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Express Tribune
8 hours ago
- Business
- Express Tribune
PSX retreats as investors resort to profit-taking at highs
Listen to article After riding high on a wave of optimism in the previous session, the Pakistan Stock Exchange (PSX) reversed course on Wednesday as investors opted to lock in profits. The KSE-100 index slipped 165 points, closing at 139,254. Despite an early push that saw the index touch 140,202, selling pressure weighed through the remainder of the session, reflecting a cautious flip in sentiment. KTrade Securities wrote in its market wrap that the PSX witnessed a mixed session as investors opted to book profits at market highs, leading to a slight pullback in the benchmark index. The index touched an intra-day high of 140,202 before retreating on selling pressure. KTrade expected the mixed trend to persist, with heightened volatility due to futures rollover and the ongoing earnings season, which may keep sentiment cautious. Among key negative contributors were Engro Holdings, HBL, MCB Bank, and Pakgen Power. Also Read: TikTok removed nearly 25m Pakistani videos in early 2025 Arif Habib Limited (AHL) commented that the PSX failed to hold early gains above 140,200 and fell for the remainder of the session. Some 39 shares rose while 60 fell, with Bank AL Habib (+1.95%), Mari Petroleum (+1.04%), and Hub Power (+0.87%) being the key contributors to index gains. In contrast, Engro Holdings (-1.23%), Habib Bank (-1.23%), and Pakgen Power (-6.8%) were the biggest drags. During the trading session, PIA Holding Company (-1.2%) saw pressure as the airline's buyer would be required to invest Rs70 billion over five years under the revised business plan. Pre-qualified bidders are set to begin site visits and expert sessions from next week, AHL said. In addition, the State Bank of Pakistan's monetary policy announcement is scheduled for July 30. Among corporate announcements, Systems Ltd (+0.91%) was considering a potential acquisition in the IT and IT-enabled services space. AHL expected the market outlook to remain positive, with focus still on 140,500 this week. Overall trading volumes increased to 656.6 million shares compared with Tuesday's tally of 629 million. Traded value stood at Rs32 billion. Shares of 483 companies were traded. Of these, 211 stocks closed higher, 243 fell, and 29 remained unchanged. WorldCall Telecom topped the volumes chart with trading in 55.4 million shares, rising Rs0.08 to close at Rs1.54.
Express Tribune
16-07-2025
- Business
- Express Tribune
PSX sees modest gains as KSE-100 closes 440 points up
Segregation of client assets is critical as brokers have been penalised for using client money illegally. PHOTO: AFP The Pakistan Stock Exchange (PSX) witnessed another day of consolidation on Wednesday, with the benchmark KSE-100 index closing at 136,380 points, gaining 440 points or 0.32% after oscillating in both directions during the session. Early trade saw mild negativity, with the index hitting an intraday low of 135,543 points—down 397 points (0.29%)—amid profit-taking, noted Ali Najib, Deputy Head of Trading at Arif Habib Ltd. However, bargain hunters stepped in at the day's low, lifting sentiment and helping the market close in the green. Investor optimism was reinforced by Finance Minister Muhammad Aurangzeb's latest briefing to Moody's, where he highlighted key signs of economic recovery. These included easing inflation, a stable exchange rate, policy rate cuts, rising foreign exchange reserves—now above $14 billion—and strengthening remittance and export trends. These indicators have strengthened Pakistan's case for a potential rating upgrade in Moody's upcoming review. Market Snapshot – July 16, 2025 Unlock today's market moves and stay one step ahead! — PSX (@pakstockexgltd) July 16, 2025 Among the major positive contributors were fertiliser and energy stocks, with FFC, EngroH, EFERT, PSEL, and ATRL adding a combined 1,162 points to the index. Meanwhile, the banking sector weighed on performance, with UBL, MEBL, MCB, BAHL, and BAFL cumulatively knocking off 556 points due to persistent selling pressure. Overall market activity remained subdued, with total traded volume at 702 million shares and a turnover of Rs32 billion. PIBTL led the volumes chart with 90.7 million shares traded. The 135,000 level is expected to act as key support in the near term, underpinned by strong corporate earnings and steady foreign inflows, as noted by Ali Najib. A decisive breach could see the index test 132,000, where attractive valuations and expectations of further monetary easing may reignite investor interest and trigger fresh buying.
Time of India
27-06-2025
- Time of India
Homemaker duped of 43L in online fraud
Pune: Cybercrooks, who posed as agents of an online jewellery store, duped a 45-year-old homemaker from Hinjewadi of Rs43.31 lakh in an online task fraud. The crooks gave prepaid tasks of writing posts related to their jewellery store and duped her between March and April this year . The woman filed an online complaint. After preliminary investigations, a case was registered with the Hinjewadi police on Thursday. Police sub-inspector Dnyaneshwar Zol of the Hinjewadi police said the complainant's husband was an IT engineer and currently based abroad. "While searching for an online job opportunity, the woman received messages from 'official agents' of an online jewellery store. They offered her a part-time job of completing tasks related to the promotion of the jewellery store. They offered handsome returns to the woman on her investments in the tasks," Zol said. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune He said the woman first invested Rs10,000 and completed the tasks given to her through a link. The crooks gained her confidence by returning her Rs15,000. "Later, the woman went on investing and could see that she earned a good amount of money. After investing almost Rs32 lakh, the woman tried to withdraw her money. The crooks took more money from her by citing reasons like payment of GST and other charges," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Reliable Full Coverage Ahead Boost Mobile Australia Learn More Undo Zol said that the woman totally transferred Rs43.31 lakh to the different bank accounts provided to her. When the crooks demanded Rs8 lakh more from her, she became suspicious and stopped responding to them. "When she called her husband and told him about the transactions, he immediately alerted her that she was being duped. He told her to lodge a complaint," Zol said.
Business Recorder
24-06-2025
- Business
- Business Recorder
Middle East crisis: solar imports in Pakistan could become costlier on increased freight
The cost of solar panel imports was feared to increase in Pakistan if Iran-Israel conflict continued for a longer period, importers told Business Recorder on Tuesday. Israel's aggression in Gaza has continued for the last 18 months, but the Middle East crisis intensified after Israel began attacking Iran on June 13, saying its 'longtime enemy' was on the verge of developing nuclear weapons. Iran, which says its nuclear programme is only for peaceful purposes, retaliated with missile and drone strikes on Israel. After two weeks' clashes, US President Donald Trump said a ceasefire between Iran and Israel was in force on Tuesday, urging both sides to 'not violate it' on the 12th day of the war between the two arch-foes. However, Gaza crisis still persists along with chances of renewal of Iran-Israel conflict. 'Shipping costs are around $2,500 per container in Pakistan, and if the Middle East conflict intensifies, this cost could reach up to $3,000 per container,' said Diwan International Pvt Ltd Director Muhammad Faaz Diwan told Business Recorder. According to Diwan, the pre-container shipping cost (freight cost) rose more than 100% in the last two months, from $1,200 to now $2,500. Explaining the reasons behind the cost increase, he noted that the US had imposed duties on China, but the duties were suspended for 90 days. 'As a result, China received a surge of orders from the US, which led to increased freight costs.' Diwan said the freight costs would increase further if Iran-Israeli clashes continued for a longer period. He also mentioned that importers were paying an additional 3% advance tax on imports. 'If a 10% tax is imposed on solar panels, the total tax burden on importers would reach 13%, leading to higher solar panel prices.' It may be noted that the government, in its budget proposals for FY2025-26, suggested 18% tax on imported solar panels, and later reduced it to 10%. Diwan noted that the cost per watt of solar panel was approximately Rs28, and if the 13% tax was imposed, the cost would rise to Rs32 per watt for importers. He remarked that Pakistani citizens were facing dual challenges: high electricity rates and load shedding, which is why many opt for solar panels, according to Diwan. However, he emphasised that even with the tax, solar panels would remain within the consumer's budget if they calculated the long-term savings. Meanwhile, regarding Finance Minister Muhammad Aurangzeb's statement accusing traders of hoarding and creating artificial shortages, Diwan rejected the claim, saying if traders were hoarding, solar panel prices would have skyrocketed — which has not happened. On the question of local solar panel manufacturing, Diwan stated that approximately 98% of the solar panels used in Pakistan were imported. 'The remaining 2% are locally made but substandard, mainly used in rural areas or for small-scale needs. These panels have low durability.' He stressed that until a top-tier 1 manufacturing facility was established in Pakistan, no kind of duty should be imposed on solar panels. 'Once a tier-1 factory is operational in Pakistan, the government can then impose GST [goods and services tax] and import duties to encourage local competition,' Diwan said. 'Imposing taxes on panels without local manufacturing is equivalent to blocking the entry of high-quality products into Pakistan.' 'Massive demand, lack of clarity on taxation' Inverex CEO Muhammad Zakir Ali told Business Recorder Pakistan imported 17 gigawatts worth of solar panels in 2024, while in 2025, imports have already reached 8 gigawatts so far, according to Ali. He explained that demand for solar panels in Pakistan was very high due to rising electricity rates and frequent load shedding, pushing people to shift towards alternative energy sources. Speaking about alternative energy, Ali stressed the need for clarity in taxation policies, as the government's announcement of 18% tax, followed by a reduction to 10%, created confusion among people. He also stated that setting up a solar panel industry in Pakistan had become inevitable. 'Currently, 95% of the solar panels used in the country are imported, and the remaining 5% are not up to international standards.' Ali emphasised that establishing such an industry would create employment opportunities and enable Pakistan to meet its growing demand locally. 'Need for immediate local manufacturing and financing' Fusion Tech chairman Salim Memon stressed that local manufacturing must begin at the earliest to meet the country's rising demand for solar panels. He also urged the government to introduce bank financing schemes for solar panels to make green energy accessible to the common man. He highlighted the need for complete local manufacturing—from solar panels to inverters, and criticised the current practice saying what was referred to as 'manufacturing' in Pakistan was 'merely assembling'. Memon stressed that the time had come for Pakistan to initiate a true solar panel manufacturing industry.
Business Recorder
14-06-2025
- Business
- Business Recorder
KP govt to spend Rs165bn on subsidies
PESHAWAR: No new project for people's relief was included in Khyber Pakhtunkhwa (KP) budget 2025-26 as old projects have already become a burden on the provincial exchequer, according to budget documents. An amount of Rs165 billion will be spent on different projects under the head of subsidy, which is Rs32 billion more than the previous year's Rs134 billion. A subsidy of Rs36 billion will be given for Health Cards, while Rs4 billion subsidy will be provided to BRT project after an addition of Rs1 billion. The budget documents revealed that the government is considering purchasing new buses and for this purpose Rs5 billion are allocated. Subsidy on wheat was increased that surpassed Rs27 billion. The government proposed to allocate an amount of Rs65 billion on MTEs Hospitals. It is considering allocating Rs6 billion for public sector universities. Copyright Business Recorder, 2025
