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Express Tribune
5 days ago
- Business
- Express Tribune
Profit-taking hits PSX after strong opening
Listen to article The Pakistan Stock Exchange (PSX) once again succumbed to profit-taking on Thursday as the benchmark KSE-100 index lost early gains to close down by more than 550 points amid caution over futures rollover. The index surged to intra-day high of 139,868 shortly after the opening bell, reflecting investor interest across key sectors. However, the momentum proved short-lived as selling pressure emerged, pulling the index down by midday. Later, the index hit intra-day low at 138,614. Market participants pointed to profit-booking in heavyweight stocks ahead of corporate earnings announcements. At the end of trading, the KSE-100 index settled at 138,692.67, registering a notable loss of 561.69 points, or 0.40%. "Stocks closed bearish amid concerns over expected rupee slide on higher imports and thin remittances," Arif Habib Corp MD Ahsan Mehanti remarked. Additionally, rising inflation, trade bodies' concerns over tax enforcement powers and reports about the IMF refusing a reduction in industrial power tariff drove bearish activity at the PSX, he said. Topline Securities commented that after a strong rally in recent sessions, the local bourse took a step back as investors opted to lock in gains ahead of final days of the rollover week. The KSE-100 index witnessed a volatile session, swinging between intra-day high of 613 points and low of 561 points, before closing at 138,693, down 562 points, it said. The session was marked by a tug of war between bullish sentiment and rollover-induced caution, with market participants leaning towards profit-booking. Amid mounting rollover pressure, Topline projected, choppy movements are likely to persist and selective interest is expected to dictate near-term direction. Fauji Fertiliser, Habib Bank, Engro Holdings, Mari Petroleum and Engro Fertilisers wiped off 506 points from the index. On the flip side, Hub Power, MCB Bank and Systems Limited lent some support, adding 204 points, Topline said. KTrade Securities observed in its market wrap that stocks experienced a negative session as investors again locked in profits near recent highs. Selling pressure emerged later in the day amid caution over futures rollover and the earnings season, both of which are expected to drive increased volatility and keep sentiment in check. Among key laggards of the day were bank, fertiliser and energy stocks, it said. Arif Habib Limited (AHL) reported that stocks experienced yet another session marked by early gains followed by sustained declines. Some 34 stocks advanced while 64 fell, with Hub Power (+2.08%), MCB Bank (+1.22%) and Systems Limited (+1.38%) leading the index gains. On the downside, Fauji Fertiliser (-1.16%), Habib Bank (-2.67%) and Engro Holdings (-1.31%) pulled the market lower, it said. Among corporate news, AHL mentioned, Honda Atlas Cars (-3.87%) reported 1QMY26 earnings per share (EPS) of Rs5.80, up 309% year-on-year (YoY) but below expectations of Rs7.8, driven by a 66% rise in its net sales and 5.5x surge in volumes to 5,682 units. Overall trading volumes decreased to 648.8 million shares compared with Wednesday's tally of 656.6 million. Traded value stood at Rs28.1 billion. Shares of 484 companies were traded. Of these, 182 stocks closed higher, 273 fell and 29 remained unchanged. The Bank of Punjab topped the volumes chart with trading in 113 million shares, rising Rs0.55 to close at Rs13.55. It was followed by Media Times with 37.1 million shares, falling Rs0.25 to close at Rs3.42 and WorldCall Telecom with 28.2 million shares, losing Rs0.02 to close at Rs1.52. Foreign investors sold shares worth Rs533.4 million, the National Clearing Company reported.
Express Tribune
18-07-2025
- Business
- Express Tribune
PSX climbs to new peak above 138,000
Listen to article The Pakistan Stock Exchange (PSX) continued its bullish run on Thursday as the benchmark KSE-100 index soared past the 138,000 milestone for the first time in history, backed by deep investor interest and robust performance by heavyweight sectors. Stock buying was observed across the board, with notable strength in auto, cement, fertiliser and energy sectors. The momentum was driven primarily by institutional activity and the upbeat macroeconomic outlook. Among energy categories, oil and gas exploration, oil marketing, power generation and refining led the charge, pushing the index higher. Banking names like United Bank and National Bank also contributed significantly, while improved volumes and positive cues helped sustain investor interest. The index touched intra-day peak of 138,943.47 before settling at 138,665.50 at close, up sharply by 2,285.53 points, or 1.68%. 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. "Optimism about the resolution of tax issues through government-businessmen talks and improving economic indicators also supported the record rally at the PSX," he added. KTrade Securities, in its market wrap, wrote that the PSX experienced a strong session, with the KSE-100 index gaining 2,286 points (+1.68%) to close at a new all-time high of 138,665. The rally was led by strength in fertiliser, banking and technology sectors, where notable contributions came from Fauji Fertiliser, United Bank, Engro Fertilisers, Systems Ltd, Engro Holdings, Hub Power, Habib Bank and Lucky Cement, it said. 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 rate cut in the upcoming monetary policy committee meeting. Investor sentiment was also lifted by a breakout from the three-day consolidation. While short-term profit-taking may emerge, the medium-term outlook remains bullish as economic recovery gains pace, liquidity improves and corporate earnings stay resilient, Ather forecast. Arif Habib Limited (AHL) observed that the KSE-100 index posted strong gains after testing support levels earlier in the week and edged closer to the 139,000 mark. Some 80 shares rose while 20 declined, with major gains coming from Fauji Fertiliser (+2.92%), United Bank (+2.82%) and Engro Fertilisers (+5%). On the flip side, Bank AL Habib (-0.86%), Thal Limited (-3.37%) and Habib Metropolitan Bank (-1.15%) were the biggest drags, it said. In corporate news, Pakistan Services (+10%) received an offer for 28% voting shares from AKD Group Holding. On the diplomatic front, Pakistan and El Salvador formally established bilateral relations, with particular focus on cryptocurrency collaboration, AHL mentioned. Among top stocks held by mutual funds, Oil and Gas Development Company (OGDC), Pakistan Petroleum Ltd (PPL) and Pakistan State Oil (PSO) led the list. OGDC topped with 62 mutual funds collectively holding 17.2% of its free float. PPL followed with 51 funds owning 15.5%, while PSO ranked third, held by 50 funds representing 29.7% of its free float. As the market heads into the final trading session of the week, the KSE-100 index is up 3.25% so far in the week, it concluded. Topline Securities, in its review, remarked that after catching their breath for two sessions, the bulls stormed back onto the trading floor, taking the benchmark KSE-100 index to intra-day high of 2,563 points before closing at a mighty 138,665, up 2,286 points. The rally was driven by heavy institutional flows, with local investors stepping in to scoop up, reigniting market momentum. Fertiliser stocks stole the limelight as the sector's giants posted hefty gains and contributed 563 points to the index, Topline mentioned. Overall trading volumes increased to 780 million shares as compared to Wednesday's tally of 706 million. The value of shares traded was Rs40 billion. Shares of 486 companies were traded. Of these, 306 stocks closed higher, 154 dropped and 26 remained unchanged. Pakistan International Bulk Terminal led the volumes chart with trading in 82.7 million shares, rising Rs0.4 to close at Rs10.09. It was followed by First Dawood Properties with 42.5 million shares, gaining Rs0.89 to close at Rs7 and Ghani Chemworld with 26 million shares, higher by Rs1.18 to close at Rs13.21. Foreign investors sold shares worth Rs350.4 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
14-05-2025
- Business
- Express Tribune
PSX loses earlier gains on profit-taking
Listen to article Trading activity remained volatile at the Pakistan Stock Exchange (PSX) on Wednesday, which closed slightly lower, as a mix of investor optimism and caution prevailed. After two days of sharp gains, including a record surge of over 10,000 points on Monday, the market saw mixed signals, driven by pre-budget uncertainty, sector-specific headwinds and profit-taking in different stocks. Earlier, trading opened on a positive note, buoyed by the strength in select blue chips. However, selling pressure emerged in the second half, when investors opted to book profit. The KSE-100 index, which continuously fluctuated throughout the day, hit the intra-day high of 119,461 points and the low of 118,149. Fertiliser, cement, banking and oil and gas sectors extended key support to the index gains. On the other side, a 10% month-on-month decline in car sales for April impacted investor sentiment while reports of stricter tax regulations for cement distributors weighed on construction-related stocks. On the macro front, investor confidence got a lift from two significant developments. The International Monetary Fund (IMF) disbursed SDR 760 million ($1.023 billion) to the State Bank of Pakistan (SBP) under the Extended Fund Facility (EFF), which would be reflected in foreign currency reserves by May 16, and the MSCI's May 2025 review added three Pakistani companies namely DG Khan Cement, Maple Leaf Cement and Fauji Cement to its Frontier Markets Index, increasing the number of Pakistani firms to 26. Arif Habib Corp MD Ahsan Mehanti wrote "stocks closed flat amid uncertainty ahead of the federal budget for FY26." Dismal car sales, which showed a 10% month-on-month decline in April, along with concerns over extensive tax regulations targeting cement distributors and rupee fluctuation played the role of catalysts in bearish close at the PSX, he added. At the end of trading, the benchmark KSE-100 index posted a marginal loss of 39.36 points, or 0.03%, and settled at 118,536.53. Topline Securities wrote in its review that after two consecutive sessions of a powerful bull-run, the bourse witnessed a hot-and-cold trading day, marked by heightened volatility and strategic profit-taking. There was a tug of war between the gainers and losers. On the upside, heavyweights such as Engro Holdings, Fauji Fertiliser, Meezan Bank and United Bank led the charge, adding 470 points to the index. However, the rally lost some steam as Oil and Gas Development Company, MCB Bank, Bank AL Habib and Mari Petroleum dragged the index down by 354 points, added Topline. Arif Habib Limited (AHL) noted that stocks closed flat following a sharp two-day rally that had lifted the benchmark index substantially. Some 42 shares closed in the green while 54 remained in the red. Engro Holdings (+3.67%), Fauji Fertiliser (+0.97%) and United Bank (+0.92%) contributed the most to index gains, it said. JS Global analyst Muhammad Hasan Ather observed that IMF-Pakistan talks, focusing on budgetary measures and reforms, kept sentiment cautious, which resulted in selective profit-taking. Moving forward, the market direction depended on IMF negotiations, fiscal clarity and economic policy shifts. While a favourable outcome could support further upside, any uncertainty may trigger volatility, Ather anticipated. Overall trading volumes decreased to 609.1 million shares compared with Tuesday's tally of 684.3 million. The value of shares traded during the day stood at Rs41.9 billion. Shares of 451 companies were traded. Of these, 207 stocks closed higher, 191 fell and 53 remained unchanged. At-Tahur Limited was the volume leader with trading in 38.8 million shares, rising Rs4.08 to close at Rs44.84. It was followed by Fauji Cement with 36.2 million shares, gaining Rs0.33 to close at Rs47.86 and Sui Southern Gas Company with 32.4 million shares, higher by Rs3.28 to close at Rs36.07. During the day, foreign investors sold shares worth Rs1.79 billion, the National Clearing Company reported.
