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Express Tribune
4 days ago
- Business
- Express Tribune
Stocks bounce back 1,205 points to new peak
Foreign funds would divert their liquidity into buying Pakistan's stocks. This would merely increases prices of shares and be profitable for those who already hold stocks. PHOTO: FILE Listen to article Following a retreat in the previous session, investor confidence returned to the Pakistan Stock Exchange (PSX) on Thursday as the benchmark KSE-100 index surged past the previous record, posting a gain of more than 1,200 points. The upward trend was fuelled by positive economic signals and strengthened investor sentiment. In a landmark achievement, Pakistan witnessed highest-ever annual inflows of home remittances, which crossed $38 billion during fiscal year 2024-25. This exceptional growth is largely attributed to effective policy initiatives and consistent efforts by the federal government along with the State Bank of Pakistan (SBP) to promote the use of official remittance channels. During the session, the index swung between intra-day peak of 133,902 and intra-day low of 132,706. By the close of trading, the index stood at 133,782.35, marking an increase of 1,205.36 points, or 0.91%. Stocks closed at a new all-time high amid speculation in the earnings season and falling longer-term yields of government bonds, which hinted at State Bank's policy easing, Arif Habib Corp MD Ahsan Mehanti commented. Record remittances of $38.3 billion, a 4.67% increase in exports for FY25 and likely relief in industrial tariffs were the key catalysts for the record close at the PSX, he added. JS Global analyst Muhammad Hasan Ather observed that the KSE-100 index surged 1,325 points to reach the intra-day high of 133,902 as investor sentiment turned bullish on the back of strong macroeconomic signals. In addition, record high remittances and robust demand in recent government debt auctions drove renewed interest in the banking sector, marking a key inflection point for the market. With improving fundamentals and fiscal stability, the index appears poised to consolidate above the 130,000 mark, he said. Arif Habib Limited (AHL) wrote in its report that stocks held the support zone at 132-133k during the current week, with the market hitting a low of 132.3k before resuming its advance. Some 63 shares rose while 34 fell. Meezan Bank (3.17%), MCB Bank (2.59%) and United Bank (1.09%) contributed the most to index gains. Pakistan Services (-5.34%), Oil and Gas Development Company (-0.61%) and Pakistan State Oil (-1%) were the biggest drags, it said. Among major news, Pakistan was seeking a valuation of at least $1 billion for PIA's Roosevelt Hotel in New York. In addition, Kohat Cement jumped 8.5% after approving the creation of a wholly owned subsidiary, Ultra Properties, to handle real estate development, marketing and rental operations. Heading into the last session of the week, the KSE-100 was up 1.4%, with 134.1k being the level to watch for in Friday's session, AHL predicted. Topline Securities, in its review, said that after a two-day breather, bulls roared back to life as the KSE-100 index surged 1,205 points (+0.91%). The upbeat momentum was underpinned by investor optimism ahead of the corporate results season, set to kick off on Friday. The anticipation of strong earnings spurred broad-based buying across key sectors. In the textile sector, Nishat Mills Limited (NML) emerged as a standout performer. Topline maintained its "buy" stance on NML with a June 2026 target price of Rs225. Overall trading volumes jumped to 941.7 million shares as compared to Wednesday's tally of 905.7 million. The value of shares traded was Rs36.1 billion. Shares of 479 companies were traded. Of these, 260 stocks closed higher, 195 dropped and 24 remained unchanged. The Bank of Punjab was the volume leader with trading in 155.4 million shares, rising Rs1.14 to close at Rs13. It was followed by Kohinoor Spinning Mills with 55.1 million shares, gaining Rs0.24 to close at Rs6.89 and Hascol Petroleum with 33.3 million shares, up Rs0.61 to close at Rs11.81. Foreign investors sold shares worth Rs324 million, the National Clearing Company reported.
Express Tribune
05-07-2025
- Business
- Express Tribune
PSX nears 132,000 as bulls charge on
Listen to article The Pakistan Stock Exchange (PSX) ended the week on a bullish note, with the benchmark KSE-100 Index gaining 0.97% on Friday to close around 131,950 points, marking a robust weekly advance of 6%. The market's upward momentum was driven by strong institutional buying, fuelled by fresh equity allocations, as reflected in data from the National Clearing Company of Pakistan Limited (NCCPL). Among the top gainers, Bank Alfalah Limited, MCB Bank Limited, National Bank of Pakistan, and Meezan Bank Limited made notable contributions, adding a combined 1,289 points to the index. "Stocks closed bullish at a new all-time high as investors weighed the rupee recovery and SBP FX reserves reaching $19.87 billion amid improved inflows and political stability," said Ahsan Mehanti, Managing Director of Arif Habib Corp. Falling government bond yields and investor speculation ahead of major earnings announcements due next week also played a catalyst role in the record close at the PSX, he added. According to AHL, the KSE-100 Index closed Friday with a rise of 0.97%. Out of the traded stocks, 60 advanced while 37 declined. Major contributors to the index included UBL (+5.7%), HBL (+5.55%), and Systems Limited (+4.68%). On the downside, FFC (-2.15%), PPL (-1.57%), and Engro Holdings (-0.83%) weighed on the index. Notably, listed companies on the PSX distributed a record Rs848.9 billion in cash dividends during FY25, reflecting a 23% year-on-year increase. With 130,000 points now forming a strong support level, further gains are expected in the coming week. At the close of trading, the KSE-100 Index surged by 1,262.41 points, or 0.97%, to settle at 131,949.07. Topline Securities noted in its market review that the KSE-100 Index largely traded in the positive zone during the session, closing at 131,949 (up 0.97%). The upward trend was attributed to institutional buying driven by new allocations to equity funds, as indicated by NCCPL data. United Bank Limited (UBL), Habib Bank Limited (HBL), Systems Limited (SYS), Bank Al Habib Limited (BAHL), MCB, National Bank Pakistan (NBP), and Meezan Bank Limited (MEBL) made the highest positive contributions, collectively adding 1,289 points to the index. In other developments, Sazgar Engineering Works Limited (SAZEW) reported its June 2025 sales, with 4-wheeler sales at 1,349 units (up 47% month-on-month and 2.55 times year-on-year), taking FY25 total sales to 10,844 units — double from the previous year. Muhammad Hasan Ather of JS Global noted that the KSE-100 Index closed the session on a strong note, gaining 1,262 points to settle at 131,949. Broad-based buying was observed across key sectors, particularly autos, banks, and power. Investor sentiment remained upbeat, supported by improved macroeconomic indicators and expectations of further monetary easing. Overall trading volume stood at 733.1 million shares, down from 899.8 million in the previous session. The value of shares traded during the day was Rs34.9 billion. Shares of 473 companies were traded. Of these, 255 closed higher, 177 declined, and 41 remained unchanged. WorldCall Telecom led the turnover with trades worth Rs58.3 million, losing Rs0.04 to close at Rs1.55. It was followed by Bank Makramah with Rs35.8 million shares, down Rs0.03 to Rs5.12, and Treet Corp with Rs29.7 million shares, up Rs1.07 to close at Rs23.93. Foreign investors sold shares worth Rs655.5 million, according to NCCPL data.
Express Tribune
01-07-2025
- Business
- Express Tribune
PSX reaches new peak above 128,000
Listen to article Pakistan Stock Exchange (PSX) continued its upward journey on Tuesday, crossing 128,000 points for the first time in history. The bull-run was triggered by the allocation of fresh funds for the equity market, economic and political stability as well as optimism surrounding fiscal reforms announced in the federal budget. Investor sentiment was further buoyed by encouraging signals such as a sharp decline in June's Consumer Price Index (CPI) to 3.4% year-on-year and the government's upbeat projections for exports and inflation. Additionally, the abolition of duty on industrial power tariffs and a rally in global crude oil prices aided the momentum, which took the KSE-100 index to a new high at 128,199, up 2,572 points, or 2.05%. According to Ahsan Mehanti of Arif Habib Corp, stocks closed at a new all-time high amid upbeat data of CPI-based inflation, which rose 3.4% year-on-year in June, and the government's projections for higher exports and modest 5-7% inflation in FY26. He added that the abolition of duty on industrial power tariffs and surging global oil prices drove the bullish close at the PSX. In its review, Topline Securities stated that the KSE-100 index kicked off the new fiscal year with a bang, soaring to intra-day high of 2,848 points before settling at 128,199, up an impressive 2,572 points. Fauji Fertiliser Company (FFC) was the standout performer, contributing 565 points following the release of a report a day earlier, which buoyed investor interest, it said. Banking stocks were in the limelight as investors actively reshuffled their portfolios. Heavyweights like UBL, Meezan Bank, MCB Bank, HBL and Bank AL Habib added 1,221 points, reflecting strong institutional interest. On the flip side, cement stocks faced headwinds as profit-taking kicked in amid weaker local dispatches, added Topline. Arif Habib Limited (AHL) commented that the stock market extended gains up to 128,000 points, with the KSE-100 index going up by 2.05%. Some 60 shares rose and 39 fell, where FFC (+5.04%), UBL (+5.03%) and MCB Bank (+8.91%) contributed the most to index gains. On the flip side, Lucky Cement (-1.54%), DG Khan Cement (-2.48%) and Tariq Glass Industries (-4.36%) were the biggest drags, it said. AHL noted that the CPI for June 2025 registered an increase of 3.2%, compared to the hike of 3.46% in May. Inflation slowed last month, despite a sharp rise in fuel costs following the Israel-Iran military conflict. The government raised fuel prices by Rs13.75 in June, the highest increase in 11 months. "Support for the index rises to 126,500 points, with the broader target of 130,000 now in sight," commented AHL. JS Global analyst Muhammad Hasan Ather said that the KSE-100 kicked off FY26 on a bullish note, where the benchmark index rose 2% to close at 128,199. Investor optimism was driven by fiscal reforms outlined in the federal budget and renewed confidence from political and economic stability, he said. "With robust trading volumes and resilient sentiment, the outlook remains positive, having the potential for further upside, as economic indicators stabilise and reforms gain traction," he remarked. Overall trading volumes decreased to 1.03 billion shares compared with Monday's tally of 1.1 billion. The value of shares traded was Rs44 billion. Shares of 479 companies were traded. Of these, 233 stocks closed higher, 206 fell and 40 remained unchanged. Kohinoor Spinning Mills was the volume leader with trading in 85 million shares, falling Rs0.11 to close at Rs6.39. It was followed by The Bank of Punjab with 73.8 million shares, gaining Rs0.57 to close at Rs10.92 and Sui Southern Gas Company with 69.2 million shares, rising Rs1.94 to close at Rs44.73. Foreign investors sold shares worth Rs914.4 million, the National Clearing Company reported.
Express Tribune
31-05-2025
- Business
- Express Tribune
Stocks surge on budget relief prospects
Listen to article The Pakistan Stock Exchange (PSX) closed the week on a bullish note on Friday, lifted by strong gains in blue-chip oil, banking and fertiliser stocks amid growing optimism about the upcoming federal budget measures. The benchmark KSE-100 index surged over 700 points. Analysts attributed the rally to investor hopes for pro-growth budgetary announcements, including some relief for oil refineries, real estate and agriculture sectors, along with a proposed 1.5% levy on imports aimed at supporting local industries and stabilising the rupee. Despite the upbeat close, the benchmark index remained shy of the 120,000 milestone, posting a 0.5% weekly gain. "Stocks closed bullish, led by blue-chip shares of oil, banking and fertiliser sectors amid hopes for positive federal budget announcements," said Arif Habib Corp Managing Director Ahsan Mehanti. "Budgetary relief for oil refineries, real estate and agri-sector, a proposed 1.5% tax on imports to support industries and rupee stability played the role of catalysts in bullish close at the PSX," he added. At the end of trading, the benchmark KSE-100 index recorded a rise of 719.69 points, or 0.60%, settling at 119,691.09. Arif Habib Limited (AHL) wrote that the PSX closed the week with a 0.5% gain, although the index remained below the 120,000 mark. On Friday, 58 stocks advanced while 41 declined. Key contributors to the gains included Fauji Fertiliser Company (FFC, +2.24%), Meezan Bank (+4.4%) and Hubco (+1.6%) while TPL REIT Fund 1 (-7.63%), Pakistan Petroleum (-1.03%) and Pakistan Oilfields (-1.31%) were the major drags. Among macro developments, Azerbaijan announced a $2 billion investment package for Pakistan during a trilateral summit with Turkey. Meanwhile, the State Bank purchased $5.9 billion from the currency market since June 2024 to strengthen its foreign exchange reserves. On the fiscal front, the FBR is proposing higher withholding tax rates for vehicles with engine capacities above 1,300cc in the upcoming budget. In the corporate sector, Pharaon Investment Group's potential divestment of ACPL is drawing interest from competitors including Cherat Cement and Bestway Group, AHL added. Topline Securities, in its daily review, wrote that continuing its previous day's momentum, the KSE-100 index largely traded in the positive zone and closed at 119,691, up 0.60%. The top positive contribution to the index came from FFC, Meezan Bank, Hubco, Pakgen Power, Engro Holdings and MCB Bank as they cumulatively contributed 668 points. Traded value-wise, Attock Refinery (Rs1.66 billion), DG Khan Cement (Rs878 million), Hubco (Rs807 million), FFC (Rs708 million), Meezan Bank (Rs661 million) and Mari Petroleum (Rs607 million) dominated the trading activity, Topline said. Muhammad Hasan Ather of JS Global said the KSE-100 index extended its bullish momentum, climbing 720 points to close at 119,691. The rally was driven by strong investor sentiment amid declining inflation, current account surplus and Fitch's upgrade of Pakistan's credit rating to "B-". Robust activity in banking, energy and cement sectors further buoyed the sentiment. With over 1,358 points added in two sessions, the momentum suggests a continued upside, contingent on sustained macroeconomic stability and clarity on political and external financing developments, he said. Overall trading volumes stood at 580.3 million shares, significantly lower than the previous session's 741.7 million. The total traded value was Rs22.7 billion, down from Rs23.9 billion in the previous session. A total of 474 companies were traded, out of which 259 stocks closed higher, 161 declined and 54 remained unchanged. WorldCall Telecom led the volumes chart with 79.7 million shares, losing Rs0.06 to close at Rs1.37. K-Electric followed with 47.7 million shares, losing Rs0.20 to settle at Rs5.32. Cnergyico PK saw trading in 35.8 million shares, gaining Rs0.07 to close at Rs7.86. Foreign investors sold shares worth Rs612.5 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.
