Latest news with #KSE100
Arab News
13 hours 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.
Mint
19-05-2025
- Business
- Mint
Pakistan stock market: KSE 100 index dips as New Delhi intensifies diplomatic pressure on Islamabad
Pakistan stock market's benchmark index, Karachi Stock Exchange 100 (KSE 100), dipped 0.33% in intraday trade on Monday, May 19, as India intensified diplomatic pressure on its neighbouring country. The Indian government has decided to send all-party delegations to 33 global capitals to brief global leaders on India's resolve to deal with terrorism firmly against the backdrop of Operation Sindoor. The KSE 100 index opened in the green at 120,166.7, but soon erased losses to trade in the red. It hit the day's low of 119,250.68, as against its previous close of 119,649.14. This is the second straight day of fall for the Pakistan stock market's flagship index. Meanwhile, the index has dipped in three of the last four trading sessions. However, so far in May, the KSE 100 index has risen over 7%, boosted by a ceasefire between India and Pakistan following four days of heavy clashes. As part of its diplomatic outreach following Operation Sindoor, which included targeted strikes on terrorists' camps in Pakistan and Pakistan-occupied Kashmir, 59 members of Parliament, former ministers and politicians, will be part of the seven delegations that will travel to 32 countries and the EU headquarters in Brussels. The delegation, cutting across party lines, is a diplomatic outreach mission which aims to convey India's firm resolve to combat terrorism in the context of Operation Sindoor.
Arab News
13-05-2025
- Business
- Arab News
Pakistan Stock Exchange surges over 1,000 points amid ceasefire optimism
ISLAMABAD: The Pakistan Stock Exchange (PSX) gained over 1,000 points on Tuesday, driven by investor optimism over ceasefire talks between Pakistan and India boosting regional stability, analysts said. The KSE-100 index gained 2,769 points to reach 120,067.12 during intraday trading before settling at 118,575.88, up by 1,278.15 points or 1.09 percent from the previous close of 117,297.73. Pakistan's stocks had rallied after US President Donald Trump on Saturday announced a ceasefire between nuclear-armed neighbors Pakistan and India. Both states had exchanged missile, drone and artillery strikes last week amid surging tensions. 'Stocks closed higher as investors weigh Pak-India ceasefire talks fostering stability and the foreign minister's assurance on thin fiscal impact of conflict,' Ahsan Mehanti, the Chief Executive Officer of Arif Habib Commodities, told Arab News. Pakistan Finance Minister Muhammad Aurangzeb had also told Reuters in an interview on Monday that the conflict would not have a large fiscal impact on Pakistan. He described the standoff as a 'short duration escalation' with minimal fiscal impact, saying it can be 'accommodated within the fiscal space which is available to the government of Pakistan.' Mehanti added that rupee stability, upbeat global equities, and a surge in global crude oil prices also played a catalytic role in the bullish close at the PSX. Head of Intermarket Securities Raza Jafri highlighted that the KSE-100 was holding its levels following yesterday's massive rise. On May 12, Pakistani stocks rose more than nine percent, the highest single-day gain in decades, according to analysts, following a ceasefire with India and the approval of a $1 billion tranche by the International Monetary Fund (IMF), which Pakistan is expected to receive today as part of a larger $7 billion bailout agreement. 'The energy sector continues its rebound — on hopes of circular debt clearance — while news reports of a possible construction package (low-income housing units and mortgage financing) saw the Cement sector rally,' Jafri added.
Mint
13-05-2025
- Business
- Mint
Pakistan stock market: KSE 100 jumps 2%, extends gains to 3rd day as India-Pak ceasefire lifts sentiments
Pakistan stock market: Extending its gains to the third consecutive session, the equity benchmark index of Pakistan – Karachi Stock Exchange 100 (KSE 100) –surged over 2% on Tuesday, May 13, edging closer to its all-time high level. Pakistan's stock market rose to its highest since early April today, after surging 9.4% on Monday following the ceasefire announcement, according to Reuters.
