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Express Tribune
08-07-2025
- Business
- Express Tribune
PSX ends flat despite hitting peak at 134k
Listen to article Pakistan Stock Exchange (PSX) shot up to a new peak above 134,000 points in intra-day trading on Tuesday, but it could not sustain the momentum and closed almost flat. Investors offloaded their holdings to book profit at sharply higher valuations following a rapid surge of the market over the past few days, when it repeatedly touched new all-time highs. In the morning, the bourse kicked off trading on a positive note, however, it soon plunged to intra-day low of 132,696. The benchmark KSE-100 index recovered and continued to fluctuate frequently till midday. Afterwards, the market began a gradual ascent, surging to intra-day high of 134,200. Before the end of trading, investors resorted to profit-taking, which wiped off most of the day's gains. However, it still stood at an all-time high. According to Ahsan Mehanti of Arif Habib Corp, stocks closed higher ahead of major earnings' announcements next week due to receding fears of US trade tariffs as well as a 7.22% year-on-year surge in textile exports in FY25. Additionally, reports of a sharp decline in credit default swap (CDS), indicating lower default risks, along with higher US tariffs on competing exporters and rupee stability, played the role of catalysts in the new record close at the PSX, he stated. At the close of trading, the KSE-100 index recorded an increase of 33.04 points, or 0.02%, and settled at 133,403.19. In its review, Topline Securities noted that the local bourse blew hot and cold in Tuesday's trading session, swinging between extremes before settling almost flat. The KSE-100 index touched intra-day high of 830 points and low of 673 points, ultimately closing at 133,403, up a modest 33 points. After a strong streak of consecutive gains, the market paused for breath, with sector-wise profit-booking taking centre stage. Investors opted to lock in recent gains, leading to a mixed session that saw volatility across the board, it said. On the leaders' board, Habib Metropolitan Bank, Askari Bank, Meezan Bank, Indus Motor and MCB Bank emerged as key drivers, collectively contributing 222 points to the index. However, the upward momentum was partially offset by selling pressure in Fauji Fertiliser Company, Systems Limited, Engro Fertilisers and Mari Petroleum, which dragged the index down by 173 points, Topline added. In its report, Arif Habib Limited (AHL) commented that the PSX saw a flat session, despite rising above 134,000 earlier in the day. Some 41 shares rose while 57 fell, with Habib Metropolitan Bank (+3.87%), Askari Bank (+6.16%) and Meezan Bank (+0.95%) contributing the most to index gains. On the flip side, Fauji Fertiliser Company (-0.52%), Systems Limited (-1.09%) and Engro Fertilisers (-0.91%) were the biggest drags, it said. The brokerage house noted that the KSE-100 index was projected to deliver a 27.4% return in FY26. Earnings growth for the fiscal year is expected to be 14% excluding banks and exploration and production firms. However, the overall earnings expansion, including all sectors, is projected at approximately 9.2%. "Near-term index support now resides at 132,000 to 133,000, where upside is expected to resume," AHL added. JS Global analyst Muhammad Hasan Ather said that the KSE-100 index experienced a volatile session, closing slightly higher by 33 points at 133,403. The market initially showed strength by surpassing the 134,000 mark, but encountered selling pressure that dragged it back. With mixed results across sectors, the outlook remains positive and stability is expected due to improved economic conditions, he stated. Overall trading volumes increased to 1.2 billion shares compared with Monday's tally of 919.9 million. The value of shares traded was Rs42 billion. Shares of 480 companies were traded. Of these, 217 stocks closed higher, 231 dropped and 32 remained unchanged. TPL Properties was the volume leader with trading in 96.7 million shares, gaining Rs1 to close at Rs10.72. It was followed by WorldCall Telecom with 64.4 million shares, inching up Rs0.05 to close at Rs1.6 and Hascol Petroleum with 47.7 million shares, rising Rs0.84 to close at Rs11.33. Foreign investors sold shares worth Rs543 million, the National Clearing Company reported.
Arab News
17-06-2025
- Business
- Arab News
Pakistan court delivers first-ever conviction for insider trading
KARACHI: A Pakistani court recently handed its first-ever conviction for insider trading, the Securities and Exchange Commission of Pakistan (SECP) said on Tuesday, hailing the judgment as one which will boost investors' confidence in the country's capital markets. Insider trading refers to the practice of buying or selling a publicly traded company's securities while in possession of material information that is not yet public information. The SECP said it had filed a case against Zakir Hussain Somji, assistant vice president of investments at Habib Metropolitan Bank (HMB) Limited, after inspecting suspicious trading activity from Jan. 1, 2014, to Feb. 2, 2016. The regulator said it was suspected that the accused, through his position at HMB, misused insider information related to the bank's investment and disinvestment decisions for personal gain. The SECP said a probe revealed Somji bought 11,795,100 shares of various companies, including 1,230,900 shares (10.43 percent) acquired from HMB. He sold 11,836,600 shares — 4,915,200 (41.52 percent) of which were sold back to HMB, earning an 'unlawful profit' of Rs2,866,646 [$10,116.39]. 'Sindh Special Court (Offences in Banks) handed out first ever conviction for insider trading in the history of Pakistan in a case filed by The Securities and Exchange Commission of Pakistan (SECP),' the regulator said. It said Somji had been convicted by the court on June 14 for violating provisions of Section 128 of the Securities Act, 2015, which related to insider trading. The regulator said the court slapped Somji with a penalty of Rs 8,599,938 [$30,380] which was three times the 'unlawful gain.' 'The amount is to be deposited within seven days, failing which the convict will be remanded to jail until full payment is made,' the SECP said. The regulator said the judgment reaffirms SECP's mandate to ensure market integrity and investor protection. 'It sets a strong precedent for future enforcement actions and sends a clear message that market abuse and regulatory violations shall not be tolerated,' it added.
Express Tribune
22-04-2025
- Business
- Express Tribune
PSX holds ground amid cautious sentiment
Shares of 340 companies were traded. At the end of the day, 93 stocks closed higher, 233 declined and 14 remained unchanged. PHOTO: FILE Listen to article The Pakistan Stock Exchange (PSX) ended marginally higher on Tuesday as late-session selling pressure, driven by a bearish trend in global equities, a weakening rupee, and falling international crude oil prices capped earlier gains. The KSE-100 index opened on a positive note amid news of Finance Minister Muhammad Aurangzeb's reassurance to continue the IMF-guided reform agenda during the opening day of the World Bank Group's Spring Meetings. The index hit an intra-day high of 119,217 points before profit-taking pulled it down to an intra-day low of 118,162 points. At the close of trading, the index stood at 118,430.35 points, reflecting an increase of 46.97 points or 0.04%. Traded volume and value remained strong, with 740.9 million shares exchanged and a total turnover of Rs30.5 billion. According to Ahsan Mehanti of Arif Habib Corp, the market closed flat as late-session pressure weighed on sentiment. The downtrend was attributed to weakness in global markets, currency depreciation, and declining global crude oil prices. However, strong financial results supported the index. Mehanti noted that reports of an expected easing in the State Bank of Pakistan's monetary policy, the government's resolve on US tariff issues, and the anticipated release of the IMF support tranche next month also contributed to the positive close. Topline Securities, in its market review, stated that investor sentiment was supported by corporate earnings announced during the session, although activity remained subdued due to cautious trends in international markets. The index's performance was largely underpinned by gains in Fauji Fertiliser Company, Engro Holdings, Habib Metropolitan Bank, AGP Limited, and Atlas Honda Limited, which collectively contributed 733 points, Topline added. Investor participation remained robust, with 740 million shares traded and overall market turnover at Rs30 billion, the brokerage noted. Arif Habib Limited (AHL), in its commentary, observed that the index continues to trade within the "Tariff Gap," keeping the near-term outlook exposed to downside risks. Among the top gainers, Fauji Fertiliser Company rose 4.9%, Habib Metropolitan Bank climbed 5.78%, and AGP Limited gained 7.25%. On the other hand, UBL fell 4%, Meezan Bank declined 3.26%, and Engro Fertiliser dropped 1.8%, acting as major drags on the index. The Bank of Punjab shed 8.49% after announcing its 1QCY25 earnings per share (EPS) at Rs0.53, a 5% increase year-on-year. However, the absence of a dividend surprised the market, noted AHL. Engro Fertiliser also reported its 1QCY25 EPS at Rs2.17, down 63% year-on-year, alongside an interim cash dividend of Rs2.25 per share. Additionally, the brokerage highlighted that Pakistan's headline inflation for April 2025 is projected to fall sharply to 0.45% year-on-year, a historic low, down from 0.69% in March, based on SBP data across various base years. Ali Najib of Insight Securities described the session as a "Battle of Wills" between bullish and bearish forces, with both sides vying for dominance. Ultimately, the bulls gained the upper hand, albeit by a slim margin, as the index closed with a 47-point gain. Najib added that the market opened on a positive note, buoyed by news of Finance Minister Aurangzeb's assurance to IMF Managing Director Kristalina Georgieva regarding Pakistan's commitment to IMF-guided reforms. This pushed the benchmark to an intra-day high of 119,217 before profit-taking dragged it down to a low of 118,162 points. A total of 451 companies' shares were traded, of which 214 stocks closed higher, 196 fell, and 41 remained unchanged. The Bank of Punjab led in volume with 116.7 million shares traded, falling Rs0.97 to close at Rs10.45. It was followed by Power Cement, which gained Rs0.72 to close at Rs14.26 on a volume of 67.9 million shares, and Pakistan International Bulk Terminal, which declined Rs0.66 to close at Rs9.92 on 58.8 million shares. Foreign investors purchased shares worth Rs102.5 million during the day, according to data from the National Clearing Company of Pakistan Limited (NCCPL).
