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Express Tribune
a day ago
- Business
- 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.
Express Tribune
4 days ago
- Business
- Express Tribune
PSX climbs 515 points on improved rating
Foreign funds would divert their liquidity into buying Pakistan's stocks. This would merely increases prices of shares and be profitable for those who already hold stocks. PHOTO: FILE Listen to article The Pakistan Stock Exchange (PSX) ended the week on a strong note on Friday, with the benchmark KSE-100 index gaining over 500 points to close slightly above 139,200. The rally came as investor sentiment was lifted by S&P Global Ratings' upgrade of Pakistan's sovereign credit rating to 'B-' with a stable outlook, reflecting improved macroeconomic stability and sustained IMF support. Expectations of a 50-basis-point rate cut in the upcoming monetary policy meeting on July 30 further fueled optimism. Broad-based buying was observed, particularly in banks, energy firms and autos, with Engro (+3.53%), UBL (+0.71%) and Lucky Cement (+1.43%) making the largest contribution to index gains. Meanwhile, HBL (-0.67%), Allied Bank (-3.93%) and MCB Bank (-0.58%) were the major drags. On a weekly basis, the KSE-100 rose 0.44% week-on-week, having tested a high of 140,200. Analysts believe the upside remains intact with a near-term target of 140,500, while support is around the 137,200-138,200 zone. Stocks closed bullish after S&P Global lifted credit rating to 'B-' amid bilateral support, IMF reforms and improved fiscal indicators, Arif Habib Corp MD Ahsan Mehanti said. Speculation about likely SBP policy easing next week amid a slide in government bond yields drove the bullish close at the PSX, he said. At the end of trading, the KSE-100 index recorded an increase of 514.62 points, or 0.37%, and closed at 139,207.29. Arif Habib Limited (AHL) commented that in the final trading session of the week, the PSX saw a mixed performance, with 54 stocks rising and 45 declining. Market sentiment was buoyed by S&P Global Ratings' upgrade of Pakistan's credit rating to 'B-', which lifted both equities and dollar bonds. The 2036 Eurobond gained 0.5 cent, trading at $86.14, with most other maturities also extending their upward momentum, it said. Looking ahead, all eyes are on the State Bank of Pakistan's monetary policy meeting scheduled for July 30, where a 50-basis-point rate cut is widely expected, which will bring policy rate to 10.5% amid declining inflation and a stable external position, AHL added. Topline Securities, in its review, wrote that the market after remaining sluggish for the last two trading sessions returned to its positive course, as the KSE-100 index closed at 139,207, up 0.37%. Top positive contribution to the index came from Engro Holdings, UBL, Lucky Cement, Meezan Bank, NBP, Atlas Honda and Systems Limited as they cumulatively contributed 541 points. Traded value-wise, Hubco (Rs1.18 billion), Engro Holdings (Rs1.17 billion), HBL (Rs734 million), The Bank of Punjab (Rs691 million), NBP (Rs564 million), UBL (Rs547 million) and DG Khan Cement (Rs533 million) dominated the trading activity. Muhammad Hasan Ather of JS Global noted that the KSE-100 closed on a positive note, gaining 515 points. Investor sentiment was buoyed by S&P Global's upgrade of Pakistan's sovereign credit rating to 'B-' with a stable outlook, reflecting improved fiscal stability and IMF support. Buying was broad-based, led by banks, energy and autos. Looking ahead, expectations of a policy rate cut in the upcoming meeting may support the rally, though global uncertainty and fiscal risks remain key watch points, Ather said. Total trading volumes reached 634.8 million shares, slightly lower than the previous session's 648.8 million. The day's traded value stood at Rs24.6 billion. Out of 479 traded companies, 211 advanced while 236 declined. Thirty-two stocks remained unchanged. The Bank of Punjab led trading volumes with 50.3 million shares, closing at Rs13.60 with a rise of Rs0.05. Fauji Foods followed with 48.9 million shares, gaining Rs0.61 to close at Rs16.29, while Aisha Steel Mills saw 35.6 million shares change hands, rising Rs1.08 to end at Rs12.34. Foreign investors sold shares worth Rs132.6 million, the National Clearing Company reported.
Express Tribune
5 days ago
- Business
- Express Tribune
Profit-taking hits PSX after strong opening
Listen to article The Pakistan Stock Exchange (PSX) once again succumbed to profit-taking on Thursday as the benchmark KSE-100 index lost early gains to close down by more than 550 points amid caution over futures rollover. The index surged to intra-day high of 139,868 shortly after the opening bell, reflecting investor interest across key sectors. However, the momentum proved short-lived as selling pressure emerged, pulling the index down by midday. Later, the index hit intra-day low at 138,614. Market participants pointed to profit-booking in heavyweight stocks ahead of corporate earnings announcements. At the end of trading, the KSE-100 index settled at 138,692.67, registering a notable loss of 561.69 points, or 0.40%. "Stocks closed bearish amid concerns over expected rupee slide on higher imports and thin remittances," Arif Habib Corp MD Ahsan Mehanti remarked. Additionally, rising inflation, trade bodies' concerns over tax enforcement powers and reports about the IMF refusing a reduction in industrial power tariff drove bearish activity at the PSX, he said. Topline Securities commented that after a strong rally in recent sessions, the local bourse took a step back as investors opted to lock in gains ahead of final days of the rollover week. The KSE-100 index witnessed a volatile session, swinging between intra-day high of 613 points and low of 561 points, before closing at 138,693, down 562 points, it said. The session was marked by a tug of war between bullish sentiment and rollover-induced caution, with market participants leaning towards profit-booking. Amid mounting rollover pressure, Topline projected, choppy movements are likely to persist and selective interest is expected to dictate near-term direction. Fauji Fertiliser, Habib Bank, Engro Holdings, Mari Petroleum and Engro Fertilisers wiped off 506 points from the index. On the flip side, Hub Power, MCB Bank and Systems Limited lent some support, adding 204 points, Topline said. KTrade Securities observed in its market wrap that stocks experienced a negative session as investors again locked in profits near recent highs. Selling pressure emerged later in the day amid caution over futures rollover and the earnings season, both of which are expected to drive increased volatility and keep sentiment in check. Among key laggards of the day were bank, fertiliser and energy stocks, it said. Arif Habib Limited (AHL) reported that stocks experienced yet another session marked by early gains followed by sustained declines. Some 34 stocks advanced while 64 fell, with Hub Power (+2.08%), MCB Bank (+1.22%) and Systems Limited (+1.38%) leading the index gains. On the downside, Fauji Fertiliser (-1.16%), Habib Bank (-2.67%) and Engro Holdings (-1.31%) pulled the market lower, it said. Among corporate news, AHL mentioned, Honda Atlas Cars (-3.87%) reported 1QMY26 earnings per share (EPS) of Rs5.80, up 309% year-on-year (YoY) but below expectations of Rs7.8, driven by a 66% rise in its net sales and 5.5x surge in volumes to 5,682 units. Overall trading volumes decreased to 648.8 million shares compared with Wednesday's tally of 656.6 million. Traded value stood at Rs28.1 billion. Shares of 484 companies were traded. Of these, 182 stocks closed higher, 273 fell and 29 remained unchanged. The Bank of Punjab topped the volumes chart with trading in 113 million shares, rising Rs0.55 to close at Rs13.55. It was followed by Media Times with 37.1 million shares, falling Rs0.25 to close at Rs3.42 and WorldCall Telecom with 28.2 million shares, losing Rs0.02 to close at Rs1.52. Foreign investors sold shares worth Rs533.4 million, the National Clearing Company reported.
Express Tribune
6 days ago
- Business
- Express Tribune
PSX retreats as investors lock in profits
Listen to article After riding high on a wave of optimism in the previous session, the Pakistan Stock Exchange (PSX) reversed course on Wednesday as investors opted to lock in profits. The KSE-100 index slipped 165.26 points, or 0.12%, closing at 139,254.36. Despite an early push that saw the index touch 140,202, selling pressure influenced trading through the remainder of the session, reflecting a cautious flip in sentiment. Arif Habib Corp MD Ahsan Mehanti commented that stocks closed lower amid institutional profit-taking in overbought shares and concerns over delay in privatisation of ailing state-owned companies. "Rupee instability, rising inflation and worries about foreign outflows triggered bearish activity at the PSX," he said. KTrade Securities wrote in its market wrap that the PSX witnessed a mixed session as investors opted to book profits at market highs, leading to a slight pullback in the benchmark index. The index touched intra-day high of 140,202 before retreating on selling pressure. KTrade expected the mixed trend to persist, with heightened volatility due to futures rollover and the ongoing earnings season, which may keep sentiment cautious. Among key negative contributors were Engro Holdings, HBL, MCB Bank and Pakgen Power. Arif Habib Limited (AHL) commented that the PSX failed to hold early gains above 140,200 and fell for the remainder of the session. Some 39 shares rose while 60 fell, with Bank AL Habib (+1.95%), Mari Petroleum (+1.04%) and Hub Power (+0.87%) being the key contributors to index gains. In contrast, Engro Holdings (-1.23%), Habib Bank (-1.23%) and Pakgen Power (-6.8%) were the biggest drags. During the trading session, PIA Holding Company (-1.2%) saw pressure as the airline's buyer would be required to invest Rs70 billion over five years under the revised business plan. Pre-qualified bidders are set to begin site visits and expert sessions from next week, AHL said. In addition, the State Bank of Pakistan's monetary policy announcement is scheduled for July 30. Among corporate announcements, Systems Ltd (+0.91%) was considering potential acquisition in the IT and IT-enabled services space. AHL expected the market outlook to remain positive, with focus still on 140,500 this week. JS Global analyst Muhammad Hasan Ather said that stocks experienced a slight pullback, with the benchmark index closing down 165 points at 139,254. After Tuesday's rally, profit-taking emerged as investors reassessed the sustainability of the optimism. Despite the initial momentum, profit-taking activities continued to dominate the market. Key sectors including banks and oil registered mild corrections. While near-term volatility is likely to persist, investor sentiment may improve if fiscal clarity emerges from the Federal Board of Revenue's negotiations with businessmen, Ather said. Topline Securities, in its report, noted that the market traded within a range throughout the session, moving between intra-day high of 140,202 and intra-day low of 139,105 amid futures rollover-related pressure. Key laggards included Enrgo Holdings, Habib Bank, Pakgen Power, MCB Bank and Meezan Bank, which collectively shaved 277 points off the index. In contrast, Bank AL Habib, Mari Petroleum and Hub Power offered some support by contributing 174 points, Topline mentioned. Overall trading volumes increased to 656.6 million shares compared with Tuesday's tally of 629 million. Traded value stood at Rs32.1 billion. Shares of 483 companies were traded. Of these, 211 stocks closed higher, 243 fell and 29 remained unchanged. WorldCall Telecom topped the volumes chart with trading in 55.4 million shares, rising Rs0.08 to close at Rs1.54. It was followed by Media Times with 38.4 million shares, up Rs0.6 to close at Rs3.67 and First Dawood Properties with 31.3 million shares, falling Rs0.89 to close at Rs6.75. Foreign investors sold shares worth Rs327.7 million, the National Clearing Company reported.
Express Tribune
7 days ago
- Business
- Express Tribune
PSX at peak as traders win support
Foreign institutional investors were net buyers of Rs37.6 million worth of shares during the trading session. PHOTO: AFP Listen to article The Pakistan Stock Exchange (PSX) soared to a new all-time high on Tuesday, driven by investor confidence following a high-level meeting between business leaders and Army Chief Asim Munir, where assurances of institutional support for economic progress were given. The government's success in securing a majority in Senate elections, optimism surrounding the State Bank of Pakistan's (SBP) expected monetary easing and forecasts of robust corporate earnings further reinforced the market rally. The benchmark KSE-100 index surged to intra-day high of 1,684 points, before settling at 139,419.62, an increase of 1,202.03 points, or 0.87%. According to Ahsan Mehanti of Arif Habib Corp, stocks traded at a new all-time high after business leaders met with army chief and were assured of the military's support for economic progress. Additionally, the government won a majority in Senate seats, further bolstering the bullish sentiment. Speculation about the SBP's anticipated policy easing next week, alongside expectations of handsome financial results and annual payouts, fuelled the bullish activity at the PSX, he said. In its review, Topline Securities commented that bulls roared back to life in Tuesday's trading session, lifting the benchmark index to impressive levels. The index surged to intra-day high of 1,684 points, before closing at 139,420, reflecting a solid gain of 1,202 points. The rally was fuelled by positive investor sentiment and renewed market confidence, ahead of the anticipated announcement of robust corporate results. This wave of optimism helped paint a bullish picture across the board, setting the tone for a potentially upbeat week ahead, it said. Key movers of the day were Engro Holdings, HBL, Fauji Fertiliser Company (FFC), Engro Fertilisers, Pakistan Petroleum and Oil and Gas Development Company, which together contributed 1,142 points to the index. Trading activity remained vibrant, with total volumes hitting 629 million shares and traded value reaching Rs34.7 billion, Topline added. In its commentary, Arif Habib Limited (AHL) noted that a one-sided price delivery from the 137,200-138,200 zone would now trigger a move towards the weekly draw at 140,500 points. Some 59 shares rose while 39 fell, with Engro Holdings (+5.24%), HBL (+4.42%) and FFC (+1.45%) contributing the most to index gains. On the flip side, UBL (-0.95%), Pakistan Services (-9.67%) and Systems Limited (-1.35%) were the biggest drags, it said. AHL mentioned that according to SBP data foreign companies operating in Pakistan repatriated over $2 billion in profits and dividends in FY25. "Momentum remains strong, with the KSE-100 holding the first offered support zone. This bodes well for the remaining week," it added. Senior analyst Ali Najib stated that post-Monday's negativity, trading resumed on a buoyant note in the morning. The fertiliser sector led the show on Tuesday as Engro Holdings, Fauji Fertiliser and Engro Fertilisers saw hefty buying since the opening bell on expectations of strong results along with higher-than-anticipated dividend payouts. In addition, robust buying interest was seen across key sectors, including commercial banks, cement, oil and gas exploration, oil marketing companies, power generation and refineries, reflecting broad-based investor confidence and sector-wide optimism, Najib said. The 137,000 level now acts as key support for the KSE-100, driven by improved earnings and foreign inflows. A drop below may take the index to 135,000, where attractive valuations and policy easing hopes could spark renewed buying, he added. Overall trading volumes increased to 629 million shares compared with Monday's tally of 608.2 million. Traded value stood at Rs34.7 billion. Shares of 478 companies were traded. Of these, 268 stocks closed higher, 178 fell and 32 remained unchanged. First Dawood Properties was the volume leader with trading in 44.1 million shares, gaining Rs1 to close at Rs7.64. It was followed by WorldCall Telecom with trading in 26.4 million shares, falling Rs0.01 to close at Rs1.46 and Pakistan Telecommunication Company Ltd with 24.9 million shares, rising Rs0.91 to close at Rs23.96. During the day, foreign investors sold shares worth Rs375.5 million, the National Clearing Company reported.
