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Express Tribune
3 days ago
- Business
- Express Tribune
PSX pauses below 147,000
The Pakistan Stock Exchange (PSX) closed the last trading session of the week on a muted note, with the benchmark KSE-100 index slipping 38 points, or 0.03%, to settle at 146,491. The market struggled to hold above the 147,000 mark as investors squared off positions ahead of the weekend. Sentiment remained mixed, with traders opting for a cautious stance while awaiting fresh triggers to guide the next market move, said Deputy Head of Trading at Arif Habib Ltd, Ali Najib. On the sectoral front, EFERT, LUCK, ENGROH, MEBL, and AIRLINK emerged as the major gainers, contributing a combined 512 points to the index. Their gains were offset by declines in OGDC, UBL, PPL, HUBC, and MARI, which collectively shaved off 499 points. Market Snapshot – August 15, 2025 Unlock today's market moves and stay one step ahead! — PSX (@pakstockexgltd) August 15, 2025 Trading activity slowed compared to the previous day, with 472 million shares changing hands, amounting to a turnover of Rs32.8 billion. ASL topped the volume charts with 30 million shares traded. The benchmark extended its winning streak to eight consecutive weeks, advancing 1,108 points, or 0.76%, over the period. Opening the week at 145,650, the index touched a high of 147,977 and a low of 145,259 before closing at 146,491. Analysts believe progress on circular debt resolution could sustain buying momentum, though a phase of consolidation or mild correction cannot be ruled out. Immediate support is seen at the 145,000 and 143,000 levels, while resistance remains at 148,000.
Express Tribune
25-07-2025
- 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
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.
Express Tribune
14-07-2025
- Business
- Express Tribune
Rupee slides further on imports, SBP dollar buying
The Pakistani rupee continued its downward trajectory against the US dollar, weakening by 0.09% in the inter-bank market on Monday. According to the State Bank of Pakistan (SBP), the local currency closed at 284.72, marking a depreciation of 26 paisa from the previous close. Last week, the rupee had also recorded losses, slipping by 49 paisa, or 0.17%, over the course of the week at 284.46 against the dollar. Arif Habib Ltd Deputy Head of Trading Ali Najib told The Express Tribune that the 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. 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. Despite improving forex reserves, speculative activity and global dollar strength continue to weigh on the rupee. "Without stronger inflows or policy tightening, the currency may face further mild depreciation in the short term," said Najib. Meanwhile, gold prices in Pakistan recorded a mild increase on Monday, tracking gains in the international market, where the yellow metal steadied after hitting a three-week high amid renewed focus on trade tensions and upcoming US economic data. Meanwhile, silver surged to its highest level since September 2011. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola rose by Rs1,600 to settle at Rs359,700. The price of 10-gram gold climbed by Rs1,371 to Rs308,384. Spot silver gained 1.1% to $38.78 per ounce, hitting its highest level since September 2011 earlier in the session. The local rate was recorded at Rs4,087 per tola for 24-karat silver. Analysts attributed the move to geopolitical and economic uncertainties. Interactive Commodities Director Adnan Agar said gold prices reacted to US President Donald Trump's comments about potential tariffs on Europe and Mexico. "Gold touched a high of $3,375 and came down slightly to $3,345," Agar noted. "There's a chance it might dip before heading upwards again. With tariff discussions re-emerging, gold is expected to remain volatile in the coming days." The international market's focus remains on trade developments and key macroeconomic indicators from the US, which could further shape the trajectory of precious metal prices globally and domestically. Globally, spot gold was little changed at $3,356.95 per ounce, as of 1337 GMT, after reaching its highest point since June 23 earlier, according to Reuters.
Express Tribune
27-06-2025
- Business
- Express Tribune
PSX climbs to historic high at 124,379
The Pakistan Stock Exchange (PSX) closed at another historic high on Friday as investor confidence soared following the approval of federal budget for FY26. The benchmark KSE-100 index surged 2,332.60 points, or 1.91%, to settle at 124,379. 'The market rebounded strongly from Thursday's brief profit-taking phase, with bullish momentum prevailing throughout the session,' noted Ali Najib, Deputy Head of Trading at Arif Habib Ltd. Institutional investors led the rally amid portfolio rebalancing and optimism about the economic direction set by the newly approved budget. Investor sentiment was further buoyed by robust Roshan Digital Account (RDA) inflows, which reached $10.38 billion by May 2025. Monthly inflows rose 13% to $201 million while the number of accounts climbed to 823,224, reinforcing confidence in Pakistan's external account stability. Key index movers included Fauji Fertiliser Company, Lucky Cement, Meezan Bank, Pakistan Oilfields and Engro Holdings, which collectively contributed 866 points to the day's gains. Market breadth remained strong, with 773 million shares traded valuing at Rs37.6 billion. Bank Makramah led the volumes chart with 79.7 million shares changing hands. The benchmark index posted a weekly gain of 3.63%, or 4,356 points, over five sessions. After opening at 118,272, the index touched a high of 125,285 and a low of 115,887, closing well above the key 120,000 psychological mark. Market analysts view the KSE-100's ability to hold above the 122,000 level as a sign of strong momentum. A sustained stability above 120,000 could pave the way for a fresh rally towards 130,000, driven by improving macroeconomic indicators and rising investor confidence.
