Latest news with #ThePakistanStockExchange
Express Tribune
a day ago
- Business
- Express Tribune
Stocks wrap up on economic positivity
Listen to article The Pakistan Stock Exchange (PSX) ended the week on a strong footing, with the KSE-100 Index climbing past the 134,000 level during Friday's session. The benchmark index moved within a range, touching an intraday high of 134,931.96 and a low of 134,130.41. It eventually settled at 134,299.77, gaining 517.42 points, or 0.39%, by the close. Investor confidence was evident in broad-based buying, particularly in sectors such as auto assemblers, power generation, refineries, and oil and gas marketing. Despite some weakness in select financial stocks, the broader trend stayed upbeat, supported by consistent interest in key cyclical and energy-related names. Arif Habib Limited reported that the KSE-100 index recorded another solid week of gains, rising by 1.8% week-on-week. On Friday, 55 stocks advanced while 45 declined. The largest contributors to the index gains were United Bank (2.4%), Hub Power (1.6%), and Millat Tractors (2.76%). On the other hand, Bank Al Habib (-3.3%), MCB Bank (-1.04%), and Habib Bank (-1.22%) were biggest drags on the index. In corporate news, United Bank reported earnings for the first half of FY25 with earnings per share of 26.07, marking a 99% year-on-year increase. The company also announced a dividend of 19 per share. While earnings were in line with expectations, the payout exceeded forecasts. Looking ahead, declines below the 132,000 level are expected to find support, while 136,000 remains the key upside target, AHL wrote. KTrade Securities wrote in its market wrap that stocks closed at an all-time high, with the benchmark KSE-100 index gaining 517 points (+0.4% DoD) to settle at 134,299. The rally was driven by strength in the cement, auto, and power sectors, with notable contributions coming from UBL, HUBC, MTL, KTML, PSO, and BWCL. Investor sentiment remained bullish, as reflected in a surge in trading volumes to 764 million shares, it added. Overall trading volume decreased to 765 million shares as compared to Thursday's tally of 941.8 million. The value of shares traded was Rs40.1 billion. Shares of 477 companies were traded. Of these, 220 stocks closed higher, 228 dropped and 29 remained unchanged.
Express Tribune
7 days ago
- Business
- Express Tribune
PSX kicks off FY26 with historic week
Listen to article The Pakistan Stock Exchange (PSX) opened the new fiscal year on a bullish note, with the benchmark KSE-100 Index surging to an all-time high of 131,949.06 points during the week ended July 4, 2025. The index gained 7,570 points or 6.1% week-on-week, driven by improving macroeconomic indicators, foreign inflows, and strong investor sentiment. The rally builds on momentum from the previous fiscal year (FY25), which closed with the PSX ranking the best-performing regional bourse, delivering a 60% annual return. Easing inflation, a reduction in electricity tariffs, and renewed interest from both local and foreign investors helped maintain the upward trajectory. Investor confidence was further boosted after Bloomberg reported that Pakistan led all emerging markets in reducing default risk. The country's probability of default dropped sharply from 59% to 47%, the biggest decline globally. Meanwhile, the number of billion-dollar listed firms on the PSX rose from six in December 2023 to 11 by July 2025. On Monday, the final trading day of FY25, the KSE-100 Index closed at a record 125,627 points, marking a 60% annual return. That day alone saw the index gain 1,248 points or 1%. The bullish momentum carried into FY26. On Tuesday, the market broke through the 126,000, 127,000, and 128,000 levels in a single session, closing at 128,199 with a gain of 2,572 points or 2.05%. On Wednesday, the index crossed the psychological barrier of 130,000 for the first time, closing at 130,344, up 2,145 points or 1.67%, amid growing optimism over improving fundamentals, a stable rupee, and increased foreign inflows. Thursday saw a "tug of war" between bulls and bears, with volatility marking the session. However, the bulls ultimately prevailed, and the index closed at 130,687, gaining 343 points or 0.26%. The week ended on Friday with another positive session. The KSE-100 climbed 1,262 points or 0.97% to close at 131,949, setting a new all-time high. According to Arif Habib Limited's (AHL) weekly report, the KSE-100 Index surged from 125,627.31 to 131,949.06 during the week, posting a 6.1% gain. The rally was broad-based, supported by improved macroeconomic indicators. Inflation for June 2025 eased to 3.2% from 3.5% in May, as reported by the Pakistan Bureau of Statistics (PBS). The National Electric Power Regulatory Authority (NEPRA) revised the electricity tariff downward to Rs31.59/kWh, from the earlier Rs32.73/kWhan average cut of Rs1.14 per unit. Meanwhile, the Oil and Gas Regulatory Authority (OGRA) announced a hike in gas prices across domestic and other consumer categories, effective July 1, 2025. In sector-specific developments, domestic cement sales declined by 2.4% year-on-year in FY25, falling to 38.6 million tonnes from 39.5 million tonnes in FY24. Foreign exchange reserves received a major boost as the State Bank of Pakistan (SBP) reported an increase of $3.66 billion to $12.73 billionthe second-largest weekly jump on record. On the regulatory front, the government introduced a National Electric Vehicle (NEV) levy, resulting in price increases across several car categories. JS Global's Syed Danyal Hussain noted that the KSE-100 index's strong FY25 close and continued FY26 momentum reflect improving sentiment. The index's 6% week-on-week increase was complemented by a 31% rise in average daily turnover (ADTO). Investor optimism was also driven by Pakistan securing $3.4 billion in rollover and refinancing from China, along with an additional $1.5 billion loan from Middle Eastern banks and multilateral institutions. Of this, $3.7 billion has already been reflected in reserves, pushing SBP's holdings to $12.7 billion. The SBP expects remaining inflows next week, which could push reserves to $14.51 billion. June 2025's CPI came in at 3.2% year-on-year, bringing the FY25 average to 4.5%, a dramatic drop from 23.4% in FY24.
Express Tribune
14-06-2025
- Business
- Express Tribune
PSX hits record in volatile week
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 The Pakistan Stock Exchange (PSX) closed the week on a positive note, with the benchmark KSE-100 index posting a modest gain of 0.4% on a week-on-week (WoW) basis. Investor sentiment remained upbeat in the early part of the week as the federal budget for FY26 left capital gains and dividend tax rates unchanged, signalling moves towards fiscal consolidation without imposing a fresh burden on the equity market. However, the momentum cooled towards the weekend amid geopolitical tensions triggered by Israeli strikes on Iran and the US imposing a 50% tariff on steel imports from key trading partners. Key macroeconomic highlights shaping the market included a 1.8% year-on-year (YoY) uptick in March large-scale manufacturing (LSM) output, surge in May remittances to $3.7 billion – the second-highest monthly inflows on record, Rs853 billion T-bill auction where yields softened up to 25 basis points and 35% YoY jump in domestic car sales. Trading activity also picked up, with average daily volumes rising 37% WoW and traded value climbing 33%. The KSE-100 hit an all-time high of 124,353 points during the week before profit-taking set in. Analysts noted that the market welcomed the Rs17.3 trillion federal budget, which projected a revenue target of Rs19.3 trillion and a fiscal deficit of 3.9% of GDP, alongside tax relief for salaried individuals and incentives for the construction sector. Additionally, plans to secure $2 billion in commercial financing to bolster the State Bank's reserves further lifted investor confidence. On a day-on-day basis, the PSX began the week with a record high close on Tuesday, though the benchmark KSE-100 index fluctuated within a narrow range amid uncertainty surrounding the budget announcement. The index recorded an increase of 384 points and settled at 122,024. Bulls roared back to the market on Wednesday as investor appetite grew, which propelled the KSE-100 higher by 2,328 points to 124,353, fuelled by the announcement of federal budget, which maintained the status quo on equity taxes and signalled economic recovery. However, the PSX experienced a turbulent session on Thursday, where the index hit a record intra-day high of 126,718 before reversing course to close modestly lower, reflecting both optimism fuelled by post-budget clarity and renewed pressure from geopolitical tensions. The KSE-100 lost 260 points. The downturn continued on Friday, with the index plunging 1,950 points at 122,144 over rising geopolitical tensions following Israeli airstrikes on Iran. Topline Securities, in its weekly review, wrote that the KSE-100 index gained 0.4% WoW. It started the week on a positive note where the budget increased investor optimism as the government kept capital gains and dividend tax rates unchanged and the overall theme of the budget was fiscal consolidation. However, the market came under pressure by the end of the week on news of 50% tariff on steel by the US on its trading partners and an attack by Israel on Iran, which resulted in an increase in tensions in the Middle East, it said. Other major developments during the outgoing week were LSM in March 2025 registering a YoY increase of 1.8%, remittances for May clocking in at $3.7 billion (up 16% month-on-month and 14% YoY), T-bill auction during the week raising Rs853 billion for the government against the target of Rs900 billion, where yields declined in the range of 1-25 basis points, and car sales for May reaching 14,762 units (up 35% YoY and 39% MoM). Average daily traded volumes and value stood at 907 million shares (up 37% WoW) and Rs37 billion (up 33%), respectively, Topline added. Syed Danyal Hussain of JS Global wrote that the PSX welcomed the FY26 budget as the government didn't announce any adverse steps for capital markets where capital gains tax measures were better than expected, encouraging mutual funds to divert funds towards equities. The finance minister unveiled a Rs17.3 trillion budget for FY26, targeting revenues of Rs19.3 trillion (+15% YoY), fiscal deficit at 3.9% of GDP and a primary surplus of 2.4%. The KSE-100 index hit an all-time high of 124,353 points during the week, reporting 2.2% gains in the first two sessions. However, the market underwent correction on Friday, led by escalating tensions between Israel and Iran. On a WoW basis, the index gained 0.4%, or 502 points, he added.
Express Tribune
14-06-2025
- Business
- Express Tribune
PSX tumbles on heightened Mideast tensions
Listen to article The Pakistan Stock Exchange (PSX) witnessed a significant downturn on Friday as the KSE-100 index plunged nearly 2,000 points over rising geopolitical tensions following Israeli military strikes on Iran. The broad-based sell-off reflected heightened investor anxiety as fears of regional escalation dampened sentiment across global and local markets. Heavyweight sectors such as fertiliser, cement, banking and technology suffered steep losses with blue chips bearing the brunt. Market participants shifted to a risk-off mode, offloading positions in response to the global uncertainty and Pakistani rupee weakness. Arif Habib Corp MD Ahsan Mehanti observed that stocks fell across the board after Israeli strikes on Iran and as investors eyed an escalation in the conflict. Additionally, a slump in global equities on geopolitical risks and the weakening rupee also contributed to panic selling, he said. At the end of trading, the benchmark KSE-100 index recorded a substantial fall of 1,949.56 points, or 1.57%, and settled at 122,143.57. Topline Securities wrote in its review that stocks largely traded in the negative zone, which was in line with international and regional trends, following Israel's attack on Iran. Top negative contribution to the index came from fertiliser, cement, bank and oil stocks. In terms of traded value, DG Khan Cement ($6.4 million), Maple Leaf Cement ($5.92 million), Lucky Cement ($4 million), OGDC ($3.72 million), Pakistan State Oil ($3.65 million) and Mari Petroleum ($3.15 million) dominated trading activity, Topline said. KTrade Securities stated that the KSE-100 index ended the session in the negative territory, pressured by escalating geopolitical tensions in the region, particularly between Iran and Israel. Despite that, market activity remained robust, with trading volumes exceeding 966 million shares. Sideboard stocks were the most actively traded, which included Pervez Ahmed Consultancy (116 million shares), WorldCall Telecom (100 million) and First Capital Securities (85 million). Notable declines were recorded in Engro Corporation, Lucky Cement, Fauji Fertiliser, Bank AL Habib and Systems Limited. In light of prevailing regional uncertainties, KTrade advised investors to maintain a cautious approach in the near term. Arif Habib Limited (AHL) Deputy Head of Trading Ali Najib mentioned that the market witnessed a sharp correction as it reacted to heightened geopolitical tensions following Israeli strikes on military and nuclear facilities inside Iran. The benchmark index opened in the red and quickly extended losses, hitting the intra-day low of 121,605 points, down 2,489 points, amid broad-based selling pressure. Heavyweight blue-chip stocks in fertiliser, cement, banking and technology sectors bore the brunt of the sell-off, Najib added. According to JS Global analyst Mubashir Anis Naviwala, the market opened on a negative note in line with regional equities and it experienced a highly volatile session. Sentiment received a blow from escalating tensions between Iran and Israel, fuelling investor caution. The index touched the low of 121,605 and closed at 122,144, down 1,950 points. Volatility persisted throughout the day amid uncertain global cues. He advised investors to adopt a cautious stance and avoid aggressive positions in the near term with focus on risk management and tracking geopolitical developments. Overall trading volumes decreased to 968.3 million shares compared with Thursday's tally of 1.02 billion. The value of shares traded was Rs29.6 billion. Shares of 469 companies were traded. Of these, 130 stocks closed higher, 304 fell and 35 remained unchanged. Pervez Ahmed Consultancy was the volume leader with trading in 116.7 million shares, rising Rs1 to close at Rs2.93. It was followed by WorldCall Telecom with 100.9 million shares, gaining Rs0.08 to close at Rs1.45 and First Capital Securities with 85.3 million shares, higher by Rs0.94 to close at Rs3.06. Foreign investors bought shares worth Rs179 million, the National Clearing Company reported.
Express Tribune
12-06-2025
- Business
- Express Tribune
PSX crosses 126,000 barrier for first time as record rally continues
Listen to article The Pakistan Stock Exchange (PSX) continued its upward momentum for the third consecutive day on Thursday, with the benchmark KSE-100 index reaching an all-time high of 126,025.99 points during intra-day trading. The index rose by 1,673.31 points, or 1.35%, in early trading, marking a new milestone for the bourse during the intra-day trading. The index reached a daily high of 126,055.32 and a low of 124,807.09. The previous close was recorded at 124,352.68. Trading volume was recorded at 113,574,464 shares, with a total value of 11,375,804,736. Earlier on Wednesday, PSX saw a significant rally, with the KSE-100 index soaring by 2,328 points (1.91%) to an all-time high of 124,352.68, fueled by investor optimism following the federal budget announcement. The budget, which maintained the status quo on equity taxation and increased withholding tax on bank deposits, was welcomed by market participants as it was seen as favourable for capital markets and the economy. Analysts highlighted that the budget's provisions, including projections of a 3.9% fiscal deficit and a Rs1 trillion federal PSDP, added to the bullish sentiment. Read more: PSX at new peak as budget sparks optimism Arif Habib Corp MD Ahsan Mehanti observed that stocks reached a new all-time high, led by across-the-board activity, as investors cheered the status quo on equity taxes and higher withholding taxes on bank deposits in the FY26 budget. Broad-based participation drove the rally, with strong gains in sectors like cement, oil and gas, banking, and fertilisers. Notable stocks such as Lucky Cement, Fauji Fertiliser, and Pakistan Petroleum saw significant gains. Investor confidence was further boosted by the avoidance of new taxes and the continuation of subsidies for key sectors. JS Global analyst Mubashir Anis Naviwala said that the stock market welcomed the budget with strong optimism, breaking all resistance levels to cross the 124,000 mark. A new historic intra-day high of 124,588 was reached before the index settled at 124,353, up 2,328 points. The market experienced a sharp rise in trading volumes, reaching 1.04 billion shares, with a value of Rs46.7 billion. The day's trading also saw a positive trend in shares, with 283 stocks closing higher. However, foreign investors sold shares worth Rs1.1 billion, as reported by the National Clearing Company.
