Latest news with #KSE-100
Express Tribune
a day ago
- Business
- Express Tribune
PSX rises modestly amid delay in budget
Listen to article The Pakistan Stock Exchange (PSX) witnessed a volatile trading week as investors remained cautious ahead of the FY26 budget announcement, now rescheduled for June 10, 2025, amid ongoing IMF negotiations. Despite initial uncertainty, the KSE-100 index managed to post a modest weekly gain of 0.49%, closing at 119,691 points, supported by positive developments on the economic front including China's pledge to refinance $3.7 billion in commercial loans and a successful T-bill auction that raised Rs772 billion. However, foreign investors continued to offload their positions, with net outflows of $5.65 million, while local participants stepped in to absorb the selling pressure. On a day-on-day basis, the PSX started the week on a bearish note on Monday as the KSE-100 index fell 882 points, or 0.74%, settling at 118,221 over investor caution ahead of the federal budget and the delay in IMF's approval of circular debt settlement plan. On Tuesday, the market closed modestly higher with a gain of 112 points as the index oscillated in a narrow band throughout the day. Investors were wary ahead of the budget presentation, although cement stocks rose, driven by hopes for announcement of a real estate package. The bourse opened with renewed vigour on Thursday following a day's closure to mark Youm-e-Takbeer, which reflected the nation's nuclear achievements. The KSE-100 posted a notable rise of 638 points. Finally, the PSX closed the week on a bullish note on Friday, lifted by strong gains in blue-chip oil, banking and fertiliser stocks amid growing optimism about the upcoming budget measures. The index surged 720 points and settled at 119,691. Arif Habib Limited (AHL) wrote that the KSE-100 index displayed mixed trends throughout the week, beginning on a negative note due to uncertainties surrounding the budget rollout. On the economic front, China committed to refinancing $3.7 billion of commercial loans for Pakistan. Moreover, Nepra approved K-Electric's multi-year tariff at Rs39.9/unit and a 14% USD-based return on equity. The government successfully raised Rs772 billion through a T-bill auction, exceeding its target of Rs650 billion. Cut-off yields declined across all tenors, falling by 9 to 15 basis points (bps). The State Bank's reserves climbed up by $70 million to $11.5 billion. The market closed at 119,691, depicting a rise of 588 points, or 0.49% week-on-week (WoW), AHL said. Sector-wise, the positive contribution came from cement (317 points), fertiliser (249 points), power generation and distribution (148 points), commercial banks (84 points) and refinery (80 points). Meanwhile, the sectors that contributed negatively were automobile assembler (105 points), oil and gas exploration companies (97 points), technology and communication (53 points), food and personal care (46 points) and oil and gas marketing companies (43 points). Scrip-wise, the positive contributors were Meezan Bank (230 points), Fauji Fertiliser Company (210 points), Lucky Cement (159 points), Pakgen Power (80 points) and DG Khan Cement (70 points). Average volumes arrived at 662 million shares (up 34.6% WoW) while average traded value settled at $78.9 million (down 6.5%), AHL added. "The KSE-100 index recovered during the week, closing at 119,691 points (up 0.5% WoW)," said Syed Danyal Hussain of JS Research. Foreign investors remained net sellers during the week, with an outflow of $5.57 billion, which was offset by local buying. The week commenced with the IMF concluding its visit to Pakistan without reaching an agreement on certain budget items, leading the government to reschedule the budget presentation to June 10, 2025, he said. Virtual negotiations were continuing, with both sides focusing on measures to enhance tax revenues and curtail expenditures. Meanwhile, Hussain added, China reaffirmed its commitment to refinancing $3.7 billion in commercial loans denominated in renminbi before the end of June. In other news, the State Bank's net buying from currency markets reached $223 million in February 2025 to further strengthen foreign exchange reserves, bringing the cumulative purchases to $5.9 billion during 8MFY25.
Express Tribune
2 days ago
- Business
- Express Tribune
Stocks surge on budget relief prospects
Listen to article The Pakistan Stock Exchange (PSX) closed the week on a bullish note on Friday, lifted by strong gains in blue-chip oil, banking and fertiliser stocks amid growing optimism about the upcoming federal budget measures. The benchmark KSE-100 index surged over 700 points. Analysts attributed the rally to investor hopes for pro-growth budgetary announcements, including some relief for oil refineries, real estate and agriculture sectors, along with a proposed 1.5% levy on imports aimed at supporting local industries and stabilising the rupee. Despite the upbeat close, the benchmark index remained shy of the 120,000 milestone, posting a 0.5% weekly gain. "Stocks closed bullish, led by blue-chip shares of oil, banking and fertiliser sectors amid hopes for positive federal budget announcements," said Arif Habib Corp Managing Director Ahsan Mehanti. "Budgetary relief for oil refineries, real estate and agri-sector, a proposed 1.5% tax on imports to support industries and rupee stability played the role of catalysts in bullish close at the PSX," he added. At the end of trading, the benchmark KSE-100 index recorded a rise of 719.69 points, or 0.60%, settling at 119,691.09. Arif Habib Limited (AHL) wrote that the PSX closed the week with a 0.5% gain, although the index remained below the 120,000 mark. On Friday, 58 stocks advanced while 41 declined. Key contributors to the gains included Fauji Fertiliser Company (FFC, +2.24%), Meezan Bank (+4.4%) and Hubco (+1.6%) while TPL REIT Fund 1 (-7.63%), Pakistan Petroleum (-1.03%) and Pakistan Oilfields (-1.31%) were the major drags. Among macro developments, Azerbaijan announced a $2 billion investment package for Pakistan during a trilateral summit with Turkey. Meanwhile, the State Bank purchased $5.9 billion from the currency market since June 2024 to strengthen its foreign exchange reserves. On the fiscal front, the FBR is proposing higher withholding tax rates for vehicles with engine capacities above 1,300cc in the upcoming budget. In the corporate sector, Pharaon Investment Group's potential divestment of ACPL is drawing interest from competitors including Cherat Cement and Bestway Group, AHL added. Topline Securities, in its daily review, wrote that continuing its previous day's momentum, the KSE-100 index largely traded in the positive zone and closed at 119,691, up 0.60%. The top positive contribution to the index came from FFC, Meezan Bank, Hubco, Pakgen Power, Engro Holdings and MCB Bank as they cumulatively contributed 668 points. Traded value-wise, Attock Refinery (Rs1.66 billion), DG Khan Cement (Rs878 million), Hubco (Rs807 million), FFC (Rs708 million), Meezan Bank (Rs661 million) and Mari Petroleum (Rs607 million) dominated the trading activity, Topline said. Muhammad Hasan Ather of JS Global said the KSE-100 index extended its bullish momentum, climbing 720 points to close at 119,691. The rally was driven by strong investor sentiment amid declining inflation, current account surplus and Fitch's upgrade of Pakistan's credit rating to "B-". Robust activity in banking, energy and cement sectors further buoyed the sentiment. With over 1,358 points added in two sessions, the momentum suggests a continued upside, contingent on sustained macroeconomic stability and clarity on political and external financing developments, he said. Overall trading volumes stood at 580.3 million shares, significantly lower than the previous session's 741.7 million. The total traded value was Rs22.7 billion, down from Rs23.9 billion in the previous session. A total of 474 companies were traded, out of which 259 stocks closed higher, 161 declined and 54 remained unchanged. WorldCall Telecom led the volumes chart with 79.7 million shares, losing Rs0.06 to close at Rs1.37. K-Electric followed with 47.7 million shares, losing Rs0.20 to settle at Rs5.32. Cnergyico PK saw trading in 35.8 million shares, gaining Rs0.07 to close at Rs7.86. Foreign investors sold shares worth Rs612.5 million, the National Clearing Company reported.
Business Recorder
3 days ago
- Business
- Business Recorder
Upward momentum persists at PSX
Buying rally continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 100 points during the first half of the trading session on Friday. A bullish run was observed in the initial hours of trading, pushing the KSE-100 to an intra-day high of 119,503.12. At 12pm, the benchmark index was hovering at 119,041.35, an increase of 69.95 points or 0.06%. Positive momentum was observed in key sectors, including cement, chemicals, commercial banks, fertilisers, oil and gas exploration companies, OMCs, and power generation. Index-heavy stocks including HUBCO, NRL, PRL, PSO, MARI, OGDC, PPL, HBL, NBP, MCB and UBL traded in the green. On Thursday, the Pakistan Stock Exchange (PSX) closed in the green zone, as investors remained strong due to various domestic and international reasons. The benchmark KSE-100 Index gained 638.50 points or 0.54% to settle at 118,971.40 points. Internationally, stocks slipped in Asia on Friday, and the US dollar dropped with Treasury yields as investors digested an appeals court's decision to keep President Donald Trump's tariffs in effect, a day after markets rallied on a separate ruling blocking most of them. Japan's Nikkei saw the most pronounced selling, after experiencing the most pronounced buying on Thursday, with moves in the exporter-heavy index exacerbated by the ebb and flow in demand for the safe-haven yen. Asian shares, US dollar climb on rosy data, tech optimism The United States Court of Appeals for the Federal Circuit in Washington temporarily reinstated Trump's duties on Thursday while it considers the government's appeal. The Nikkei dropped 1.7% in the Asian morning, putting it basically back at Wednesday's closing level. The yen strengthened about 2% from its low on Thursday to last change hands at around 143.48 per US dollar. A stronger yen reduces the value of overseas revenues. Hong Kong's Hang Seng sank 1.4% and mainland China's blue chip index eased 0.3% in early trading. South Korea's KOSPI fell 0.5%. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.4%. This is an intra-day update
Express Tribune
3 days ago
- Business
- Express Tribune
Stocks rally on blue-chip buying
Listen to article The Pakistan Stock Exchange (PSX) opened with renewed vigour on Thursday following a day's closure to mark Youm-e-Takbeer, which reflects the nation's nuclear achievements and military strength. The KSE-100 index gained ground as global equities rallied after a US court blocked the imposition of President Trump's new tariffs. European shares and US stock futures rose, lifting the mood at the PSX. Additionally, optimism ahead of the presentation of Pakistan Economic Survey and the federal budget on June 9 and 10, respectively, fuelled a buying spree, with expectations of relief for the agriculture sector, a narrowing fiscal deficit and export-friendly US trade measures. Crude oil gains supported energy stocks while blue chips led the advance of the index, which oscillated between the intra-day high of 119,639 and intra-day low of 118,482. Arif Habib Corp MD Ahsan Mehanti commented that stocks closed higher amid speculation in the pre-budget session with investors expecting relief for the agri-sector and as Pakistan-India tensions eased. Expectations of US tariff and trade incentives supporting exports, a falling fiscal deficit and surging global crude oil prices aided the bullish close at the PSX, he added. At the end of trading, the benchmark KSE-100 index posted a notable rise of 638.50 points, or 0.54%, and settled at 118,971.41. Topline Securities, in its review, wrote that the local bourse kicked off trading on a strong footing and wrapped up the session with a surge of 638 points (+0.54%) at 118,971. Intra-day excitement peaked with a high of 1,306 points, reflecting bullish sentiment across the board. Heavyweights stocks of sectors like cement, bank, fertiliser and oil contributed 413 points to the index gains, it said. Arif Habib Limited (AHL), in its commentary, said that after taking out last week's low, the KSE-100 remained range bound and was poised to push towards 118.2k. Some 65 shares rose while 34 fell with Lucky Cement (+2.82%), United Bank (+1.19%) and Fauji Fertiliser (+0.66%) being the top positive contributors. On the contrary, K-Electric (-6.28%), Pakistan Services (-2.28%) and MCB Bank (-0.39%) were the biggest drags. On the macro front, AHL said, China assured Pakistan of refinancing a commercial debt of $3.7 billion maturing between March and June. Also, Power Minister Awais Leghari stated that the government would review K-Electric's new tariffs. "Heading into the week's final session, the KSE-100 is down 0.11% week-on-week, with a sustained move towards 120k likely," it added. KTrade Securities remarked that activity at the PSX remained focused on blue-chip stocks, with cement, bank, fertiliser, communication and oil shares adding a cumulative 450 points to the index. Despite budget concerns, confidence emerged towards the end of the rollover week and focus was expected to be on blue chips, it predicted. According to JS Global analyst Muhammad Hasan Ather, stocks witnessed a 0.5% surge, climbing 1,306 points to the intra-day high of 119,639, as investor sentiment strengthened amid expectations of fiscal discipline and IMF loan inflows. Optimism was fuelled by signals of upcoming tax relief for the salaried class and alignment of the budget with the IMF guidelines, he added. Overall trading volumes increased to 741.7 million shares compared with previous tally of 690.4 million. The value of shares traded during the day was Rs23.9 billion. Shares of 466 companies were traded. Of these, 268 stocks closed higher, 159 fell and 39 remained unchanged. WorldCall Telecom was the volume leader with trading in 137.5 million shares, rising Rs0.13 to close at Rs1.43. It was followed by K-Electric with 119.6 million shares, losing Rs0.37 to close at Rs5.52 and Pakistan Telecommunication Company with 65.7 million shares, gaining Rs1.95 to close at Rs26.23. During the day, foreign investors bought shares worth Rs7.7 million, the National Clearing Company reported.
Business Recorder
4 days ago
- Business
- Business Recorder
KSE-100 settles near 119,000 level
Positive momentum persisted at the Pakistan Stock Exchange (PSX), following a worldwide bull run sparked after a US court blocked President Donald Trump's tariffs, with the benchmark KSE-100 Index settling near the 119,000 level on Thursday. Buying was observed throughout the trading session, pushing the benchmark index to an intra-day high of 119,639.47. At close, the KSE-100 Index settled at 118,971.40, an increase of 638.50 points or 0.54%. Across the board buying was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, MARI, OGDC, PPL, SNGPL, SSGC, MCB, MEBL and NBP traded in the green. On Tuesday, the PSX witnessed a slight recovery amid speculations in the pre-budget session and hopes for a real estate package in the federal budget led to cement stocks. The benchmark KSE-100 index gained 112 points or 0.09 percent, settling at 118,333 points. The stock market was closed on Wednesday on account of the Yaum-e-Takbeer holiday. Globally, Asian shares and Wall Street futures jumped in Asia on Thursday after a US federal court blocked President Donald Trump's 'Liberation Day' tariffs from going into effect, sending the dollar up on safe haven currencies. The little-known Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy. The White House quickly appealed the decision, and could take it all the way to the Supreme Court if needed, but in the meantime, it offered some hope that Trump might back away from the highest tariff levels he had threatened. Investors reacted by embracing equities and Japan's Nikkei quickly rose 1.7%, while South Korean shares gained 1.2% to a nine-month top. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3%, while Chinese blue chips firmed 0.5%. The ripples were felt worldwide as EUROSTOXX 50 futures rose 1.1%, while FTSE futures gained 0.7% and DAX futures 0.9%. S&P 500 futures climbed 1.6%, while Nasdaq futures rose 1.9%. The latter had already been lifted by relief over earnings from Nvidia, which beat sales estimates. The chipmaker and AI darling also projected strong revenues for the current quarter, sending its shares up 4.4% after hours.
