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Business Recorder
4 days ago
- Business
- Business Recorder
KSE-100 closes flat after hitting record intra-day high
The Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index closed the week's last session nearly flat, as investors resorted to profit-taking after the index crossed 140,000 level for the first time during intra-day trading on Friday. The KSE-100 started the session positive, hitting record intra-day high of 140,585.39. However, profit-taking in the latter hours erased the earlier gains. At close, the benchmark index settled at 138,597.36, marginally lower by 68.14 points or 0.05. 'KSE-100 Index opened on a positive note and gained to make an intra-day high of +1,920 points (+1.38%) on buying by local institutions. However, profit-taking was observed in the second half of trading session as investors came in to book their profit before the weekend,' brokerage house Topline Securities said in its post-market report. Top positive contribution to the index came from FFC, UBL, ENGROH, PSEL, PABC & EFERT, as they cumulatively contributed 1,052 points to the index. On the other hand SYS, MEBL, HUBC, NBP and MARI, lost value to weigh down on the index by 345 points to the index. On Thursday, PSX had extended its bullish momentum, with the KSE-100 gaining 2,285 points or 1.68% to a new all-time closing high of 138,665.50. Market experts noted that the positivity was expected to continue, supported by positive economic indicators. 'Momentum is expected to continue amid the upcoming result season. However, there will be episodes of profit-taking as the market move towards consolidation,' Sana Tawfik, Head of Research at Arif Habib Limited, told Business Recorder earlier during the day. Internationally, Asian shares tracked Wall Street higher on Friday as still-strong US economic data and robust corporate earnings offset tariff worries, while the yen headed toward a second successive week of loss ahead of Japan's upper house election. Overnight, the S&P 500 and the Nasdaq again closed at record highs as US data, including retail sales and jobless claims, beat forecasts, indicating a modest improvement in the economy that should give the Federal Reserve time to gauge the inflation impact from higher US tariffs. Streaming giant Netflix beat Wall Street's lofty expectations for second-quarter earnings in part due to a weaker US dollar. Its share price, however, fell 1.8% in after-hours trading, with analysts saying much of the growth had already been priced in. On Friday, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8% to its highest since late 2021, bringing the weekly gain to 1.7%. Japan's Nikkei, however, slipped 0.2%, and the yen was at 148.54 per dollar, down about 0.7% this week after polls showed Prime Minister Shigeru Ishiba's coalition was in danger of losing its majority in the election on Sunday.
Business Recorder
02-07-2025
- Business
- Business Recorder
PSX soars: KSE-100 settles above 130,000 level
The record-breaking rally at the Pakistan Stock Exchange (PSX) continued on Wednesday, as the benchmark KSE-100 Index settled above the 130,000 mark for the first time in history. Positive momentum persisted throughout the trading session, pushing the KSE-100 to an intra-day high of 130,545.94. At close, the benchmark index settled at 130,344.03, an increase of 2,144.61 points or 1.67%. Across the board buying was observed in key sectors including automobile assemblers, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including PRL, HUBCO, PSO, MARI, OGDC, PPL and POL traded in the green. Experts noted that improved economic indicators, including a lowering inflation rate, are contributing to the bullish run. 'We expect a current account surplus in FY25, while the rupee has largely remained stable. Moreover, there is still room for further monetary easing by 1%,' Sana Tawfik, Head of Research at Arif Habib Limited, told Business Recorder. Moreover, interest from both local and foreign investors has improved the liquidity position of the market, driving the positive trend, she said. 'Local funds buying' is driving the rally, Mohammed Sohail, CEO of Topline Securities, told Business Recorder. On Tuesday, PSX sustained its bullish momentum, with the benchmark KSE-100 Index registering another record closing mainly attributed to the macroeconomic stability with easing inflation and strengthening rupee, besides hopes of monetary easing in the coming weeks. The benchmark KSE-100 Index surged by a remarkable 2,572.11 points or 2.05% to settle at an all-time high of 128,199.43 points. Internationally, Asian stocks stumbled on Wednesday and the dollar languished near 3-1/2-year lows as investors pondered the prospect of U.S. interest rate cuts and the scramble for trade deals ahead of President Donald Trump's July 9 deadline for tariffs. Trump said he was not considering extending the July 9 deadline for countries to negotiate trade deals with the United States, and cast doubts again that an agreement could be reached with Japan, although he expects a deal with India. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.23% in early trading, inching away from the November 2021 top it touched last week. Japan's Nikkei fell 0.78%, dragged by tech stocks. Tech-heavy Taiwan stocks and South Korea's Kospi Index also fell after US tech firms were hit hard following a strong rally in June. Data on Tuesday showed the US labour market remained resilient with a rise in job openings for May, sharpening the focus on the payrolls report due on Thursday as investors try to gauge when the Federal Reserve is likely to cut rates next.
Business Recorder
24-06-2025
- Business
- Business Recorder
KSE-100 settles with over 6,000 points gain amid ceasefire reports
Buying spree returned to the Pakistan Stock Exchange (PSX) as investors rejoiced after US President Donald Trump said Iran and Israel had agreed to a ceasefire, with the benchmark KSE-100 Index settling with a gain of over 6,000 points. Bullish momentum persisted throughout the trading session, pushing the KSE-100 Index to an intra-day high of 122,725.21. At close, the benchmark index settled at 122,246.63 level, an increase of 6079.16 points or 5.23%. 'This marks the second-highest single-day increase on a closing basis in terms of points,' said Arif Habib Limited (AHL), in a post. Earlier, following a 5% gain, trading activity at PSX halted for 1 hour, and the market opened at 12:31pm. 'All TRE Certificate Holders are hereby informed that due to a 5% increase in the KSE-30 index from the previous trading day's close of the index, a Market Halt has been triggered as per PSX Regulations,' read the notice. Across-the-board buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, ARL, SSGC, PSO, MARI, OGDC, PPL, POL, UBL and HBL traded in the green. 'The ceasefire announcement and a 3-4% drop in international oil prices are driving the buying rally at the bourse,' Sana Tawfik, Head of Research at AHL, told Business Recorder. 'The market believes the geopolitical situation will now come under control,' she added. Pakistan is aiming to secure $3.3 billion in the form of two foreign loans - one a syndicated loan and the other a refinancing of commercial loans from Chinese banks within the next few days. 'This will take FX reserves held by the SBP above the USD 14bn mark in FY25,' AHL said in its post-market commentary. Meanwhile, Waqas Ghani, Head of Research at JS Global, echoed similar sentiments. 'Market participants responded positively to Trump's ceasefire announcement aimed at easing Middle East tensions and a decrease in global oil prices. Widespread buying activity was witnessed across all sectors, driving a strong rally,' he said. Intense selling pressure gripped the PSX on Monday amid escalating geopolitical tensions following a US attack on Iran, with the benchmark KSE-100 settling with a loss of nearly 3,900 points. At close, the KSE-100 Index settled at 116,167.47 level, a decrease of 3,855.77 points or 3.21%. Internationally, global shares rallied and the dollar extended declines on Tuesday after US President Donald Trump said Iran and Israel had agreed to a ceasefire, sending oil prices into a deep dive as concerns over supply disruptions ebbed. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks. Oil prices fell over 3%, having already slid 9% on Monday when Iran made a token retaliation against a US base, which came to nothing and signalled it was done for now. With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, U.S. crude futures fell another 3.4% to $66.15 per barrel, the lowest since June 11. Risk assets rallied, with S&P 500 futures up 0.6% and Nasdaq futures 0.9% higher. EUROSTOXX 50 futures jumped 1.3% and FTSE futures rose 0.4%. The MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.8% while Japan's Nikkei rallied 1.4%. This is an intra-day update
Business Recorder
24-06-2025
- Business
- Business Recorder
KSE-100 surges over 5,600 points amid ceasefire reports
Buying spree returned to the Pakistan Stock Exchange (PSX) as investors rejoiced after US President Donald Trump said Iran and Israel had agreed to a ceasefire, with the benchmark KSE-100 Index gaining over 6,500 points, just seconds after market halt ended, during the intra-day trading on Tuesday. Bullish momentum persisted throughout the trading session, pushing the KSE-100 Index to an intra-day high of 122,725.21. At 2:10pm, the benchmark index was hovering at 121,809.78 level, an increase of 5,642.31 points or 4.86%. Earlier, following a 5% gain, trading activity at PSX halted for 1 hour, and the market opened at 12:31pm. 'All TRE Certificate Holders are hereby informed that due to a 5% increase in the KSE-30 index from the previous trading day's close of the index, a Market Halt has been triggered as per PSX Regulations,' read the notice. Across-the-board buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, ARL, SSGC, PSO, MARI, OGDC, PPL, POL, UBL and HBL traded in the green. 'The ceasefire announcement and a 3-4% drop in international oil prices are driving the buying rally at the bourse,' Sana Tawfik, Head of Research at Arif Habib Limited (AHL), told Business Recorder. 'The market believes the geopolitical situation will now come under control,' she added. Waqas Ghani, Head of Research at JS Global, echoed similar sentiments. 'Market participants responded positively to Trump's ceasefire announcement aimed at easing Middle East tensions and a decrease in global oil prices. Widespread buying activity was witnessed across all sectors, driving a strong rally,' he said. Intense selling pressure gripped the PSX on Monday amid escalating geopolitical tensions following a US attack on Iran, with the benchmark KSE-100 settling with a loss of nearly 3,900 points. At close, the KSE-100 Index settled at 116,167.47 level, a decrease of 3,855.77 points or 3.21%. Internationally, global shares rallied and the dollar extended declines on Tuesday after US President Donald Trump said Iran and Israel had agreed to a ceasefire, sending oil prices into a deep dive as concerns over supply disruptions ebbed. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks. Oil prices fell over 3%, having already slid 9% on Monday when Iran made a token retaliation against a US base, which came to nothing and signalled it was done for now. With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, U.S. crude futures fell another 3.4% to $66.15 per barrel, the lowest since June 11. Risk assets rallied, with S&P 500 futures up 0.6% and Nasdaq futures 0.9% higher. EUROSTOXX 50 futures jumped 1.3% and FTSE futures rose 0.4%. The MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.8% while Japan's Nikkei rallied 1.4%. This is an intra-day update
Business Recorder
24-06-2025
- Business
- Business Recorder
KSE-100 surges over 6,500 points amid ceasefire reports
Buying spree returned to the Pakistan Stock Exchange (PSX) as investors rejoiced after US President Donald Trump said Iran and Israel had agreed to a ceasefire, with the benchmark KSE-100 Index gaining over 6,500 points, just seconds after market halt ended, during the intra-day trading on Tuesday. At 12:35pm, the benchmark index was hovering at 122,723.80 level, an increase of 6,556.33 points or 5.64%. Earlier, following a 5% gain, trading activity at PSX halted for 1 hour, the market opened at 12:31pm. 'All TRE Certificate Holders are hereby informed that due to a 5% increase in the KSE-30 index from the previous trading day's close of the index, a Market Halt has been triggered as per PSX Regulations and all equity and equity-based markets have been suspended accordingly,' read the notice. Across-the-board buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, ARL, SSGC, PSO, MARI, OGDC, PPL, POL, UBL and HBL traded in the green. 'The ceasefire announcement and a 3-4% drop in international oil prices are driving the buying rally at the bourse,' Sana Tawfik, Head of Research at Arif Habib Limited (AHL), told Business Recorder. 'The market believes the geopolitical situation will now come under control,' she added. Waqas Ghani, Head of Research at JS Global, echoed similar sentiments. 'Market participants responded positively to Trump's ceasefire announcement aimed at easing Middle East tensions and a decrease in global oil prices. Widespread buying activity was witnessed across all sectors, driving a strong rally,' he said. Intense selling pressure gripped the PSX on Monday amid escalating geopolitical tensions following a US attack on Iran, with the benchmark KSE-100 settling with a loss of nearly 3,900 points. At close, the KSE-100 Index settled at 116,167.47 level, a decrease of 3,855.77 points or 3.21%. Internationally, global shares rallied and the dollar extended declines on Tuesday after US President Donald Trump said Iran and Israel had agreed to a ceasefire, sending oil prices into a deep dive as concerns over supply disruptions ebbed. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks. Oil prices fell over 3%, having already slid 9% on Monday when Iran made a token retaliation against a US base, which came to nothing and signalled it was done for now. With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, U.S. crude futures fell another 3.4% to $66.15 per barrel, the lowest since June 11. Risk assets rallied, with S&P 500 futures up 0.6% and Nasdaq futures 0.9% higher. EUROSTOXX 50 futures jumped 1.3% and FTSE futures rose 0.4%. The MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.8% while Japan's Nikkei rallied 1.4%. This is an intra-day update
