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Express Tribune
5 days ago
- Business
- Express Tribune
PSX climbs to historic high at 124k
Shares of 333 companies were traded. At the end of the day, 135 stocks closed higher. PHOTO: FILE Listen to article Pakistan Stock Exchange (PSX) closed at another all-time high on Friday, with the benchmark KSE-100 index surging over 2,300 points, or 1.91%, and closing just shy of 124,400, marking a weekly gain of 3.6%. The rally was fueled by aggressive institutional buying ahead of FY26 portfolio allocations, strong foreign inflows and improved investor sentiment. Key gainers included Fauji Fertiliser Company (FFC), Lucky Cement and Meezan Bank, while Pakistan Services, National Foods and International Steels weighed on the index. Fresh hydrocarbon discoveries by Pakistan Oilfields and MOL in Khyber-Pakhtunkhwa lifted energy sector confidence. On the diplomatic front, Prime Minister Shehbaz Sharif and US Secretary of State Marco Rubio reaffirmed their commitment to deepening trade ties. Meanwhile, Pakistan secured $3.1 billion in commercial loans and over $500 million in multilateral funding, expected to be reflected in reserves late Friday. Trading volumes remained robust at 773.4 million shares while traded value stood at Rs37.6 billion. The market is expected to find support around 122,000 with potential upside towards 127,000 in the coming week. "Stocks closed at an all-time high after the National Assembly passed Finance Bill 2025 amid political consensus. Investors eye State Bank's policy easing amid falling government bond yields in the recent auction," said Arif Habib Corp Managing Director Ahsan Mehanti. Surging global equities on a stable Iran-Israel ceasefire and rising global crude oil prices drove the PSX to a record close, he added. At the end of trading, the benchmark KSE-100 index posted a surge of 2,332.60 points, or 1.91%, and settled at 124,379.07. Arif Habib Limited (AHL) wrote in its daily review that on Friday, the index rose by 1.91%, led by strong performances from FFC (+2.23%), Lucky Cement (+4.28%) and Meezan Bank (+2.98%). On the flip side, Pakistan Services (-8.3%), National Foods (-1.76%) and International Steels (-0.8%) were the key drags on the index. In a positive development, Prime Minister Shehbaz Sharif and US Secretary of State Marco Rubio agreed to deepen bilateral ties, especially through enhanced trade. Meanwhile, the government of Pakistan secured $3.1 billion in commercial loans and over $500 million in multilateral funding, which would be reflected in the reserves update. In the energy sector, Pakistan Oilfields (+6.06%) and MOL announced new hydrocarbon discoveries in K-P's Makori Deep-03 well, expected to yield 22 mmcfd of gas and 2,112 barrels of oil per day, AHL mentioned. For the coming week, technical support is expected at around 122,000, with resistance seen near 127,000. It was a strong week for Pakistan's equity market, with the KSE-100 index gaining 3.6% week-on-week to close above the 124,000 mark, it added. Topline Securities, in its review, wrote that bulls dominated trading on aggressive buying by local institutions as the KSE-100 index increased 1.9% to close at its highest-ever level of 124,379. "This buying by local institutions can be attributed to fresh liquidity due to new fiscal year allocations towards equity funds," it said. Top positive contribution to the index came from FFC, Lucky Cement, Meezan Bank, Pakistan Oilfields, Engro Holdings, Engro Fertilisers and OGDC as they cumulatively contributed 1,044 points. Traded value-wise, Lucky Cement (Rs2.27 billion), OGDC (Rs2.11 billion), PSO (Rs1.97 billion), Pakistan Petroleum (Rs1.94 billion), Maple Leaf Cement (Rs1.09 billion), Hubco (Rs1.03 billion) and UBL (Rs1.02 billion) dominated the trading activity, Topline added. Mubashir Anis Naviwala of JS Global said bulls took charge on the trading floor, with the KSE-100 index climbing 2,332 points. Strong price action was seen across the board, reflecting renewed investor confidence. Broad-based buying interest lifted major sectors, boosting the overall market sentiment, he said. The rally was supported by robust demand for cement, banking and fertiliser stocks. The near-term outlook remains positive, with dips offering attractive entry opportunities, the analyst said. Overall, shares of 484 companies were traded. Of these, 334 stocks closed higher, 116 fell and 34 remained unchanged. Bank Makramah was the volume leader with trading in 79.7 million shares, gaining Rs0.56 to close at Rs5.07. It was followed by Ghani Global Holdings with 27.7 million shares, gaining Rs1.60 to close at Rs17.99 and Pervez Ahmed Consultancy with 24.9 million shares, losing Rs0.02 to close at Rs3.27. Foreign investors sold shares worth Rs1.2 billion, the National Clearing Company reported.
Express Tribune
5 days ago
- Business
- Express Tribune
PSX climbs to historic high at 124,379
The Pakistan Stock Exchange (PSX) closed at another historic high on Friday as investor confidence soared following the approval of federal budget for FY26. The benchmark KSE-100 index surged 2,332.60 points, or 1.91%, to settle at 124,379. 'The market rebounded strongly from Thursday's brief profit-taking phase, with bullish momentum prevailing throughout the session,' noted Ali Najib, Deputy Head of Trading at Arif Habib Ltd. Institutional investors led the rally amid portfolio rebalancing and optimism about the economic direction set by the newly approved budget. Investor sentiment was further buoyed by robust Roshan Digital Account (RDA) inflows, which reached $10.38 billion by May 2025. Monthly inflows rose 13% to $201 million while the number of accounts climbed to 823,224, reinforcing confidence in Pakistan's external account stability. Key index movers included Fauji Fertiliser Company, Lucky Cement, Meezan Bank, Pakistan Oilfields and Engro Holdings, which collectively contributed 866 points to the day's gains. Market breadth remained strong, with 773 million shares traded valuing at Rs37.6 billion. Bank Makramah led the volumes chart with 79.7 million shares changing hands. The benchmark index posted a weekly gain of 3.63%, or 4,356 points, over five sessions. After opening at 118,272, the index touched a high of 125,285 and a low of 115,887, closing well above the key 120,000 psychological mark. Market analysts view the KSE-100's ability to hold above the 122,000 level as a sign of strong momentum. A sustained stability above 120,000 could pave the way for a fresh rally towards 130,000, driven by improving macroeconomic indicators and rising investor confidence.
Express Tribune
24-06-2025
- Business
- Express Tribune
Driven by ME ceasefire, PSX soars over 6,000 points
Listen to article Pakistan Stock Exchange (PSX) skyrocketed over 6,000 points on Tuesday as US President Donald Trump announced a ceasefire between Israel and Iran, bringing an end to hostilities in the Middle East region. The benchmark KSE-100 index surged at the open, where bullish momentum drove it to the intra-day high of 122,725, up 6,557 points. As the session progressed, investor confidence strengthened, culminating in the KSE-30 index hitting its upper circuit breaker — a rare and historic moment that sent a wave of excitement. At the close of trading, the KSE-100 index recorded an increase of 6,079.17 points, or 5.23%, and settled at 122,246.64. According to JS Global analyst Mubashir Anis Naviwala, the PSX soared as the ceasefire in the Middle East triggered a buying spree. 'Just seconds after the market halt ended, the KSE-100 index surged over 6,500 points, sparking widespread euphoria,' he said. Bullish sentiment dominated the entire session, pushing the index to the intra-day high of 122,725. Investors jumped in across sectors, encouraged by signs of geopolitical de-escalation. 'Near-term outlook remains positive, with fresh opportunities in cement, banking and fertiliser sectors,' the analyst added. Topline Securities, in its review, commented that the local bourse opened with a bang as investors cheered the breakthrough ceasefire agreement between Israel and Iran, which brought a welcome pause to rising geopolitical tensions in the region. Riding on this wave of optimism, the KSE-100 index surged at the open, clocking in an eye-popping 4,202-point jump from the previous close. The bullish momentum intensified as the session progressed, culminating in a historic moment, when the KSE-30 index hit its upper circuit breaker — an exceptionally rare feat, Topline said. The KSE-100 index went on to post the intra-day high of 6,557 points, before settling at 122,246, up a whopping 6,079 points, or 5.23%, for the day. It was a remarkable session that reflected renewed investor confidence and a broader risk-on sentiment returning to the market, it added. Overall trading volumes increased to 804.8 million shares compared with Monday's tally of 595 million. The value of shares traded was Rs37.6 billion. Shares of 477 companies were traded. Of these, 407 stocks closed higher, 35 fell, and 35 remained unchanged. WorldCall Telecom was the volume leader with trading in 65.4 million shares, gaining Rs0.11 to close at Rs1.46. It was followed by K-Electric with 54.3 million shares, gaining Rs0.35 to close at Rs5.24, and Cnergyico PK with 37.9 million shares, gaining Rs0.53 to close at Rs7.16.
Express Tribune
05-06-2025
- Business
- Express Tribune
PSX at new peak over budget hopes
Foreign institutional investors were net buyers of Rs37.6 million worth of shares during the trading session. PHOTO: AFP Listen to article The Pakistan Stock Exchange (PSX) continued its record-breaking run on Wednesday as the benchmark KSE-100 index closed at an all-time high at nearly 121,800 points. Investor sentiment remained upbeat ahead of the federal budget, buoyed by expectations of fiscal relief measures and encouraging macroeconomic indicators. The rally was supported by a 10% year-on-year increase in petroleum product sales for May, rising cement exports and the Asian Development Bank's (ADB) approval of a $800 million financing package. Broader market gains were also driven by speculation about tax rationalisation and power tariff adjustments. Arif Habib Corp MD Ahsan Mehanti observed that stocks closed at a new all-time high in a pre-budget rally, led by across-the-board activity, as investors weighed tax relief, power tariff cuts and the prime minister's hint at progress in budget talks with the International Monetary Fund (IMF). "The record bullish close was driven by a 10% surge in petroleum sales for May, rising cement exports and the approval of ADB's $800 million financing that will be supportive for rupee stability," he added. At the end of trading, the benchmark KSE-100 index advanced 1,347.99 points, or 1.12%, and settled at 121,798.87. Topline Securities noted in its review that the bullish momentum from the previous session was carried forward, fuelled by robust buying from local institutions and corporates, as indicated by the National Clearing Company data. The key drivers of the rally included heavyweight stocks such as National Bank, Bank AL Habib, Systems Limited, Lucky Cement and MCB Bank, which contributed 586 points to the index, it said. Arif Habib Limited (AHL) commented in its report that the KSE-100 extended gains after breaching the 120,000 mark, rising 1.7% week-on-week ahead of the final session before Eid holidays. Some 61 shares rose while 37 fell with National Bank (+10%), Bank AL Habib (+3.42%) and Systems Limited (+3.38%) contributing the most to index gains. In contrast, Habib Metropolitan Bank (-2.48%), Pakistan Oilfields (-0.66%) and National Foods (-2.67%) were the biggest drags. Among corporate news, Big Bird Foods (+3.45%) announced direct export access to Alibaba's global B2B platforms while Cherat Cement (+4.49%) expressed interest in acquiring Attock Cement (-0.03%). AHL expects that the 120k level will be built as a support and the index may advance to 130k. KTrade Securities wrote in its market wrap that the KSE-100 index marked another historic session, closing at a new all-time high, driven primarily by strong performances in mainboard stocks, particularly the banking sector. The sectors showing notable strength included commercial banks, technology, oil and gas and cement. Investor sentiment still remains measured amid uncertainty ahead of the federal budget announcement, it said. JS Global analyst Mubashir Anis Naviwala said that the KSE-100 surged at the commencement of trading and maintained a strong momentum, hitting a new intra-day high and settling at a record close at 121,799. With this powerful breakout above previous highs, the index is poised for continued upward momentum, potentially attracting increased institutional flows, he said. He asked investors to capitalise on intra-day dips and accumulate fundamentally strong stocks in fertiliser, cement and banking sectors to benefit from the current upward trend. Overall trading volumes increased to 710.6 million shares compared with Tuesday's tally of 578.2 million. The value of shares traded was Rs35.2 billion. Shares of 475 companies were traded. Of these, 264 stocks closed higher, 170 fell and 41 remained unchanged. Sui Southern Gas Company was the volume leader with trading in 51.6 million shares, rising Rs2.11 to close at Rs38.42. It was followed by Fauji Foods with 51.4 million shares, gaining Rs0.56 to close at Rs16.75 and K-Electric with 41.4 million shares, rising Rs0.09 to close at Rs5.41. Foreign investors sold shares worth Rs946 million, the National Clearing Company reported.
Express Tribune
25-02-2025
- Business
- Express Tribune
PSX modestly higher over economic cues
Foreign institutional investors were net buyers of Rs37.6 million worth of shares during the trading session. PHOTO: AFP Listen to article Pakistan Stock Exchange (PSX) on Tuesday closed modestly higher as it took cue from robust financial results in key sectors. The KSE-100 index reached the high of 115,890 during the day, before settling at 114,528, an increase of 198 points. Bullish activity was driven by several factors including an anticipated reduction in industrial power tariffs, low inflation, the potential privatisation of state-owned enterprises (SOEs) and the upcoming International Monetary Fund (IMF) review. Analysts expressed optimism about the market's trajectory, predicting further upward movement based on current trends and anticipated developments. Ahsan Mehanti of Arif Habib Corp commented that stocks closed higher in an earnings season rally amid robust financials in fertiliser, cement, oil and banking sectors. He added that expectations of reduction in industrial power tariffs, alongside thin inflation for February 2025, potential privatisation of SOEs and positive indicators ahead of IMF review next week played the role of catalysts in bullish close at the PSX. At the end of trading, the benchmark KSE-100 index recorded an increase of 197.98 points, or 0.17%, and settled at 114,528.09. In its review, Topline Securities stated that the KSE-100 index showed an upward trend, supported by local fund buying, as reported by the National Clearing Company on Monday. It reached the high of 115,890 points before closing at 114,528. The rise was largely driven by Bank AL Habib, MCB Bank, Oil and Gas Development Company, Maple Leaf Cement and Mari Petroleum, which together contributed 296 points. In contrast, Fauji Fertiliser Company, Hub Power and TRG Pakistan erased 146 points, it said. Arif Habib Limited (AHL) reported that KSE-100 made more upside progress as it reached the high of 115,800 during the day. Some 51 stocks rose while 45 fell, with Bank AL Habib (+2.73%), MCB Bank (+1.96%) and Oil and Gas Development Company (+1.41%) contributing the most to index gains. On the other hand, Fauji Fertiliser Company (-0.54%), Hub Power (-1.15%) and TRG Pakistan (-5.07%) were the biggest drags, it observed. AHL added that Fauji Cement (-2.38%) reported 1HFY25 earnings per share (EPS) of Rs2.96, an increase of 38% year-on-year, which was in line with expectations. "We are looking for a close above 115,000 points this week to set up a move towards old highs. The current setup indicates minimal downside and upside acceleration," it commented. JS Global analyst Muhammad Hasan Ather remarked that the benchmark KSE-100 index closed up 198 points after touching the intra-day high of 115,890. Investor optimism was spurred by anticipated fiscal incentives for the construction sector and positive economic indicators, he said. Additionally, Finance Minister Muhammad Aurangzeb's supportive stance and robust economic data further bolstered confidence. "The current pre-budget rally suggests continued bullish sentiment, with hopes of IMF loan programme expansion and strong remittance inflows driving future market gains," said Ather. Overall trading volumes increased to 496 million shares compared with Monday's tally of 455.5 million. The value of shares traded during the day stood at Rs29.4 billion. Shares of 444 companies were traded. Of these, 169 stocks closed higher, 223 fell and 52 remained unchanged. Fauji Cement was the volume leader with trading in 61.1 million shares, falling Rs1.01 to close at Rs41.46. It was followed by Maple Leaf Cement with 33.8 million shares, gaining Rs2.09 to close at Rs51.13 and At-Tahur Limited with 23.9 million shares, gaining Rs1.08 to close at Rs29.08. During the day, foreign investors sold shares worth Rs260.3 million, the National Clearing Company of Pakistan reported.
