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Express Tribune
2 days ago
- Business
- 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.
Express Tribune
5 days ago
- Business
- Express Tribune
KSE-100 hovers around 140,000
Listen to article The Pakistan Stock Exchange (PSX) witnessed a positive trading session on Friday, with the benchmark KSE-100 index gaining 515 points, or 0.37%, to close at 139,207, buoyed by growing optimism over a potential interest rate cut and improved investor sentiment following a sovereign credit rating upgrade. Market participants engaged in selective buying, encouraged by expectations of a 50 basis points rate cut in the upcoming monetary policy announcement on July 30. According to a survey by Arif Habib Ltd (AHL), easing inflation and falling oil prices have raised hopes of monetary easing, strengthening market confidence, Deputy Head of Trading at Arif Habib Ltd, Ali Najib, noted. Market Snapshot – July 25, 2025 Unlock today's market moves and stay one step ahead! — PSX (@pakstockexgltd) July 25, 2025 Adding to the bullish mood, global ratings agency Standard & Poor's upgraded Pakistan's sovereign credit rating to 'B-' with a stable outlook, citing continued IMF engagement and improving fiscal metrics. The upgrade also lifted prices of Pakistan's long-dated bonds in the global market. Heavyweights including ENGROH, UBL, LUCK, MEBL, and NBP contributed a combined 492 points to the index, offsetting declines in HBL, ABL, MCB, PSEL, and SRVI, which together shaved off 141 points. Also Read: IMF ties 4% tax removal to wider net Market activity saw a slight dip, with total traded volume at 633.3 million shares and turnover amounting to Rs. 24.5 billion. Bank of Punjab (BOP) led the volume chart, with 50.2 million shares changing hands. The benchmark KSE-100 index posted its fifth straight weekly gain, advancing by 610 points, or 0.44%. After opening the week at 139,142 points, the index touched an intraday high of 140,202 and a low of 138,150 before settling at 139,207 by Friday's close. Analysts expect the KSE-100 to maintain its bullish tone, with 137,000 serving as a key support level. A breach below this may push the index toward 135,000, where attractive valuations and expected monetary easing could attract renewed buying interest.
Express Tribune
21-07-2025
- Business
- Express Tribune
PSX loses momentum as investors opt for profit-taking
Listen to article 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.
Express Tribune
18-07-2025
- Business
- Express Tribune
FX dips to $19.96b despite SBP's uptick
Listen to article Pakistan's total liquid foreign exchange reserves stood at $19.96 billion as of July 11, 2025, marking a marginal decline of $71.6 million over the previous week, according to data released by the State Bank of Pakistan (SBP) on Thursday. The reserves held by the SBP rose by $23 million, reaching $14.53 billion, compared to $14.50 billion recorded a week earlier. This reflects the second consecutive weekly increase in central bank reserves. However, commercial banks saw a notable dip in their net foreign holdings, which fell by $95 million to $5.43 billion. The current foreign reserves provide Pakistan with over three months of import cover. Out of the SBP's total foreign exchange holdings of $14.5 billion, approximately $9.4 billion comprises deposits from friendly countries. In June 2025, China rolled over $3.4 billion in commercial loans, with $2.1 billion deposited directly with the SBP. Saudi Arabia and the UAE have provided up to $2 billion and $1 billion, respectively, while Qatar has contributed around $3 billion through deposits and direct investments. Moreover, the central bank conducted two separate Open Market Operations (OMOs) on Thursday to inject a liquidity of Rs902.5 billion into the banking system - one under the Shariah-compliant Mudarabah-based framework and the other through a conventional reverse repo arrangement. Both operations were conducted with an eight-day tenor. In the Shariah-compliant OMO, the central bank accepted all three submitted quotes within a narrow rate band of 11.13% to 11.15% per annum. The total injection was Rs37.39 billion (realised value) against a face value of Rs37 billion, with the rate of return fixed at 11.13%. Simultaneously, the SBP carried out a conventional reverse repo OMO, receiving 13 quotes, of which 11 were accepted. The accepted bids amounted to a face value of Rs883.2 billion, with a realised value of Rs865.13 billion. The rate of return was 11.08% per annum. In the latest Pakistan Investment Bonds' (PIBs) auction held on July 16, the government raised Rs311.82 billion, surpassing its target of Rs300 billion, mainly through five-year bonds. Cut-off yields dropped significantly across all tenors by 19 to 54 basis points compared to June, which reflected strong market confidence and expectations of policy rate cut amid easing inflation and improving macroeconomic indicators. Notably, the two-year and five-year bonds saw the steepest decline in yields, while the 15-year bond got no bids. "The sharp decline in yields signals growing market anticipation of a policy rate cut in the upcoming monetary policy, likely driven by easing inflation and improved macro indicators," noted Ali Najib, Deputy Head of Trading at Arif Habib Limited. The Pakistani rupee remained stable against the US dollar on Thursday, closing at 284.97, down by just one paisa from 284.96 a day earlier. Meanwhile, gold prices in Pakistan continued to slide, mirroring a downturn in the international market, where bullion extended losses following robust US economic data. The data bolstered expectations that the Federal Reserve would remain cautious in resuming monetary easing this year, putting pressure on safe-haven assets like gold. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold dropped by Rs900 per tola, settling at Rs355,100. Interactive Commodities Director Adnan Agar noted, "After dipping slightly, the market has rebounded somewhat. The $3,300 level is acting as a strong support," he said. "If prices fall below that, we could see a bearish trend. However, if this level holds, resistance lies ahead at $3,350, then $3,380 and eventually at $3,400."
Express Tribune
17-07-2025
- Business
- Express Tribune
Rupee slips 29 paisa amid import pressure
Listen to article After a brief pause, the Pakistani rupee continued its decline against the US dollar on Wednesday, falling by 0.10% in the inter-bank market amid increasing import payments, profit repatriation by multinational companies, and a cautious sentiment ahead of upcoming external debt repayments. The currency closed at 284.96, marking a depreciation of 29 paisa from Tuesday's closing rate of 284.67. This resumption of the downward trajectory follows a marginal appreciation of the rupee against the US dollar on Tuesday, when it gained 0.02%. By the end of the trading session, the rupee had closed at 284.67, up by five paisa from the previous day's close at 284.72. "The Pakistani rupee weakness stems from persistent demand for the dollar amid rising import payments, profit repatriation by multinationals, and cautious sentiment ahead of upcoming external debt repayments," said Arif Habib Ltd Deputy Head of Trading Ali Najib. In addition, the SBP is also consistently buying the US dollar from the market, taking its intervention to over $6 billion in 8MFY25, a deliberate strategy to rebuild forex reserves, driven by strong remittances, IMF funding, and debt rollover considerations, he added. Despite improving forex reserves, speculative activity and global dollar strength continue to weigh on the rupee, he said. Without stronger inflows or policy tightening, the currency is likely to face further mild depreciation in the short term. Globally, the US dollar strengthened on Wednesday alongside rising Treasury yields. The uptick followed fresh US inflation data, which suggested that President Donald Trump's renewed tariff measures may be beginning to filter into consumer prices, further pressuring currencies like the Japanese yen. Gold prices in Pakistan declined on Wednesday, in contrast to the international market, where bullion rose on the back of escalating tensions in the Middle East, tariff uncertainty, and weaker US producer price data. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold fell by Rs3,000 per tola, settling at Rs356,000. Similarly, the rate for 10 grams dropped by Rs2,572 to Rs305,212. This follows Tuesday's decline of Rs700 per tola, when the price had closed at Rs359,000. Interactive Commodities Director Adnan Agar said the recent resurgence in global prices was tied to the revival of tariff concerns linked to Trump's trade stance. "The Trump tariff issue has resurfaced. Because of that, the market is likely to remain in this range." Agar identified strong support at $3,300, suggesting the market could range between $3,380 and $3,420 in the near term unless fresh developments alter the outlook. Globally, spot gold rose 0.2% to $3,328.14 per ounce, as of 0937 am EDT (1337 GMT). US gold futures edged 0.1% lower to $3,333.60, according to Reuters.
