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Business Recorder
30-06-2025
- Business
- Business Recorder
KSE-100 hits fresh record high as fiscal year comes to an end
Bullish momentum continued at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index closed at a new record high on Monday, the last day of the fiscal year 2024-25. Positive trading was seen throughout the trading session, pushing the KSE-100 to an intra-day high of 125,748.58. At close, the benchmark index settled at 125,627.31 level, an increase of 1,248.25 points or 1%. 'The local bourse wrapped up the fiscal year on a high note, carrying forward last week's bullish momentum with another stellar performance,' brokerage house Topline Securities said in its post-market report. 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, according to Topline. 'This move helped Pakistan meet the IMF's foreign reserves requirement of around $14 billion, reinforcing investor confidence.' Heavyweights like FFC, HBL, BAHL, UBL, POL, FABL, and PKGP led the charge, collectively contributing +724 points to the index, it added. 'Investor confidence got further strengthened with Bloomberg reporting that Pakistan led global emerging markets (EMs) in default risk reduction, with probability falling from 59% to 47%—the sharpest drop worldwide. In addition, billion-dollar listed firms in Pakistan rose to 11 from 6 since Dec 2023 to date,' Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said in a commentary. During the previous week, the PSX witnessed a stellar performance as the KSE-100 Index jumped by 4,355 points, or 3.6%, on a week-on-week basis to close at then all-time high of 124,379 points on Friday. The sharp rally was largely driven by easing geopolitical tensions in the Middle East and the smooth passage of the federal budget in the National Assembly. The KSE-100 increased by 5% on month-on-month (MoM) basis in the last month of FY25. 'This gain can be attributed to approval by federal cabinet to retire country's largest-ever financial restructuring plan to retire circular debt in the power sector of Rs1.275trn over the next six years,' Topline said. On year-on-year (YoY) basis, the KSE-100 was up 60% in PKR terms and 57% in USD terms in FY25. 'Over the past two years (FY24 and FY25), the PSX has recorded a total gain of 203% in PKR terms and 206% in USD terms, thanks to the macroeconomic stability country has achieved with the support of the IMF programme,' Topline said. The other factors contributing to the rally were completion of the first IMF review of March 2025, aggressive monetary easing from 20.5% to 11%, improvement in country's credit rating by Fitch from CCC+ to B-, improving macro indicators, and improved market liquidity amidst diversion flows from fixed income to equities, it added. Internationally, Asia shares firmed on Monday as signs of progress in a trade standoff between the United States and Canada helped risk sentiment, while the dollar dipped on concerns U.S. jobs data will show enough weakness to justify larger rate cuts. Canada on Sunday said it had rescinded its digital services tax in a bid to advance trade negotiations, bowing to pressure from President Donald Trump. The talks are aimed at getting a deal done by July 21, extending Trump's original July 9 deadline for his 'reciprocal' tariffs. Officials have suggested most deals could now be done by the September 1 Labor Day holiday. Investors were also keeping a wary eye on the progress of a huge U.S. tax-cutting and spending bill slowly making its way through the Senate, with signs it may not make it by Trump's preferred July 4 deadline. The Congressional Budget Office estimated the bill would add $3.3 trillion to the nation's debt, testing foreign appetite for US Treasuries. There was no doubting the demand for the U.S. tech sector and megacap growth stocks including Nvidia, Alphabet and Amazon. Nasdaq futures rose another 0.4%, while S&P 500 e-minis added 0.3%. EUROSTOXX 50 futures rose 0.2%, while FTSE futures were flat and DAX futures gained 0.3%. The bullish sentiment spilled over into Japan's Nikkei which rose 1.6%, while South Korean stocks gained 0.8%. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2%. Meanwhile, the Pakistani rupee posted marginal decline against the US dollar, depreciating 0.02% in the interbank market on Monday. At close, the currency settled at 283.76, a loss of Re0.04 against the greenback. Volume on the all-share index increased to 1,144.55 million from 773.80 million recorded in the previous close. The value of shares decline to Rs35.24 billion from Rs37.57 billion in the previous session. WorldCall Telecom was the volume leader with 139.89 million shares, followed by Kohinoor Spining with 96.37 million shares, and TPL Properties with 51.66 million shares. Shares of 481 companies were traded on Monday, of which 297 registered an increase, 152 recorded a fall, while 32 remained unchanged.
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.
Express Tribune
24-06-2025
- Business
- Express Tribune
PSX surges 5.58% as market rallies after Iran-Israel ceasefire
Listen to article The Pakistan Stock Exchange (PSX) posted a sharp rally on Tuesday, with the benchmark KSE-100 Index soaring 5470.16 points, or 4.71%% to 121,637.63 points during intra-day trading, reflecting heightened investor optimism following US President Donald Trump's announcement of the ceasefire between Iran and Israel. The current index gained 6,479.11 points over the previous close of 116,167.47, marking one of the largest single-day gains in recent trading. Source: PSX The market reached an intraday high of 122,725.21 and a low of 120,369.53. Trading volume stood at 236.9 million shares, with a total value of Rs20.6 billion, indicating strong buying interest across sectors. The upward movement reflects renewed investor confidence amid easing geopolitical tensions and hopes of regional stability. Waqas Ghani Kukaswadia, Head of Research at JS Global remarked that widespread buying activity was witnessed across all sectors, driving a strong rally. Trading was halted for an hour due to the sharp upward movement. The market is up by 5.65%, he added. Read: Stocks slump in panic selling Earlier on Monday, PSX saw a steep sell-off, driven by escalating geopolitical tensions following the US attack on Iran. The benchmark KSE-100 Index plunged by 3,856 points (3.21%) to close at 116,167, after hitting an intra-day low of 115,887. This marks one of the sharpest single-day losses in recent months. According to Ahsan Mehanti of Arif Habib Corp, stocks slumped amid a sell-off in global equities due to the escalation in Middle East tensions. Supply disruptions driven by expected retaliation to the US attack on Iran contributed to a weak export outlook and high inflation worries, which played a major role in selling activity at the PSX, he said. Investor sentiment was dampened by rising geopolitical tensions, especially the intensifying conflict between Israel and Iran, which led to heightened uncertainty and widespread risk aversion. The nervousness triggered broad-based panic selling, observed Topline in a market review. Topline added that major index-heavy stocks, including Engro Holdings, Pakistan Petroleum, Lucky Cement, OGDC and Mari Petroleum, were among the top laggards, dragging the index down by 1,054 points. In its commentary, Arif Habib Limited (AHL) stated that the week started with strong selling following the escalation in the Middle East over the weekend. Only five shares rose while 93 fell, with Engro Holdings (-5.02%), Pakistan Petroleum (-6.3%) and Lucky Cement (-4.02%) being the biggest drags. JS Global analyst Mubashir Anis Naviwala remarked that the PSX suffered heavy losses amid a sharp sell-off, opening with a steep 2,000-point gap down amid panic selling. The index failed to recover throughout the session, touching the low of 115,887 and eventually closing with a massive loss of 3,856 points at 116,167. Total traded volume stood at 595 million shares, with top activity in WorldCall Telecom, Sui Southern Gas Company, Pervez Ahmed Consultancy, K-Electric and Kohinoor Spinning Mills, he noted. The sharp decline reflected heightened fears driven by uncertainty and external pressures. "We advise investors to remain cautious, focusing on risk management and selective accumulation," the analyst added. Overall trading volumes increased to 595 million shares compared with Friday's tally of 421.6 million. The value of shares traded was Rs23.5 billion. Shares of 468 companies were traded. Of these, 56 stocks closed higher, 386 fell and 26 remained unchanged. WorldCall Telecom was the volume leader with trading in 53.3 million shares, falling Rs0.10 to close at Rs1.35. It was followed by Sui Southern Gas Company with 36 million shares, losing Rs4.2 to close at Rs38.8 and Pervez Ahmed Consultancy with 24 million shares, dropping Rs0.12 to close at Rs2.72. Foreign investors bought shares worth Rs162 million, the National Clearing Company reported.
Business Recorder
13-06-2025
- Business
- Business Recorder
MPC meeting on 16th: Analysts give mixed views on key rate direction
KARACHI: The State Bank of Pakistan (SBP) is scheduled to hold its Monetary Policy Committee (MPC) meeting on Monday, June 16 to decide about the monetary policy. Market sentiment remains divided ahead of the upcoming monetary policy meeting, with analysts expressing mixed views on the direction of interest rates. The MPC initiated a measured easing cycle beginning in June 2024, cumulatively reducing the policy rate by 50 percent or 1100 basis points (bps) from 22 percent to 11 percent as of May 2025. SBP reduces key interest rate by 100bps, takes it to 11% According to a recent poll conducted by Topline Securities, 56 percent of market participants now anticipate a status quo compared to 31 percent in the previous survey, while 44 percent expect a rate cut of at least 50 basis points, reflecting growing uncertainty over the SBP's next move. Out of total 44 percent rate cut participants, 19 percent are expecting 50bps cut, and 25 percent are expecting 100bps cut. Analysts at Topline believed that SBP has the further room of around 100bps cut as average inflation is likely to between 6-7percent in FY26, translating into real rate of 400-500bps (Policy Rate: 11 percent), higher than historical real rate of 200-300bps. However, Topline also expecting status quo in upcoming monetary policy based as international crude oil prices have rebounded to US$68-70/barrel amidst rising tensions in middle east region and expected US China deal. This warrants a cautious approach from policy makers, in our view, as oil prices movement has remained major driver of inflation in past. In addition, some of the major notifications are also expected before start of next fiscal year, ie, gas price notification, and electricity price notification, among others. The inflationary impact of these measures is yet to assessed and absorbed, they added. Copyright Business Recorder, 2025
Business Recorder
05-06-2025
- Business
- Business Recorder
Another new all-time high level
KARACHI: The Pakistan Stock Exchange (PSX) continued upward journey for the second straight day and closed at a new all-time high level on Wednesday mainly by the positive news on various aspects of the upcoming budget. The benchmark KSE-100 Index rose by 1,348 points or 1.12 percent to close at record level of 121,799 points on Wednesday compared to 120,451 points on Tuesday. Market remained in green throughout the day and during the intraday trading, index hit a high level of 121,882.48 points and a low level of 120,896.13 points. On Wednesday, the BRIndex100 closed at 13,085.41 points, gaining 154.15 points or 1.19 percent compared to the previous day. The total trading volume for the index was 573.635 million shares. Meanwhile, the BRIndex30 also rose by one percent, adding 377.36 points to finish at 38,093.23 points, with a total trading volume of 316.171 million shares. Analysts at the Topline noted that the bullish momentum from the previous session carried forward, fuelled by robust buying from local and corporate institutions, as indicated by NCCPL data. This positive sentiment propelled the benchmark index to an impressive increase of 1,348 points, they added. Trading activity remained robust on Wednesday, with a total of 710.59 million shares changing hands, higher than the 578.16 million shares traded on Tuesday. The total traded value also saw an increase, rising to Rs 35.22 billion from Rs 26.83 billion in the previous session. The overall market capitalization expanded by Rs 156 billion, closing at Rs 14.75 trillion compared to Rs 14.59 trillion a day earlier. Out of 475 actively traded companies, 264 recorded gains, 170 posted losses, and 41 remained unchanged. The key drivers of the rally included heavyweight stocks such as NBP, BAHL, SYS, LUCK, and MCB, which collectively contributed 586 points to the KSE-100 index's upward trajectory. Among the most actively traded companies on Wednesday, Sui Southern Gas led the market with 51.63 million shares changing hands, closing at Rs 38.42. It was followed by Fauji Foods Ltd, with a trading volume of 51.38 million shares, ending the day at Rs 16.75. K-Electric Ltd secured the third spot, with 41.40 million shares traded, closing at Rs 5.41. On Wednesday, Supernet Technologies Limited recorded the highest gains increase by Rs 79.11 and closed at a high of Rs 870.21 followed by Pakistan Engineering Company Limited whose share price value closed at Rs 819.30, up by Rs 74.48. On Wednesday, PIA Holding Company Limited and Khyber Textile Mills Limited faced notable losses with share values decreased by Rs 3,554.32 and Rs 337.68 respectively to close at Rs 31,988.87 and Rs 3,039.08. Meanwhile, BR Automobile Assembler Index closed at 21,084.65 points with a net negative change of 121.61 points or 0.57 percent with the total turnover remaining 5.872 million shares. BR Cement Index gained 67.27 points or 0.66 percent to settle at 10,314.29 points with a total turnover of 41.42 million. BR Commercial Banks Index closed at 36,471.66 points up by 776.68 points or 2.18 percent with a total turnover of 133.549 million shares. Meanwhile, BR Power Generation and Distribution Index ended at 21,163.66 points with a net positive change of 316.15 points or 1.52 percent with total turnover of 49.963 million shares. BR Oil & Gas Index closed at 11,611.02 points with a net positive change of 121.84 points or 1.06 percent on 84.304 million shares turnover. While BR Technology & Communication Index finished at 2,968.64 points marking a positive change of 47.44 points or 1.62 percent, with total turnover of 49.919 million shares. Ahsan Mehnati of Arif Habib Corporation said that the market rally was driven by investor optimism as they weighed government efforts to abolish further sales taxes, provide relief on provincial power tariffs, and positive signals from the Prime Minister regarding successful talks with the IMF on the upcoming budget. 'A 10 percent year-on-year increase in petroleum product sales during May, rising cement exports, and the Asian Development Bank's (ADB) approval of an $800 million financing package, aimed at supporting rupee stability, also acted as key catalysts behind the market's record-breaking bullish close,' he added. Copyright Business Recorder, 2025
