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PSX rally fizzles out as investors take profit
PSX rally fizzles out as investors take profit

Express Tribune

time14 hours ago

  • Business
  • Express Tribune

PSX rally fizzles out as investors take profit

Listen to article The record-eclipsing rally at the Pakistan Stock Exchange (PSX) fizzled out on Tuesday as investors took a breather and booked profits in a large number of equities at higher valuations. The benchmark KSE-100 index shed 562.67 points, or 0.41%, and settled at 135,939.87 at the close of trading. Earlier at the start of the session, the market shot up rapidly and after continued fluctuations touched the day's peak at 137,748 before midday. Afterwards, the index began descending gradually, reaching its intra-day low at 135,826 towards the close of trading. Topline Securities, in its report, said that the local bourse kicked off trading on a high note, continuing the previous day's upward momentum as banking heavyweights led the charge. "Optimism fueled early gains, propelling the benchmark index to the intra-day high of 1,245 points," it said. However, the rally ran out of steam in the latter half as investors shifted gears to book profits, prompting a wave of selling across the board. The index saw a wide swing, hitting the low of 676 points before closing at 135,940, down 563 points, or 0.41%. "The session mirrored a classic tug of war between bullish enthusiasm and prudent gain-taking," Topline remarked. On the leaders' board, UBL, Fauji Fertiliser Company (FFC), ABL, Pakistan Services and Engro Holdings stood out as top performers, collectively adding 564 points to the index. Meanwhile, pressure from Meezan Bank, Pakistan Petroleum Limited (PPL), Hubco and OGDCL trimmed gains, dragging the index down by 350 points. Investor participation remained vibrant, with volumes standing at 879 million shares and traded value reaching Rs38.6 billion. The Bank of Punjab led the volumes chart as it recorded trading in 61.3 million shares – a testament to the market's underlying liquidity and momentum, it added. According to Arif Habib Limited (AHL), the PSX saw some retreat from Monday's aggressive move higher with the day's low at 135.8k. On the KSE-100, 27 shares rose while 72 fell, with UBL (+2.7%), FFC (+0.73%) and ABL (+10%) contributing the most to index gains. On the contrary, Meezan Bank (-2.62%), PPL (-1.95%) and Hubco (-1.49%) were the biggest drags, it said. In a positive report, AHL pointed out that the finance ministry had stated that they were close to finalising a trade deal for preferential tariff access with the US. "For Wednesday's session, we are anticipating demand to be found in the first offered support zone between 135k and 135.8k," it concluded. AHL Deputy Head of Trading Ali Najib remarked that the PSX witnessed a day of consolidation, where the KSE-100 index oscillated in both directions before closing at 135,940, down 563 points. The index hit intra-day high of 137,748 (+1,245 points) and intra-day low of 135,826 (-676 points). He said that early gains driven by Monday's bullish momentum were short-lived as profit-taking at the day's peak reversed the trajectory, pulling the index into negative territory by the session's close. "Initial support remains at 135k, backed by strong corporate earnings and foreign inflows. If breached, 132k is the next key level, where valuation comfort and expected monetary easing may help stabilise sentiment and revive buying interest," Najib added. Overall, shares of 478 companies were traded. Of these, 110 stocks closed higher, 345 dropped and 23 remained unchanged. Among volume leaders, The Bank of Punjab registered trading in 61.3 million shares, inching up four paisa to Rs13.13. It was followed by K-Electric, which saw trading in 56.7 million shares, losing six paisa to Rs5.27 and Trust Modaraba, which recorded trading in 44.6 million shares, surging one rupee to Rs7.72. Foreign investors were sellers of shares worth a net Rs576.2 million, the National Clearing Company reported.

Winnipeg Jets sign defenceman Tyrel Bauer to 1-year deal
Winnipeg Jets sign defenceman Tyrel Bauer to 1-year deal

Global News

time17 hours ago

  • Sport
  • Global News

Winnipeg Jets sign defenceman Tyrel Bauer to 1-year deal

For the second straight day, the Winnipeg Jets got a deal done with one of their restricted free agents. Just 24 hours after the Jets re-signed Morgan Barron, they turned their attention to their top farm club. The Jets signed defenceman Tyrel Bauer to a one-year, two-way contract. It will pay him $775,000 if he's in the NHL, but Bauer will likely end up back with the AHL's Manitoba Moose next season. He earned $850,000 per season on his previous three-year entry-level contract. The 23-year-old appeared in 59 AHL games with the Moose last season and tallied a pair of assists with 105 penalty minutes. The Alberta product was the Moose winner of their AHL Specialty Man of the Year award for his work in the community. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Bauer's played the last three seasons in the organization after being selected in the sixth round of the 2020 NHL Draft, but has yet to play his first NHL game. Story continues below advertisement The Moose also took care of some off-ice business with the signings of four players to one-year AHL contracts. Forward Kevin Conley and defenceman Graham Sward are back with the Moose after seeing action last season, while they've also brought in newcomers Chase Yoder and Ethan Frisch. Conley, 28, scored three goals with three assists in 34 games in his first season in antlers. Sward, 21, is a former member of the WHL's Winnipeg Ice and only appeared in two games with the Moose in his first season as a professional. The 23-year-old Yoder is turning pro after playing the last five seasons for Providence College where the forward was their team captain his final two years. Frisch has played 125 career AHL games with the San Jose Barracuda over the past three seasons after attending the University of North Dakota. Parker Ford is the Jets last minor league player in need of a new contract, while Gabriel Vilardi and Dylan Samberg are also still restricted free agents.

The Arty Party is over — and Canucks fans aren't taking the trade well
The Arty Party is over — and Canucks fans aren't taking the trade well

Edmonton Journal

time3 days ago

  • Sport
  • Edmonton Journal

The Arty Party is over — and Canucks fans aren't taking the trade well

Article content Meanwhile, media around the hockey world are praising the move for the Penguins. Article content 'The Penguins … have a need at the position. They have a few promising young goalies in their system, but guys that probably should spend more time in the AHL. That includes Joel Blomqvist, who played some at the NHL level this year … (Silovs) showed during the Calder Cup Playoffs that it's time to give him some more NHL net time. Article content 'If Silovs hits and can be a starter for the Penguins in the near future, this might solve one of their most immediate needs at the NHL level. (Tristan) Jarry's days as a reliable No. 1 appear to be dwindling. Adding a young, athletic and fairly accomplished young goalie is probably one of the more intriguing moves the Pens have made all summer.' Article content Arturs Silovs has been traded from the Vancouver Canucks to the Pittsburgh Penguins in exchange for Chase Stillman & 4th round draft pick '27. Low risk-high reward opportunity for Pittsburgh. I like this deal from Penguins' perspective. — Rono (@RonoAnalyst) July 13, 2025 Article content Article content Article content Over at analyst Dan Kingerski writes: Article content 'This is an A+ trade for (Kyle) Dubas and the Penguins. They've risked nothing and may get an NHL goalie. (Chase) Stillman was a 2021 first-round pick by New Jersey, but has done little to force his way to the NHL. He's an AHL depth player and the other asset given up was merely a fourth-round pick amongst the treasure trove of draft picks over the next three years. Article content 'Silovs is young enough to keep improving upon his subpar regular-season performances. He's just a year older than Blomqvist, who also struggled mightily in NHL action this season.' Article content Have to think another goalie move is coming for #Pens. NHL contracts: Tristan Jarry, Arturs Silovs, Joel Blomqvist, Flip Larsson & Sergei Murashov AHL contracts: Taylor Gauthier & Max Pavlenko Can't have Murashov in ECHL-Wheeling again in 2025-26, IMO. @InsideAHLHockey — Tony Androckitis* (@TonyAndrock) July 13, 2025 Article content Article content And predictably, the Penguins faithful are welcoming Silovs into the fold with open arms. Article content Artūrs Šilovs in my favorite team's net — PGHconcepts (@PGHconcepts) July 13, 2025

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