Latest news with #assemblers
Business Recorder
18 hours ago
- Business
- Business Recorder
PSX starts FY26 on a positive note, KSE-100 crosses 127,000 level
The Pakistan Stock Exchange (PSX) entered the fiscal year 2025-26 on a bullish note, with the benchmark KSE-100 Index gaining over 1,700 points during the opening minutes of trading on Tuesday. At 10:05am, the benchmark index was hovering at 127,348.72level, an increase of 1,721.41 points or 1.37%. Buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies and power generation. Index-heavy stocks, including HUBCO, MARI, PRL, POL, MCB, MEBL and NBP traded in the green. On Monday, the PSX concluded the last day of fiscal year 2024-25 on a powerful note, fueled by strong fiscal year-end flows, active institutional participation and a significant external financing development that improved investor sentiment. By the close of the session, the benchmark KSE-100 Index had surged by 1,248.25 points, or one percent, settling at a record 125,627.31 points, soaring to an all-time closing. Globally, Asian shares crept higher and the dollar languished near multi-year lows on Tuesday as markets awaited a vote over US President Donald Trump's landmark tax and spending legislation. Global shares reached an intraday record on Monday on trade optimism, but a marathon debate in the Senate over a bill estimated to add $3.3 trillion to the United States' debt pile weighed on sentiment. Japan's Nikkei gauge of shares sank as much as 1.1% as the yen climbed. Oil fell for a second consecutive session, and gold advanced. A vote on Trump's sweeping tax-cut and spending bill had been expected during the Asian trading day on Tuesday, but debate raged on over a long series of amendments by Republicans and the minority Democrats. Trump wants the bill passed before the July 4 Independence Day holiday. As global trade negotiators scramble to get deals done before Trump's tariff deadlines, investors are also anticipating key U.S. labour market data on Thursday. Payrolls data later in the week 'does have a significant bearing, I think, on sentiment towards the potential timing of Fed rate cuts,' he added in a podcast. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%, led by South Korea's Kospi gauge, which rose 1.8%. This is an intra-day update
Business Recorder
2 days ago
- Business
- Business Recorder
KSE-100 soars past 125,000 as bullish momentum continues
Bullish momentum continued at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 crossed 125,000 level amid a gain of over 800 points during the opening hours of trading on Monday. At 9:45am, the benchmark index was hovering at 125,191.97 level, an increase of 812.91 points or 0.65%. Buying was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including ARL, HUBCO, MARI, OGDC, PPL, POL, PSO and SSGC traded in the green. During the previous week, the PSX witnessed a stellar performance as the benchmark KSE-100 Index jumped by 4,355 points, or 3.6%, on a week-on-week (WoW) basis to close at an 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. 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%. This is an intra-day update
Business Recorder
18-06-2025
- Business
- Business Recorder
Selling pressure at bourse, KSE-100 sheds over 1,000 points
Bearish sentiments prevailed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index losing over 1,000 points during the intra-day trading on Wednesday. At 12pm, the benchmark index was hovering at 120,952.18, a decrease of 1,018.86 points or 0.84%. Selling pressure was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, PSO, MARI, OGDC, POL, PPL, MCB, MEBL and NBP traded in the red. The PSX experienced a bearish close on Tuesday, as key benchmark indices retreated following a session primarily marked by declining scrips. The benchmark KSE-100 Index shed 254.32 points, representing a 0.21 percent dip, to settle at 121,971.04 points. Internationally, concerns over escalating hostilities in the Middle East stayed front and centre in markets on Wednesday, sending oil prices higher and investors rushing for the safety of US Treasuries and the dollar while dumping stocks. Investors have grown increasingly nervous over the possibility of a more direct US military involvement as the Israel-Iran air war entered a sixth day, with President Donald Trump calling for Iran's unconditional surrender and warning US patience was wearing thin. Oil prices extended their climb on Wednesday, with Brent crude futures up 0.33% to $76.70 per barrel while US crude rose 0.45% to $75.18 a barrel. Both had jumped more than 4% in the previous session. The broad risk-off moves across markets also continued to gather pace. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.26%, as did EUROSTOXX 50 futures, which declined 0.4%. US stock futures were little changed after the cash session on Wall Street ended in the red overnight. In currencies, the dollar firmed at a one-week high of 145.445 yen and held most of its gains against other peers. The euro struggled to recover from its 0.7% fall on Tuesday, and last bought $1.1487. This is an intra-day update
Business Recorder
18-06-2025
- Business
- Business Recorder
Selling pressure at bourse, KSE-100 sheds over 450 points
Bearish sentiments prevailed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index losing over 450 points during the opening hours of trading on Wednesday. At 11:20am, the benchmark index was hovering at 121,512.84, a decrease of 458.20 points or 0.38%. Selling pressure was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, PSO, MARI, OGDC, POL, PPL, MCB, MEBL and NBP traded in the red. The PSX experienced a bearish close on Tuesday, as key benchmark indices retreated following a session primarily marked by declining scrips. The benchmark KSE-100 Index shed 254.32 points, representing a 0.21 percent dip, to settle at 121,971.04 points. Internationally, concerns over escalating hostilities in the Middle East stayed front and centre in markets on Wednesday, sending oil prices higher and investors rushing for the safety of US Treasuries and the dollar while dumping stocks. Investors have grown increasingly nervous over the possibility of a more direct US military involvement as the Israel-Iran air war entered a sixth day, with President Donald Trump calling for Iran's unconditional surrender and warning US patience was wearing thin. Oil prices extended their climb on Wednesday, with Brent crude futures up 0.33% to $76.70 per barrel while US crude rose 0.45% to $75.18 a barrel. Both had jumped more than 4% in the previous session. The broad risk-off moves across markets also continued to gather pace. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.26%, as did EUROSTOXX 50 futures, which declined 0.4%. US stock futures were little changed after the cash session on Wall Street ended in the red overnight. In currencies, the dollar firmed at a one-week high of 145.445 yen and held most of its gains against other peers. The euro struggled to recover from its 0.7% fall on Tuesday, and last bought $1.1487. This is an intra-day update
Business Recorder
18-06-2025
- Business
- Business Recorder
Selling pressure at bourse, KSE-100 sheds over 400 points
Bearish sentiments prevailed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index losing over 400 points during the opening hours of trading on Wednesday. At 9:45am, the benchmark index was hovering at 121,561.23, a decrease of 409.81 points or 0.34%. Selling pressure was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, PSO, MARI, OGDC, POL, PPL, MCB, MEBL and NBP traded in the red. The PSX experienced a bearish close on Tuesday, as key benchmark indices retreated following a session primarily marked by declining scrips. The benchmark KSE-100 Index shed 254.32 points, representing a 0.21 percent dip, to settle at 121,971.04 points. Internationally, concerns over escalating hostilities in the Middle East stayed front and centre in markets on Wednesday, sending oil prices higher and investors rushing for the safety of US Treasuries and the dollar while dumping stocks. Investors have grown increasingly nervous over the possibility of a more direct US military involvement as the Israel-Iran air war entered a sixth day, with President Donald Trump calling for Iran's unconditional surrender and warning US patience was wearing thin. Oil prices extended their climb on Wednesday, with Brent crude futures up 0.33% to $76.70 per barrel while US crude rose 0.45% to $75.18 a barrel. Both had jumped more than 4% in the previous session. The broad risk-off moves across markets also continued to gather pace. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.26%, as did EUROSTOXX 50 futures, which declined 0.4%. US stock futures were little changed after the cash session on Wall Street ended in the red overnight. In currencies, the dollar firmed at a one-week high of 145.445 yen and held most of its gains against other peers. The euro struggled to recover from its 0.7% fall on Tuesday, and last bought $1.1487. This is an intra-day update
