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Express Tribune
30-06-2025
- Business
- Express Tribune
Stocks close FY25 at new all-time high
Listen to article The Pakistan Stock Exchange (PSX) closed the 2024-25 fiscal year at a record high on Monday, where the benchmark KSE-100 index surged by a fresh 1,248 points, or 1%, and closed at 125,627. Investor sentiment surged due to strong traded volumes following a $3.4 billion loan rollover by China, which boosted foreign currency reserves to over $14 billion, enabling the country to meet the IMF's reserves requirement. Optimism about new policy reforms as well as Pakistan topping Global Emerging Market Rankings in Default Risk Reduction over the past year fuelled the bullish sentiment. The benchmark index saw intra-day high of 1,369 points before closing a little lower with a gain of 1,248 points day-on-day. According to Ahsan Mehanti of Arif Habib Corp, stocks hit a new all-time high at the year-end close, driven by record trade volumes following the rollover of $3.4 billion financing by China, which boosted foreign exchange reserves to over $14 billion, meeting the IMF's June 30 target and supporting rupee stability. Additionally, an anticipated cut in industrial power tariffs, alongside government's deliberations on the privatisation of state-owned enterprises, and higher global equities played the role of catalysts in record close at the PSX, noted Mehanti. In its review, Topline Securities commented 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 benchmark KSE-100 index soared to intra-day high of 1,369 points before closing with a gain of 1,248 points (up 1%) and settling at 125,627. The upbeat sentiment was fuelled by strong fiscal year-end flows and a significant external trigger-China's rollover of $3.4 billion in commercial loans. This move helped Pakistan meet the IMF's foreign reserves requirement of around $14 billion, reinforcing investor confidence, added Topline. Heavyweights like Fauji Fertiliser Company, HBL, Bank AL Habib, UBL, Pakistan Oilfields, Faysal Bank and Pakgen Power led the charge, which collectively contributed +724 points to the index, stated the brokerage. Market participation remained robust with a total of 1,141 million shares traded and an overall traded value of Rs35.1 billion. Volume leader WorldCall Telecom saw an impressive 139.9 million shares change hands. In terms of traded value, top contributors included Pakistan Aluminium Beverage Cans (Rs1.50 billion), Faysal Bank (Rs1.22 billion), National Foods (Rs1.10 billion), Oil and Gas Development Company (Rs957.9 million), Pakistan Petroleum (Rs789.5 million), Pakistan State Oil (Rs736.8 million) and Fauji Fertiliser Company (Rs659.9 million). With sentiment riding high and macro support in place, the market appears well-positioned as it steps into the new fiscal year, remarked Topline.
Time of India
22-05-2025
- Time of India
Godhra men cheat five friends out of over Rs1 crore in share fraud
1 2 3 Pune: Ten people from Godhra in Gujarat cheated five friends from the city out of Rs1.22 crore, promising handsome returns on their investment in shares. The Nanded City police registered a case of cheating against them, after one of the victims (34) from Dhayari lodged a complaint on Wednesday. The complainant stated that the cheating occurred between October 23 last year and May this year. Senior inspector Atul Bhos of the Nanded City police said, "The complainant and his four friends came in contact with the suspects through a common friend in 2023. The suspects informed them that they dealt in shares and gave handsome returns to investors." The police said the suspects promised a 30% return on investment. The victims, who run fitness shops and other small businesses, transferred money to the suspects' bank accounts. Initially, the suspects gave some money to the victims, but later stopped paying them. When the victims called the suspects to inquire about the returns, the suspects assured them that they would soon start paying. "This was done to buy some time from the victims, who finally did not give any returns. The victims then demanded their initial investment in the shares back, but the suspects did not return that amount. The victims then approached us with their complaint," Bhos said.
Express Tribune
17-04-2025
- Business
- Express Tribune
Govt raises Rs1.22 trillion via T-bills and bonds auction
Listen to article The federal government has raised Rs1.22 trillion through the auction of Treasury bills (T-bills) and Pakistan Investment Bonds (PIBs), according to data released by the State Bank of Pakistan. The central bank reported receiving bids worth Rs1.73 trillion for T-bills and Rs1.59 trillion for PIBs, reflecting strong investor demand for government securities amid uncertain economic conditions. The government accepted Rs965 billion in the latest T-bill auction against a target of Rs850 billion, while the maturity amount stood at Rs821 billion. In contrast, the government raised Rs261 billion through PIBs, against a target of Rs400 billion, despite receiving Rs1.59 trillion in bids. Analysts expressed concern that the rising investment in risk-free government papers is reducing the flow of credit to the private sector, potentially slowing down industrial and commercial activity. Since December 2024, private sector borrowing has witnessed a notable decline, underlining banks' preference for safer government debt. The cut-off yield for one-month T-bills fell by 6 basis points to 12.32%, while rates for 3, 6, and 12-month papers remained steady. Economists warn that excessive focus on non-productive government securities may hinder private sector growth, limiting prospects for broader economic recovery.
