
PSX loses momentum as investors opt for profit-taking
The Pakistan Stock Exchange (PSX) commenced the week with lacklustre trading on Monday as the benchmark KSE-100 index lost momentum owing to profit-taking by investors ahead of expiry of July-end contracts.
After fluctuating within a narrow range throughout the day, the benchmark index recorded a decrease of 379.78 points, or 0.27%, and settled at 138,217.58 by the close of trading.
In its market review, Topline Securities commented that the KSE-100 index settled at 138,218, down 380 points. 'The market remained range bound throughout the session, fluctuating between intra-day high of 139,201 and intra-day low of 138,150, as investors engaged in profit-taking ahead of July-end contract expiry,' it said.
Pressure on the index came from Fauji Fertiliser Company, United Bank Limited, Oil and Gas Development Company, Systems Limited and Hub Power, which dragged the market down by 438 points. On the other hand, HBL, Engro Fertilisers and Pakistan Aluminium Beverage Cans provided some support, contributing 152 points, Topline added.
Arif Habib Ltd Deputy Head of Trading Ali Najib remarked that the 135,000 level served as initial support for the KSE-100 index, backed by strong corporate earnings and consistent foreign inflows. 'If this level is breached, the index may drift towards the 132,000 mark, where compelling valuations and expectations of monetary easing could help revive investor sentiment and reignite buying interest,' he said.
Overall trading volumes decreased slightly to 608.2 million shares compared with Friday's tally of 609.4 million. The value of shares traded stood at Rs23.5 billion.
Shares of 479 companies were traded. Of these, 193 stocks closed higher, 245 decreased and 41 remained unchanged. First Prudential Modaraba topped the volumes chart with trading in 58.7 million shares, up 48 paisa to close at Rs4.98 per share.

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Express Tribune
5 hours ago
- Express Tribune
PSX rises modestly but couldn't hold 140k level
The Pakistan Stock Exchange (PSX) closed modestly higher on Monday as the benchmark KSE-100 index rose 173 points to close at 139,380. Investor sentiment was buoyed by optimism ahead of the State Bank of Pakistan's (SBP) monetary policy announcement and the credit rating upgrade, bringing Pakistan's rating to 'B-' with a stable outlook. Despite briefly crossing 140,000 during early trade, led by cement, technology and fertiliser stocks, profit-taking in banking-sector blue chips pulled the index below the threshold by the close of the session. According to Ahsan Mehanti of Arif Habib Corp, stocks closed higher amid speculation ahead of the SBP policy announcement on July 30. Pakistan's sovereign bonds surged after S&P Global lifted its credit rating to 'B-'. Additionally, a strong earnings outlook and surging global crude oil prices drove the positive close at the PSX, Mehanti said. At the end of trading, the benchmark KSE-100 index recorded an increase of 172.77 points, or 0.12%, and settled at 139,380.06. In its review, Topline Securities noted that the market remained range bound throughout the session, fluctuating between the intra-day high of 140,149 and intra-day low of 139,196. The banking sector faced pressure amid expectations of policy rate cut, while the cement sector saw positive momentum following approval of a housing finance subsidy scheme by the Economic Coordination Committee, it said. Top contributors to the index included Lucky Cement, Systems Limited, Pakistan State Oil, Fatima Fertiliser and Sazgar Engineering Works, which collectively added 379 points. On the other hand, UBL, Meezan Bank and Bank Alfalah were the major laggards, dragging the index down by 261 points, Topline added. Arif Habib Limited (AHL) Deputy Head of Trading Ali Najib remarked that the PSX again attempted to pass the 140,000 mark but in vain as the KSE-100 index ended the day at 139,380 points. He pointed out that the session resumed on a buoyant note and the index touched intra-day high of 140,149 (up 942 points) in early hours. However, the buying spree proved short-lived as the market succumbed to selling headwinds and ultimately lost the 140,000 level to profit-taking. Over the weekend, Foreign Minister Ishaq Dar stated that Pakistan and the US were "very close" to finalising a trade deal, possibly within days. However, the US side, following Dar's meeting with Secretary of State Marco Rubio, did not confirm any timeline. If the deal is finalised, it could boost exports, attract investment and improve market sentiment. It may also strengthen the rupee, though delay could dampen immediate economic impact, Najib said. The stars of the day were Lucky Cement, Systems Limited, Fatima Fertiliser, Pakistan State Oil and Sazgar Engineering Works, which added 379 points. On the other hand, the index lost 384 points due to some selling in banking sector blue-chip stocks, namely UBL, Meezan Bank, Bank Alfalah, HBL and MCB Bank. "This selling can be attributed to street expectations of a 50-basis-point cut in the upcoming monetary policy meeting," the analyst said. "The outlook is still intact as 137,000 will continue to act as strong support for the KSE-100. If breached, the index may be pushed towards 135k, where attractive valuations and anticipated monetary easing can trigger renewed buying interest," Najib commented. JS Global analyst Mohammad Waqar Iqbal said that the benchmark index ended the day largely flat despite a strong start as it gave up early gains. Market sentiment was influenced by the ongoing corporate earnings season and anticipation surrounding the upcoming monetary policy announcement, he said. Overall trading volumes decreased to 589.3 million shares compared with Friday's tally of 634.8 million. Traded value increased to Rs34.6 billion as compared to Rs24.6 billion in the previous session. Overall, shares of 483 companies were traded. Of these, 251 stocks closed higher, 205 dropped and 27 remained unchanged. Aisha Steel Mills was the volume leader with trading in 51.8 million shares, gaining Rs0.42 to close at Rs12.76. It was followed by Agha Steel Industries with 46.6 million shares, rising Rs0.94 to close at Rs9.92 and The Bank of Punjab with 23.8 million shares, falling Rs0.11 to close at Rs13.49. Foreign investors sold shares worth Rs750.6 million, the National Clearing Company reported.


Business Recorder
11 hours ago
- Business Recorder
KSE-100 closes marginally higher as selling trims intra-day gains
The Pakistan Stock Exchange (PSX) witnessed mixed trading on Monday, as its benchmark KSE-100 closed marginally higher after briefly crossing 140,000 mark. The KSE-100 started the session positive, hitting an intra-day high of 140,149.23, followed by selling that led to the index to an intra-day low of 139,195.85. At close, the benchmark index settled at 139,380.06, marginally up by 172.77 points or 0.12%. 'The banking sector faced pressure amid expectations of a policy rate cut, while the cement sector saw positive momentum following the approval of the Housing Finance Subsidy Scheme by the Economic Coordination Committee (ECC),' brokerage house Topline Securities said in its post-market report. Top contributors to the index included LUCK, SYS, PSO, FATIMA, and SAZEW, collectively adding 379 points. On the other hand, UBL, MEBL, and BAFL were the major laggards, collectively dragging the index down by 261 points, Topline said. During the previous week, the market remained range-bound yet closed the week on a positive note, as investors weighed macroeconomic signals, anticipated monetary easing, and corporate earnings. The KSE-100 Index added 610 points, or 0.44% week-on-week (WoW), to settle at 139,207 points. Internationally, global stocks rose and the euro firmed on Monday after a trade agreement between the United States and the EU lifted sentiment and provided some clarity in a week of key policy meetings by the Federal Reserve and the Bank of Japan. The US struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods, half the threatened rate, a week after agreeing to a trade deal with Japan that lowered proposed tariffs on auto imports. Countries are scrambling to finalise trade deals ahead of an August 1 deadline set by US President Donald Trump, with talks between the US and China set for Monday in Stockholm amid expectations of another 90-day extension to the truce between the world's top two economies. S&P 500 futures rose 0.4% and the Nasdaq futures gained 0.5% while the euro firmed across the board, rising against the dollar, sterling and yen. European futures surged nearly 1%. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.27%, just shy of the almost four-year high it touched last week. Japan's Nikkei fell 0.8% after hitting a one-year high last week. While the baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal, it is better than the threatened 30% rate. Meanwhile, the Pakistani rupee strengthened against the US dollar, appreciating 0.08% during trading in the inter-bank market on Monday. At close, the currency settled at 283.21, a gain of Re0.24. Volume on the all-share index decreased to 589.31 million from 634.81 million recorded in the previous close. The value of shares increased to Rs34.56 billion from Rs24.61 billion in the previous session. Aisha Steel Mill was the volume leader with 51.82 million shares, followed by Agha Steel Ind. with 46.62 million shares, and with 23.77 million shares. Shares of 483 companies were traded on Monday, of which 251 registered an increase, 205 recorded a fall, while 27 remained unchanged.


Express Tribune
13 hours ago
- Express Tribune
PSX ends modestly higher but couldn't hold 140k level
Listen to article The Pakistan Stock Exchange (PSX) closed modestly higher on Monday as the benchmark KSE-100 index rose 172.77 points, or 0.12%, to close at 139,380.06. Despite briefly crossing the 140,000 mark during early trade, profit-taking in banking-sector blue chips pulled the index below the threshold by the close of the session. Arif Habib Limited Deputy Head of Trading Ali Najib remarked that the PSX again attempted to pass the 140,000 mark but in vain as the KSE-100 index ended the day at 139,380 points. He pointed out that the session resumed on a buoyant note and the index touched intra-day high at 140,149 (up 942 points, or 0.68%) in early hours. However, the buying spree proved short-lived as the market succumbed to selling headwinds and ultimately lost the 140,000 level to profit-taking. Over the weekend, Foreign Minister Ishaq Dar stated that Pakistan and the US were 'very close' to finalising a trade deal, possibly within days. However, the US side, following Dar's meeting with Secretary of State Marco Rubio, did not confirm any timeline. If the deal is finalised, it could boost exports, attract investment and improve market sentiment. It may also likely strengthen the rupee and investor confidence, though delays could dampen immediate economic impact and optimism, Najib said. The stars of the day were Lucky Cement, Systems Limited, Fatima Fertiliser, Pakistan State Oil and Sazgar Engineering Works, which added 379 points. On the other hand, the index lost 384 points due to some selling in banking sector blue-chip stocks, namely UBL, Meezan Bank, Bank Alfalah, HBL and MCB Bank. 'This selling can be attributed to street expectations of a 50-basis-point cut in the upcoming monetary policy meeting, scheduled for July 30, the analyst said. 'The outlook is still intact as 137,000 will continue to act as strong support for the KSE-100. If breached, the index may be pushed towards 135k, where attractive valuations and anticipated monetary easing can trigger renewed buying interest,' Najib commented. Overall trading volumes decreased to 589.3 million shares compared with Friday's tally of 634.8 million. Traded value increased to Rs34.6 billion as compared to Rs24.6 billion in the previous session. Overall, shares of 483 companies were traded. Of these, 251 stocks closed higher, 205 dropped and 27 remained unchanged. Aisha Steel Mills was the volume leading with trading in 51.8 million shares, gaining 42 paisa to close at Rs12.76.