Youm-e-Takbeer: PSX to remain closed on May 28
'All concerned are hereby informed that Pakistan Stock Exchange Limited will remain closed on Wednesday, May 28, 2025 being public holiday declared by the Government of Pakistan on the occasion of Youm-e-Takbeer,' a statement by PSX said.
With five successful nuclear tests on May 28, 1998, in the hills of Chagai, Balochistan, Pakistan became the seventh nuclear-armed country in the world and the first in the Islamic world, reinforcing its writ in the region and restoring the balance of power.
Youm-e-Takbeer is considered a red-letter day in Pakistan's history which ensured invincible defence capabilities and regional stability through power equilibrium.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
PSX records gains as KSE-100 crosses 148,000
Market sentiments remained positive at the Pakistan Stock Exchange (PSX) as investors reacted positively to a sovereign credit rating upgrade and a steady stream of robust corporate earnings, with the benchmark KSE-100 Index gaining over 1,500 points during the intra-day trading on Monday. At 3:10pm, the benchmark index was hovering at 148,003.52, a gain of 1,511.89 points or 1.03%. Buying was observed in key sectors including cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, SNGPL, SSGC, MARI, OGDC, PPL, POL, MEBL and UBL traded in the green. 'Strong corporate results, expectation of lower interest rates is driving the market,' Samiullah Tariq, Head of Research at Pak Kuwait Investment Company Limited, told Business Recorder. Meanwhile, analysts noted that liquidity conditions in the market appeared strong as funds went on a buying spree, shifting allocations from fixed income and money market instruments into equities. Investor sentiments also remained positive, buoyed by Moody's upgrade of Pakistan's sovereign rating and a wave of strong corporate earnings that kept sentiment upbeat. Moody's raised Pakistan's credit rating one notch to Caa1 from Caa2, shifting the outlook to stable. The decision, based on improving external buffers, fiscal consolidation, and progress under the IMF program, has provided a powerful boost to market morale. During the previous week, the PSX climbed to an all-time intraday high of 147,534 points before closing at 146,492 points, up 1,109 points or 0.8% on a week-on-week basis. Internationally, share markets edged higher in Asia on Monday ahead of what is likely to be an eventful week for US interest rate policy, while oil prices slipped as risks to Russian supplies seemed to fade a little. A general risk-on mood saw indices in Japan and Taiwan make record peaks, while Chinese blue chips reached their highest in 10 months. US President Donald Trump now seemed more aligned with Moscow on seeking a peace deal with Ukraine instead of a ceasefire first, after meeting Russian President Vladimir Putin in Alaska on Friday. Trump will meet Ukrainian President Volodymyr Zelenskiy and European leaders later on Monday to discuss the next steps, though actual proposals are vague as yet. The major economic event of the week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. Markets imply around an 85% chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further easing by December. The prospect of lower borrowing costs globally has underpinned stock markets, and Japan's Nikkei firmed 0.9% to a fresh record high. MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction lower, having hit a four-year top last week. Chinese blue chips added 1.0%, bringing gains so far this quarter to almost 8%. EUROSTOXX 50 futures and FTSE futures rose 0.2%, while DAX futures firmed 0.1%. This is an intra-day update
Business Recorder
2 hours ago
- Business Recorder
PSX records gains as KSE-100 gains over 1,000 points
Market sentiments remained positive at the Pakistan Stock Exchange (PSX) as investors reacted positively to a sovereign credit rating upgrade and a steady stream of robust corporate earnings, with the benchmark KSE-100 Index gaining over 1,000 points during the intra-day trading on Monday. At 2:15pm, the benchmark index was hovering at 147,532.18, a gain of 1,040.55 points or 0.71%. Buying was observed in key sectors including cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, SNGPL, SSGC, MARI, OGDC, PPL, POL, MEBL and UBL traded in the green. 'Strong corporate results, expectation of lower interest rates is driving the market,' Samiullah Tariq, Head of Research at Pak Kuwait Investment Company Limited, told Business Recorder. Meanwhile, analysts noted that liquidity conditions in the market appeared strong as funds went on a buying spree, shifting allocations from fixed income and money market instruments into equities. Investor sentiments also remained positive, buoyed by Moody's upgrade of Pakistan's sovereign rating and a wave of strong corporate earnings that kept sentiment upbeat. Moody's raised Pakistan's credit rating one notch to Caa1 from Caa2, shifting the outlook to stable. The decision, based on improving external buffers, fiscal consolidation, and progress under the IMF program, has provided a powerful boost to market morale. During the previous week, the PSX climbed to an all-time intraday high of 147,534 points before closing at 146,492 points, up 1,109 points or 0.8% on a week-on-week basis. Internationally, share markets edged higher in Asia on Monday ahead of what is likely to be an eventful week for US interest rate policy, while oil prices slipped as risks to Russian supplies seemed to fade a little. A general risk-on mood saw indices in Japan and Taiwan make record peaks, while Chinese blue chips reached their highest in 10 months. US President Donald Trump now seemed more aligned with Moscow on seeking a peace deal with Ukraine instead of a ceasefire first, after meeting Russian President Vladimir Putin in Alaska on Friday. Trump will meet Ukrainian President Volodymyr Zelenskiy and European leaders later on Monday to discuss the next steps, though actual proposals are vague as yet. The major economic event of the week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. Markets imply around an 85% chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further easing by December. The prospect of lower borrowing costs globally has underpinned stock markets, and Japan's Nikkei firmed 0.9% to a fresh record high. MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction lower, having hit a four-year top last week. Chinese blue chips added 1.0%, bringing gains so far this quarter to almost 8%. EUROSTOXX 50 futures and FTSE futures rose 0.2%, while DAX futures firmed 0.1%. This is an intra-day update
Business Recorder
2 hours ago
- Business Recorder
PSX records gains as KSE-100 crosses 147,000
Market sentiments remained positive at the Pakistan Stock Exchange (PSX) as investors reacted positively to a sovereign credit rating upgrade and a steady stream of robust corporate earnings, with the benchmark KSE-100 Index gaining over 600 points during the intra-day trading on Monday. At 1:40pm, the benchmark index was hovering at 147,146.15, a gain of 654.52 points or 0.45%. Buying was observed in key sectors including cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, SNGPL, SSGC, MARI, OGDC, PPL, POL, MEBL and UBL traded in the green. Investor sentiments remained positive, buoyed by Moody's upgrade of Pakistan's sovereign rating and a wave of strong corporate earnings that kept sentiment upbeat. Moody's raised Pakistan's credit rating one notch to Caa1 from Caa2, shifting the outlook to stable. The decision, based on improving external buffers, fiscal consolidation, and progress under the IMF program, has provided a powerful boost to market morale. During the previous week, the PSX climbed to an all-time intraday high of 147,534 points before closing at 146,492 points, up 1,109 points or 0.8% on a week-on-week basis. Internationally, share markets edged higher in Asia on Monday ahead of what is likely to be an eventful week for US interest rate policy, while oil prices slipped as risks to Russian supplies seemed to fade a little. A general risk-on mood saw indices in Japan and Taiwan make record peaks, while Chinese blue chips reached their highest in 10 months. US President Donald Trump now seemed more aligned with Moscow on seeking a peace deal with Ukraine instead of a ceasefire first, after meeting Russian President Vladimir Putin in Alaska on Friday. Trump will meet Ukrainian President Volodymyr Zelenskiy and European leaders later on Monday to discuss the next steps, though actual proposals are vague as yet. The major economic event of the week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. Markets imply around an 85% chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further easing by December. The prospect of lower borrowing costs globally has underpinned stock markets, and Japan's Nikkei firmed 0.9% to a fresh record high. MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction lower, having hit a four-year top last week. Chinese blue chips added 1.0%, bringing gains so far this quarter to almost 8%. EUROSTOXX 50 futures and FTSE futures rose 0.2%, while DAX futures firmed 0.1%. This is an intra-day update
