
PSX opens on a positive note, gains over 500 points
At 9:40am, the benchmark KSE-100 was hovering at 138,763.05 level, an increase of 545.47 points or 0.39%.
Buying was observed in key sectors including commercial banks, cement, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including MARI, OGDC, PPL, POL, PSO, SNGPL, HUBCO, MCB and MEBL traded in the green.
On Monday, PSX opened the new week on a volatile note. The downturn was largely attributed to investor profit-taking ahead of July's end and cautious sentiment following a record-breaking run.
The benchmark KSE-100 Index declined by 379.78 points, or 0.27%, to close at 138,217.58 points.
Internationally, Asian share markets held their ground near a four-year peak on Tuesday, buoyed by Wall Street's closing record high ahead of a slate of corporate earnings. At the same time, investors took stock of tariff negotiations between the US and its trading partners.
Japanese shares briefly jumped at the open before trading modestly higher, while bonds had a muted reaction as the election results were largely priced in and were not as bad as investors had feared. The yen rallied 1% on Monday, recouping some of the losses from past weeks and was last little changed at 147.46 per dollar on Tuesday.
MSCI's broadest index of Asia-Pacific shares outside Japan hit its highest level since October 2021 in early Asian hours but was last little changed. The index is up nearly 16% this year.
Overnight, the S&P 500 and the Nasdaq notched record-high closes on Monday, lifted by Alphabet and other megacaps ahead of a burst of earnings reports this week.
Investor focus has been on tariff negotiations ahead of the August 1 deadline with the European Union exploring a broader set of possible countermeasures against the United States a
This is an intra-day update
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Express Tribune
4 minutes ago
- Express Tribune
Trump's belligerence drives a major shift in Indo-Pacific
The author writes on geopolitical issues and regional conflicts. He can be reached at Listen to article Donald Trump's implacable belligerence has tutored traditional American allies to quickly adjust to new geopolitical realities or truckle to his ceaseless demands. An increased sense of urgency across Europe and the Indo-Pacific implies that they have decided to take up the gauntlet of diversifying their partnerships. In a rare show of displeasure at the US president's stubborn arrogance, Australian Prime Minister Anthony Albanese during his China visit sought to stabilise relations and manage differences to "contribute" to regional peace and prosperity, holding a "constructive" meeting with Chinese President Xi Jinping to underscore Beijing's importance for "our economy, our security and the stability of our region". Beijing is Canberra's largest trading partner with almost a third of Australia's exports destined for China and bilateral trade hitting 312 billion Australian dollars in 2024. The two economies are highly complementary, meaning China has a huge demand for Australian goods and services. This symbiotic bond, unlike the Australia-US parasitistic trade ties, provides a sound footing to tap the opportunity and strengthen the extensive relationship. China's investments contribute to infrastructure development, productivity and job creation in Australia; and its development, opening-up and rising middle class unleash new vistas for Australian exporters. As members of Asia-Pacific Economic Forum and Regional Comprehensive Economic Partnership, both countries also have shared interests in safeguarding regional stability and prosperity. In the face of rising protectionism and unprecedented volatility in global trade due to Trump's unilateral tariffs, a stable and strengthened Australia-China relationship would ensure the Australian economy to withstand and navigate strenuous trials and continue to make a positive impact on domestic workers, employers and industries. The strengthening of the Beijing-Canberra ties has ushered in a wave of optimism among Australian businesses with 75% of foreign firms in a poll by the Australia-China Chamber of Commerce reporting profitability in 2024. Their enthusiasm — because 70% rate China as one of their top three destinations for investment over the next three years — reinforces Beijing's appeal as a hub of innovation and industrial transformation. Canberra's intent to "do more business with China" was reflected in its Trade Minister Don Farrell's interview in which he refused to budge to US pressure, emphasising that Chinese trade was nearly 10 times more valuable to Canberra. "We'll make decisions... to engage with China based on our national interests and not on what the Americans may or may not want." Nonetheless, disparity between Albanese's and the country's defence department's approaches risks derailing Australia's newfound charm offensive against China. For instance, Canberra has been accusing Beijing of spearheading the largest and most ambitious military buildup since the Second World War. Its Defense Minister, Richard Marles, recently echoed such an assertion. Yet this assessment has long been contested by none other than Australia's own analysts and former diplomats who believe the Chinese strategy is essentially inward looking, focusing internal stability and external security. Even leading Western investigations reveal that the US, by far, outspends China in defence spending and that Beijing's military development and the record of use of force are relatively restrained. Conversely, Trump's return is spurring new challenges for the Albanese government. After the Biden administration wanted to get Canberra "off the fence" by locking it for the next 40 years through AUKUS, Trump's AUKUS-skeptic undersecretary of defense Elbridge Colby is leveraging the trilateral partnership to hard-press Australia into making pre-commitments if a US-China war breaks out on Taiwan. The Trump administration is also pressurising Australia to increase defence spending to 3.5% of the GDP. Canberra has hitherto resisted the US pressure for it would cost Australia tens of billions of dollars. For an economy that will remain in a structural deficit through 2034-35, a defence splurge would indeed imperil Albanese's social policy agenda. Trade with China has helped Australia put the cost of living on a downward trajectory. Studies show that this trade relationship has increased disposable income of Australian households by an average of 2,600 Australian dollars, supporting around 600,000 jobs. While US maintains 10% baseline tariff on Australian goods, 25% on automobiles and 50% on steel and aluminum, Beijing thanks to the China-Australia Free Trade Agreement applies an average of just 1.1%, urging Canberra to rethink before jumping on Washington's bandwagon vis-à-vis Beijing. No wonder China is seen as a more reliable trade partner than the US by Australians with a sizeable majority of them (71%) agreeing that the country's relationship with Beijing is important. This comes as Trump has upended the long-held assumption that America could be a dependable ally, stoking a belief in many Aussies whether it could even act responsibly. Establishing diplomatic relations, Beijing and Canberra in 1972 agreed to develop the relationship on the basis of the principles of mutual respect for sovereignty, mutual non-aggression, non-interference in internal affairs, equality, mutual benefit and peaceful coexistence. These fundamental tenets laid the foundation of a robust Beijing-Canberra relationship as people across the two countries lived together peacefully through decades. Should Australia chuck out its schizophrenic ambivalence, both nations can still pioneer the way for a resilient strategic partnership and a secure and thriving Indo-Pacific.


Express Tribune
17 hours ago
- Express Tribune
PSX closes week up on optimism
Listen to article The Pakistan Stock Exchange (PSX) closed the week on July 25, 2025 with a steady upward trajectory as the benchmark KSE-100 index gained 610 points, or 0.4% week-on-week (WoW), to settle at 139,207. Market sentiment remained cautiously optimistic amid corporate earnings' announcements, expectations of a 50-basis-point rate cut in the upcoming monetary policy committee (MPC) meeting and a major confidence boost following S&P Global's upgrade of Pakistan's credit rating to 'B-' with a stable outlook. On a day-on-day basis, the PSX commenced the futures rollover week on a negative note on Monday as the KSE-100 index ended at 138,218, down 380 points, or 0.27%. Investors resorted to profit-taking and also remained cautious ahead of policy rate decision. The market had a positive day on Tuesday, when the index posted a gain of 1,202 points, or 0.87%, to a new all-time high at 139,420, driven by assurances of support by the army chief to business leaders. Continuing its consolidation near 140,000, a key psychological level, the bourse closed on Wednesday at 139,254, translating into a loss of 165 points owing mainly to profit-booking. The PSX had a negative day on Thursday, where the index shed 562 points amid investor caution over futures rollover. On the last day of the week on Friday, the market gained 515 points and settled at 139,207 over enthusiasm sparked by Pakistan's rating upgrade and hopes of monetary easing. Arif Habib Limited (AHL) noted in its review that the market witnessed mixed sentiment during the outgoing week, rallying on Tuesday amid ongoing June 2025 quarterly corporate results and expectations of a potential rate cut in the upcoming MPC meeting. However, profit-taking the following day capped gains. Boosting investor sentiment further, S&P Global upgraded Pakistan's credit rating to 'B-' with a stable outlook, citing macroeconomic stabilisation and reform progress, it said. In treasury bills' auction, the State Bank raised Rs424.4 billion against the target of Rs200 billion, with yields dropping 10-39 basis points across all tenors. In June 2025, repatriated profits and dividends plunged 72.4% year-on-year (YoY) and 56.7% month-on-month (MoM) to $114.2 million; though FY25 saw a marginal 0.2% rise to $2.2 billion. In June, AHL mentioned, Pakistan's power generation rose 2.1% YoY to 13,744 gigawatt hours (GWh) from 13,459 GWh in June 2024, and increased 8% MoM. Oil and gas production fell 12% and 7% YoY, respectively, in FY25, driven by output pressures from key fields amid forced curtailments and weaker gas demand. Among other economic news, the State Bank's foreign exchange reserves fell $69 million to $14.46 billion. However, the Pakistani rupee appreciated marginally by 0.5%, closing at 283.45 against the dollar, AHL said. Sectors that contributed positively were investment banks (408 points), exploration & production (213 points), fast moving consumer goods (124 points), auto assemblers (59 points) and power (52 points). Meanwhile, sector-wise negative contributions came from miscellaneous (149 points), banks (71 points), leather (54 points), pharma (35 points) and textile composite (31 points), it added. Syed Danyal Hussain of JS Global noted that the KSE-100 index remained range bound during the week but ended on a positive note at 139,207, reflecting a 0.4% WoW gain. On the flip side, the average daily turnover dropped 17% to 635 million shares. In a major development, he said, the S&P Global upgraded Pakistan's sovereign credit rating to 'B-' from 'CCC+', triggering a rally in long-dated dollar bonds to three-year highs and improving investor confidence. Meanwhile, the government was aiming to address the Rs2.8 trillion worth of circular debt in the gas sector without burdening consumers, with multiple plans under consideration. During the week, the central bank released the advance calendar for MPC meetings scheduled for FY26 and the next meeting is set for July 30. In other developments, Pakistan secured $12.4 billion in foreign loans during FY25, up $2.6 billion from FY24. Repatriation of profits and dividends totalled $2.2 billion in FY25, remaining flat YoY. Notably, the power sector saw the largest outflow of $399 million, marking a 62% YoY increase. In the latest T-bill auction, the SBP raised Rs424 billion against the target of Rs200 billion, with yields falling 10 to 39 basis points across various tenors. Finally, the SBP's foreign reserves declined $69 million WoW to $14.45 billion, primarily due to external debt repayments.


Business Recorder
2 days ago
- Business Recorder
Economist presents research book to Japanese envoy
KARACHI: Renowned economist and academic Professor Dr. Abdul Waheed, presented his latest edition of the book 'Quantitative Research Methods: A Practical Approach' to Japan's Ambassador to Pakistan, Mr. Shoichi Akamatsu, and the Consul General of Japan in Karachi, Mr. Hattori Masaru, during a recent visit to the Japanese Consulate here. Invited on special invitation, Dr. Waheed discussed academic and research collaborations during the meeting and shared copies of his book, which offers a comprehensive guide to research methodologies and quantitative techniques. Aimed at students of BS, MPhil, and PhD levels, the book's second edition—published in 2025—features enhanced learning tools such as datasets, discussion questions, self-assessment tests, and PowerPoint slides to support research training. Professor Dr. Abdul Waheed currently serves as the Chairman of the Department of Economics at the University of Karachi. He is widely recognized for his expertise in quantitative development analysis, particularly in addressing economic challenges in South Asia. A recipient of the Japanese government scholarship, Dr. Waheed earned his PhD from Nagoya University in 2005. His doctoral and postdoctoral research in Japan focused on macroeconomic modeling and debt reduction strategies for Pakistan. Notably, he developed Pakistan's Financial Social Accounting Matrix (SAM) under a prestigious JSPS fellowship. In 2007, he was invited by the South Korean government to present this research internationally. With over three decades of academic and research experience, Dr. Abdul Waheed continues to contribute significantly to the field of economics and research education in Pakistan and beyond. Copyright Business Recorder, 2025