Latest news with #IntermarketSecurities
Arab News
3 days ago
- Business
- Arab News
Pakistan stock market hits record high on ADB funding boost, insurance sector buying
ISLAMABAD: The Pakistan Stock Exchange (PSX) surged to an all-time high of more than 120,000 points on Tuesday, with analysts attributing the rally to the Asian Development Bank's (ADB) financing package for Pakistan and strong buying by insurance companies in banking, fertilizer and power sectors. The benchmark KSE-100 index closed at an unprecedented high of 120,450.87 points, marking a gain of 1,573.07 points, or 1.32 percent, from the previous day's close of 118,877.80. The development follows the ADB's approval of an $800 million package to help Pakistan enhance fiscal reforms and economic stability, alongside the government's approval of over Rs800 billion for public sector development projects in the upcoming budget. 'Stocks closed all time high led by scrips across the board after ADB approval of $800 million financing package,' Ahsan Mehanti, CEO of Arif Habib Commodities, told Arab News. 'Government set FY26 growth target at 4.2percent and government approval for Rs880 billion PSDP in the federal budget FY26 announcements next week.' Mehanti said the anticipated budgetary relief for oil refineries, real estate and agriculture sectors, along with gains in rupee's value, played a catalytic role in the bullish close at the PSX. Raza Jafri, head of Intermarket Securities, said this was the first time the KSE-100 Index has ever closed above the 120,000-point mark. 'Strong buying by insurance companies in sectors such as banks, fertilizers and power led the market higher,' he said. The budget for fiscal year 2025–26 is expected to be presented in Pakistan's lower house of parliament on June 10, following the Eid Al-Adha holidays. Pakistan's annual inflation rate rose to 3.5 percent in May, though the country's macroeconomic outlook has improved in recent months, supported by a stronger current account balance, increased remittances and declining inflation. Authorities remain cautious as they aim to build on recent economic stabilization, guide the country toward gradual growth, and reaffirm their commitment to ongoing economic reforms.
Arab News
19-05-2025
- Business
- Arab News
Pakistan stock market crosses 120,000-mark amid cautious trading ahead of budget
ISLAMABAD: The Pakistan Stock Exchange (PSX) continued an upward trajectory and surpassed the 120,000-point mark during intraday trading on Monday, stock analysts said. The KSE-100 index surged by 636 points, or 0.53 percent, to reach at 120,285 points during the intra-day trading at around 10am on Monday. The market recorded a historic comeback last week following the Pakistan-India ceasefire brokered by US President Donald Trump which proved to be a relief for investors. But analysts attributed Monday's slightly "slower" activity to cautious investors ahead of the upcoming budget in June. "The KSE100 has started the week on a muted note, which is reflecting in slower trading activity," Raza Jafri, head of Intermarket Securities, told Arab News. "It is possible that investors are waiting for the FY26 Budget, expected in early June, before they become more active." Pakistan is set to unveil its federal budget for the fiscal year 2025–26 on June 2, being formulated under stringent conditions of the International Monetary Fund (IMF). Tensions between India and Pakistan spiked this month after New Delhi launched missile strikes on multiple locations in Pakistan, blaming Islamabad for a deadly Apr. 22 attack in Indian-administered Kashmir that killed 26 tourists. Pakistan has denied involvement. The crisis triggered a 12 percent decline at the Pakistani stock market from Apr. 23 till May 8. However, the market recovered nearly all of its losses last week, climbing more than 3,500 points.
