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Express Tribune
14-07-2025
- Business
- Express Tribune
In fresh peak, PSX rises past 136,000 mark
Continuing its remarkable rally, the Pakistan Stock Exchange (PSX) touched another all-time high on Monday as it surged past 136,000 points over encouraging economic developments and robust interest from mutual funds and institutional investors. The benchmark KSE-100 index added another 2,202.77 points, or 1.64%, to settle at 136,502.54 at the close of trading. Since the commencement of the session, the market began its gradual ascent and didn't look back, reaching the intra-day high at 136,841 just before the end of the day's proceedings. According to Topline Securities, the KSE-100 index surged to intra-day high of 2,542 points before closing at a new all-time peak of 136,503, registering a remarkable gain of 2,203 points, or 1.64%. "The rally was fuelled by strong participation from local mutual funds and institutional investors," it said in a report. Banking sector heavyweights led the momentum, with UBL, HBL, Fauji Fertiliser Company, Bank AL Habib and MCB Bank collectively contributing 1,443 points to the benchmark index. Overall market activity remained vibrant where trading volumes surpassed 841 million shares, while the total traded value climbed to Rs37 billion. Crescent Star Insurance emerged as the volume leader, which saw trading in 47 million shares, Topline added. Arif Habib Limited (AHL), in its report, called Monday's trading a very strong start to the week with the KSE-100 gaining 1.64% day-on-day to clear the 136k level. Some 62 shares rose while 36 fell on the index, where UBL (+5.45%), HBL (+9.43%) and Fauji Fertiliser Company (+1.67%) contributed the most to index gains. In contrast, Pakistan Petroleum (-0.69%), PSO (-0.91%) and National Foods (-2.47%) were the biggest drags, it said. Among major economic news, it cited that the International Monetary Fund (IMF) had expressed satisfaction with Pakistan's economic progress as its Resident Representative Mahir Binici described the country's performance under the Extended Fund Facility (EFF) as "strong so far". Earlier, Pakistan and Vietnam agreed to launch negotiations for a preferential trade agreement in 2025, following the revival of high-level economic dialogue between the two countries. Among corporate developments, Honda Atlas Cars (+2.45%) is set to introduce its first-ever hybrid SUV in Pakistan – the HR-V e:HEV. This launch marks Honda's official entry into the hybrid C-segment SUV, where the HR-V e:HEV will compete directly with established players. Concluding its report, AHL expected further gains in the stock market with near-term support rising to 135k. During the day, shares of 475 companies were traded. Of these, 264 stocks closed higher, 195 decreased and 16 stood unchanged. Among the volume leaders, Crescent Star Insurance registered trading in 47.2 million shares, rising 97 paisa to close at Rs4.34. It was followed by K-Electric, which recorded trading in 42.8 million shares and gained 26 paisa to Rs5.33. First Dawood Properties was the third in the list, which saw trading in 35.6 million shares, up 64 paisa to close at Rs5.55. Foreign investors were sellers of shares worth a net Rs16.7 million.
Express Tribune
10-07-2025
- Business
- Express Tribune
PSX falls 826 points on profit-taking
Listen to article The Pakistan Stock Exchange (PSX) closed lower by 826 points, or 0.62%, on Wednesday as investors booked profits following a choppy trading session. Analysts noted that concerns over US import tariffs and weak global triggers put pressure on the market, alongside rupee depreciation and the Asian Development Bank's (ADB) reservations about tax compliance. The market saw intra-day high of 133,566 points, before sliding to the low of 132,326 and settling at 132,577. Weakness in heavyweight stocks brought the KSE-100 index down by 397 points, although trading activity remained robust with 906 million shares changing hands. Ahsan Mehanti of Arif Habib Corp commented that stocks closed lower, under pressure due to institutional profit-taking in overbought shares amid foreign outflows and weak global equities, weighed down by concerns over US import tariffs. Rupee instability and uncertainty about the outcome of ADB's concerns over revenue collection on a wider tax base drove bearish activity at the PSX, he added. At the end of trading, the KSE-100 index recorded a decrease of 826.20 points, or 0.62%, and settled at 132,576.99. In its review, Topline Securities remarked that the market saw a phase of consolidation, fluctuating between intra-day high of 133,566 and low of 132,326 as investors opted for profit-taking. The decline was mainly driven by negative contributions from Fauji Fertiliser Company, Engro Holdings, Bank AL Habib, Pakistan State Oil and HBL, which together pulled the index down by 397 points. TPL Properties led the volumes chart, with trading in 66 million shares, Topline added. Arif Habib Limited (AHL) reported that declines into the 132,000-133,000 support zone were witnessed on Wednesday. Some 36 shares rose, while 64 fell, with National Foods (+3.32%), Gadoon Textile Mills (+10%) and Meezan Bank (+0.24%) contributing the most to index gains. On the flip side, Fauji Fertiliser Company (-1.04%), Engro Holdings (-1.36%) and Bank AL Habib (-1.67%) were the biggest downside contributors, it said. AHL added that remittances from overseas Pakistanis rose 27% year-on-year to $38.2 billion in FY25, an all-time high. Remittances from Saudi Arabia, the United Arab Emirates and the UK topped the list. State Bank Governor Jameel Ahmad stated that Pakistan's economy was seeing the results of a tight monetary policy for inflation and the current account. "The KSE-100 index is expected to find support within the 132,000-133,000 zone and resume its upside," it remarked. JS Global analyst Muhammad Hasan Ather commented that the KSE-100 index declined 0.6% at the day's end as investors' sentiment remained neutral amid renewed concerns over Pakistan's tax compliance highlighted by the ADB. Pressure was further amplified by rupee volatility and weakness across global equities, he said. The market will remain cautious in the near term, with macroeconomic headwinds and policy ambiguity weighing on the outlook. However, clarity on fiscal reforms and global stabilisation could offer a potential recovery path to the PSX in the medium term, Ather added. Overall trading volumes decreased to 905.7 million shares compared with Tuesday's tally of 1.2 billion. The value of shares traded was Rs30.5 billion. Shares of 478 companies were traded. Of these, 200 stocks closed higher, 254 dropped and 24 remained unchanged. TPL Properties was the volume leader with trading in 65.9 million shares, falling Rs0.04 to close at Rs10.68. It was followed by Kohinoor Spinning Mills with 62.4 million shares, gaining Rs0.31 to close at Rs6.65 and PIA Holding Company with 39.8 million shares, rising Rs2.07 to close at Rs23.23. Foreign investors bought shares worth Rs287.9 million, the National Clearing Company reported.
Express Tribune
04-06-2025
- Business
- Express Tribune
Stocks hit record as ADB loan fuels rally
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) on Tuesday soared to an all-time high above 120,000 points as investor optimism grew following a string of positive economic developments. The approval of a $800 million loan by the Asian Development Bank (ADB) for Pakistan's public finance programme and the government's approval of a Rs880 billion Public Sector Development Programme (PSDP) bolstered market sentiment. The KSE-100 index surged to the intra-day high of 1,816 points, before closing the day with an increase of 1,573 points at 120,451. Commercial bank, fertiliser and cyclical stocks led to broad-based gains while higher trading volumes, which reached 578 million shares, reflected renewed investor confidence. According to Ahsan Mehanti of Arif Habib Corp, stocks closed at an all-time high, led by across-the-board activity, after the ADB approved a $800 million financing package. Additionally, the government set the FY26 growth target at 4.2% and approved Rs880 billion for the PSDP. Mehanti added that budgetary relief was expected to be announced for oil refineries, real estate and the agricultural sector. This, alongside the rupee appreciation, played the role of catalyst in bullish close at the PSX. At the end of trading, the benchmark KSE-100 index recorded an increase of 1,573.07 points, or 1.32%, and settled at 120,450.87. In its review, Topline Securities commented that bulls maintained their firm grip on the market, propelling the KSE-100 index to a record close at 120,451, supported by renewed investor confidence and an improving macroeconomic outlook. The index surged to the intra-day high of 1,816 points as momentum picked up sharply after news broke that the ADB had approved a $800 million loan under Pakistan's public finance programme – a major vote of confidence in the country's economic reform trajectory. Adding fuel to the rally, the International Monetary Fund (IMF) gave its nod to Pakistan's budget proposals, reinforcing hopes of continued fiscal discipline and policy continuity, Topline said. Driving Tuesday's rally were key index movers including Fauji Fertiliser Company, HBL, Engro Fertilisers, Lucky Cement and Bank AL Habib, which contributed 691 points, it added. In its commentary, Arif Habib Limited (AHL) remarked that the KSE-100 index unlocked 120,000 points at close on Monday, which bodes well for further upside during the remaining week. Some 65 shares rose while 31 fell, with Fauji Fertiliser Company (+1.79%), HBL (+5.19%) and Engro Fertilisers (+3.56%) contributing the most to index gains. On the flip side, Systems Limited (-0.84%), Service Industries (-1.55%) and Haleon Pakistan (-2.32%) were the biggest drags, it said. AHL also mentioned that the ADB approved $800 million for Pakistan's public finance programme aimed at strengthening fiscal sustainability and improving financial management. Meanwhile, the anti-trust body fined fertiliser makers for fixing a higher sale price, which adversely impacted farmers. "Holding 120k will allow the KSE-100 to extend gains towards 125k," it projected. JS Global analyst Mubashir Anis Naviwala said that the benchmark index surged throughout the day and reached a historic high at 120,451 points. Buying interest was witnessed across commercial banks, fertiliser and cyclical stocks, driving broad-based gains, he said. "With the index at the all-time high, a breakout could lead to fresh momentum and attract further institutional participation. We recommend investors to capitalise on this and invest in fundamentally strong stocks in the fertiliser, cement and banking sectors on any intra-day pullbacks," Naviwala stated. Overall trading volumes increased to 578.2 million shares compared with Monday's tally of 497.9 million. The value of shares traded was Rs26.8 billion. Shares of 467 companies were traded. Of these, 232 stocks closed higher, 187 fell and 48 remained unchanged. K-Electric was the volume leader with trading in 144.6 million shares, gaining Rs0.23 to close at Rs5.32. It was followed by Faysal Bank with 26.7 million shares, gaining Rs4.89 to close at Rs53.77 and Invest Bank with 25.5 million shares, gaining Rs0.04 to close at Rs2.35. Foreign investors sold shares worth Rs956 million, the National Clearing Company reported.
Express Tribune
05-05-2025
- Business
- Express Tribune
PSX ends flat amid geopolitical jitters
The Pakistan Stock Exchange (PSX) witnessed a turbulent start to the week, with the benchmark KSE-100 Index closing nearly flat amid rising tensions with India and SBP policy uncertainty. The index dipped steeply in early trading, falling by 1,036 points. However, it made a strong recovery in the second half, mainly supported by the cement sector, while other stocks closed lower. The index closed the day down by only 11.70 points, or 0.01%, at 114,102.24. Analysts noted that while there may be a positive reaction to the 100 bps rate cut by the central bank, investors remained cautious given the prevailing geopolitical situation. Ahsan Mehanti of Arif Habib Corp remarked that stocks closed flat as investors remained cautious following the government's security measures to ban Indian trade ties and Indian flag carriers. SBP policy uncertainty and a slump in global crude oil prices contributed to the uncertainty, he noted. Rupee instability and fears over the outcome of heightened Pakistan-India border tensions played a catalyst role in the bearish close, added Mehanti. At the close of trading, the benchmark KSE-100 index recorded a decline of 11.70 points, or 0.01%, and settled at 114,102.24. In its market review, Topline Securities commented that the benchmark index was quite volatile during today's session, falling by 1,036 points in early trading. However, it made a strong recovery in the second half, mainly supported by the cement sector, as investors expected a possible rate cut in the monetary policy announcement made today. The index closed at 114,102 points, down just 12 points, or 0.01%. This recovery was mostly helped by key stocks like Fauji Fertiliser Company, DG Khan Cement Company, Fauji Cement Company, Pioneer Cement, and Maple Leaf Cement Company, which together added about 276 points to the index, as mentioned by Topline. Investor interest stayed strong, with 398 million shares traded and a total market turnover of Rs19 billion, it added. In its commentary, Arif Habib Limited (AHL) stated that the week started flat with cement stocks higher and other leading sectors lower. Some 56 shares rose while 42 fell, with Fauji Fertiliser Company (+1.29%), DG Khan Cement (+4.46%) and Fauji Cement Company (+2.79%) contributing the most to index gains. On the flip side, UBL (-2.17%), Oil and Gas Development Company (-1.49%) and Pakistan Petroleum Limited (-1.56%) were the biggest index drags, remarked AHL. It added that Moody's, in a recent report, stated that sustained tensions with India will weigh on Pakistan's growth, hamper the government's ongoing fiscal consolidation, impair access to external financing and pressure its FX reserves. Moreover, Pakistan plans to brief the UN Security Council about the recent tensions with India, highlighting the illegal steps taken by India to suspend the Indus Water Treaty, said AHL. The SBP cut the discount rate by -1% to +11%, and expects FX reserves to rise to US$14 billion by June, added the brokerage. JS Global analyst Muhammad Hasan Ather commented that the KSE-100 index started the week on a volatile note, as investors remained cautious due to ongoing tensions between Pakistan and India, while also awaiting the monetary policy announcement scheduled for later in the day. Overall trading volumes increased to 399.5 million shares compared with Friday's tally of 372.4 million. Shares of 452 companies were traded. Of these, 240 stocks closed higher, 155 fell, and 57 remained unchanged. Power Cement was the volume leader with trading in 41.3 million shares, gaining Rs0.98 to close at Rs14.92. It was followed by WorldCall Telecom with trading in 23.8 million shares, gaining Rs0.07 to close at Rs1.34 and Maple Leaf Cement Company with 23.6 million shares, gaining Rs2.16 to close at Rs71.60. During the day, foreign investors bought shares worth Rs128.9 million, the National Clearing Company of Pakistan Limited (NCCPL) reported.
Express Tribune
22-04-2025
- Business
- Express Tribune
PSX holds ground amid cautious sentiment
Shares of 340 companies were traded. At the end of the day, 93 stocks closed higher, 233 declined and 14 remained unchanged. PHOTO: FILE Listen to article The Pakistan Stock Exchange (PSX) ended marginally higher on Tuesday as late-session selling pressure, driven by a bearish trend in global equities, a weakening rupee, and falling international crude oil prices capped earlier gains. The KSE-100 index opened on a positive note amid news of Finance Minister Muhammad Aurangzeb's reassurance to continue the IMF-guided reform agenda during the opening day of the World Bank Group's Spring Meetings. The index hit an intra-day high of 119,217 points before profit-taking pulled it down to an intra-day low of 118,162 points. At the close of trading, the index stood at 118,430.35 points, reflecting an increase of 46.97 points or 0.04%. Traded volume and value remained strong, with 740.9 million shares exchanged and a total turnover of Rs30.5 billion. According to Ahsan Mehanti of Arif Habib Corp, the market closed flat as late-session pressure weighed on sentiment. The downtrend was attributed to weakness in global markets, currency depreciation, and declining global crude oil prices. However, strong financial results supported the index. Mehanti noted that reports of an expected easing in the State Bank of Pakistan's monetary policy, the government's resolve on US tariff issues, and the anticipated release of the IMF support tranche next month also contributed to the positive close. Topline Securities, in its market review, stated that investor sentiment was supported by corporate earnings announced during the session, although activity remained subdued due to cautious trends in international markets. The index's performance was largely underpinned by gains in Fauji Fertiliser Company, Engro Holdings, Habib Metropolitan Bank, AGP Limited, and Atlas Honda Limited, which collectively contributed 733 points, Topline added. Investor participation remained robust, with 740 million shares traded and overall market turnover at Rs30 billion, the brokerage noted. Arif Habib Limited (AHL), in its commentary, observed that the index continues to trade within the "Tariff Gap," keeping the near-term outlook exposed to downside risks. Among the top gainers, Fauji Fertiliser Company rose 4.9%, Habib Metropolitan Bank climbed 5.78%, and AGP Limited gained 7.25%. On the other hand, UBL fell 4%, Meezan Bank declined 3.26%, and Engro Fertiliser dropped 1.8%, acting as major drags on the index. The Bank of Punjab shed 8.49% after announcing its 1QCY25 earnings per share (EPS) at Rs0.53, a 5% increase year-on-year. However, the absence of a dividend surprised the market, noted AHL. Engro Fertiliser also reported its 1QCY25 EPS at Rs2.17, down 63% year-on-year, alongside an interim cash dividend of Rs2.25 per share. Additionally, the brokerage highlighted that Pakistan's headline inflation for April 2025 is projected to fall sharply to 0.45% year-on-year, a historic low, down from 0.69% in March, based on SBP data across various base years. Ali Najib of Insight Securities described the session as a "Battle of Wills" between bullish and bearish forces, with both sides vying for dominance. Ultimately, the bulls gained the upper hand, albeit by a slim margin, as the index closed with a 47-point gain. Najib added that the market opened on a positive note, buoyed by news of Finance Minister Aurangzeb's assurance to IMF Managing Director Kristalina Georgieva regarding Pakistan's commitment to IMF-guided reforms. This pushed the benchmark to an intra-day high of 119,217 before profit-taking dragged it down to a low of 118,162 points. A total of 451 companies' shares were traded, of which 214 stocks closed higher, 196 fell, and 41 remained unchanged. The Bank of Punjab led in volume with 116.7 million shares traded, falling Rs0.97 to close at Rs10.45. It was followed by Power Cement, which gained Rs0.72 to close at Rs14.26 on a volume of 67.9 million shares, and Pakistan International Bulk Terminal, which declined Rs0.66 to close at Rs9.92 on 58.8 million shares. Foreign investors purchased shares worth Rs102.5 million during the day, according to data from the National Clearing Company of Pakistan Limited (NCCPL).
