with 50.6 million shares, gaining Rs0.49 to close at Rs47.36 and WorldCall Telecom with 49.3 million shares, falling Rs0.08 to close at Rs1.37. Foreign investors sold shares worth Rs685.8 million, the National Clearing Company reported.
Express Tribune
06-06-2025
- Business
- Express Tribune
KSE-100 retreats on budget jitters, taxes
Listen to article The Pakistan Stock Exchange (PSX) witnessed a volatile session on Thursday, with the benchmark KSE-100 index retreating after hitting record highs a day earlier. Investor sentiment turned cautious due to concerns about stringent conditions linked to a new International Monetary Fund (IMF) programme, including proposed enforcement of agriculture income tax and the IMF's opposition to provincial energy subsidies. Adding to the bearish outlook were fears of aggressive fiscal measures in the upcoming FY26 federal budget. These include possible new taxes on banking and savings income, along with anticipated hikes in petroleum levies on petrol and diesel. A weakening rupee and a 10% year-on-year (YoY) decline in exports for May also dampened investor confidence. Arif Habib Corporation Managing Director Ahsan Mehanti commented that the market declined following reports of IMF pressure for strict enforcement of agriculture taxation and improved tax collection mechanisms, while resisting provincial subsidies on power. "Expectations of higher taxes on banking and savings, increased petroleum levies, rupee instability, and a sharp YoY decline in exports all weighed on sentiment," he said. The KSE-100 index closed at 121,641 points, down 157.87 points or 0.13% from the previous day. Despite the decline, the market remained within a broad range throughout the session, with an intra-day high of +483 points and a low of -281 points, according to Topline Securities. The firm noted that the range-bound activity came ahead of the long Eid holidays, following a recent rally. Topline also highlighted the most traded companies by value, with Unity Foods leading at Rs1.67 billion, followed by Engro Holdings (Rs1.24 billion), K-Electric (Rs1.03 billion), Searle Company (Rs847 million), and TRG Pakistan (Rs785 million). Arif Habib Limited (AHL) noted that despite the minor setback, the week had remained positive overall, with the market touching all-time highs. Engro Holdings (+3.24%), Pakgen Power (+10.0%), and Service Industries (+5.49%) contributed to the index's gains. On the downside, Meezan Bank (-2.11%), Systems Ltd (-1.68%), and Fauji Fertilizer (-0.5%) were key laggards. In broader developments, Prime Minister Shehbaz Sharif is scheduled to visit Saudi Arabia on June 5-6 to meet Crown Prince Mohammed bin Salman for talks on bilateral cooperation, regional security, and economic collaboration. Meanwhile, Sui Northern Gas Pipelines Limited (SNGPL) stated in a corporate briefing that its capital expenditure (capex) is expected to hover around Rs30 billion annually over the coming years. Analysts projected 120,000 points to act as a post-Eid base level for the KSE-100, with potential to move higher provided macroeconomic stability continues. KTrade Securities echoed similar views in its market wrap, observing that despite the volatility, trading activity remained strong with volume reaching 854 million shares. Leading the volume chart were K-Electric (179 million shares), Unity Foods (62 million), and WorldCall Telecom (52 million). However, slight profit-taking was noted in banking, cement, and oil and gas sectors. KTrade added that investors are expected to stay cautious in the lead-up to the federal budget announcement on June 10, 2025. JS Global analyst Mubashir Anis Naviwala reported that the index had opened positively and surged to a new intra-day high of 122,281, but profit-taking dragged it down by the close. Notable trading activity was seen in oil & gas, fertiliser, power, and banking sectors. A total of 478 companies' shares were traded. Among them, 217 closed higher, 208 declined, and 53 remained unchanged. K-Electric was the volume leader, gaining Rs0.42 to close at Rs5.83. It was followed by Unity Foods, which rose Rs0.75 to close at Rs26.89, and WorldCall Telecom, which added Rs0.05 to close at Rs1.42. Foreign investors sold shares worth Rs271.6 million, according to the National Clearing Company.
Express Tribune
24-05-2025
- Business
- Express Tribune
Budget uncertainty keeps PSX restrained
Listen to article 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.
