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Express Tribune
11-08-2025
- Business
- Express Tribune
Pak-US deal optimism drives PSX to peak
The Pakistan Stock Exchange (PSX) soared to a new record high on Monday as optimism about potential US investment under a trade deal, record remittances and robust corporate earnings fuelled investor interest. The benchmark KSE-100 index gained 1,547.05 points, or 1.06%, to close at 146,929.84, driven by bullish sentiment in exploration and production (E&P) and banking sectors. Ahsan Mehanti of Arif Habib Corp commented that stocks closed at a new all-time high amid strong financial results and speculation about a positive outcome of finer details of US investment under the Pakistan-US trade deal. Record remittances of $3.2 billion in July, rupee stability and expectations of a surge in exports due to the India-US tariff conflict drove the bullish close at the PSX, said Mehanti. In its review, Topline Securities said that bulls tightened their grip as the KSE-100 index rocketed to the intra-day high of 1,622 points before settling at 146,930, up a solid 1,547 points. Sentiment surged after reports of US firms gearing up to invest in Pakistan's energy sector, further reinforced by better-than-expected corporate results. Market giants Mari Petroleum, Bank AL Habib, Oil and Gas Development Company (OGDC), Meezan Bank and MCB Bank dominated the rally, together pumping 959 points into the index and reaffirming the market's risk-on mood, added Topline. In its commentary, Arif Habib Limited (AHL) stated that the weekly draw at 146,800-147,000 was hit on Monday, with the day's high at 147,005 points. Some 67 shares rose while 32 fell, with Mari Petroleum (+7.68%), Bank AL Habib (+4.22%) and OGDC (+2.44%) contributing the most to index gains. On the flip side, Engro Fertilisers (-1%), Systems Limited (-0.79%) and Engro Holdings (-0.47%) were the biggest drags, mentioned AHL. Among corporate results, Mari Petroleum reported FY25 earnings per share (EPS) of Rs54.25, a decrease of 16% year-on-year (YoY), and dividend per share of Rs21.70. Fauji Cement declared FY25 EPS of Rs5.43, an increase of 62% YoY, and dividend per share of Rs1.25. Meanwhile, Attock Refinery posted FY25 EPS of Rs112.3, down 53% YoY, and dividend per share of Rs10. Lucky Cement reported FY25 EPS of Rs52.53, up 19% YoY, and dividend per share of Rs4. AHL noted that National Refinery (+10%) revalued the surplus of leasehold land by Rs46 billion in its financial accounts, according to an exchange filing. Its FY25 net loss per share narrowed to Rs185.9 vs Rs197.5. JS Global analyst Muhammad Hasan Ather remarked that the KSE-100 index soared 1,547 points as bullish momentum prevailed, boosted by strong buying across banking, oil & gas, auto and refinery sectors. The surge was underpinned by robust investor confidence, favourable corporate earnings and optimism fuelled by economic stabilisation measures and trade expectations, he said. AHL Deputy Head of Trading Ali Najib said that bulls were marching towards 150,000 with full excitement as KSE-100 breached the 146,000 mark and closed just below 147,000 (+1,547 points). Sentiment remained strong in the backdrop of Pakistan-US trade deal. The investor community is anticipating that the visit of army chief could lead to further favourable terms for Pakistani exports to the US, he said. The E&P sector led the day in the wake of news regarding circular debt resolution, which is likely to be announced soon, added Najib. Overall trading volumes increased to 611.2 million shares compared with Friday's tally of 548.1 million. Traded value decreased to Rs44 billion as compared to Rs45.5 billion in the previous session. Shares of 479 companies were traded. Of these, 242 stocks closed higher, 209 dropped and 28 remained unchanged. Lotte Chemical was the volume leader with trading in 73.3 million shares, gaining Rs0.54 to close at Rs21.8. It was followed by Siddiqsons Tin Plate with 21.2 million shares, gaining Rs0.51 to close at Rs7.55 and Invest Bank with 20 million shares, gaining Rs0.8 to close at Rs8.68. Foreign investors sold shares worth Rs115 million, the National Clearing Company reported.
Express Tribune
24-04-2025
- Business
- Express Tribune
Border tensions spark sell-off at PSX
Shares of 345 companies were traded. At the end of the day, 75 stocks closed higher, 254 declined and 16 remained unchanged. PHOTO: FILE Listen to article The Pakistan Stock Exchange (PSX) on Thursday nosedived over 2,200 points as escalating border tensions between Pakistan and India sparked investor anxiety. A heated war of words and airspace restrictions heightened fears of regional instability. The unfolding situation triggered a broad-based sell-off as market participants rushed to reduce exposure in a volatile environment. The KSE-100 index plunged to the intra-day low of 114,661 soon after the commencement of trading, but it recovered quickly and rose to the intra-day high of 116,568. It started losing ground again and closed with a sharp loss of 2,206 points. Pressure from the futures rollover week and caution ahead of major corporate earnings announcements also pushed the market down. Heavyweights such as power, oil and bank stocks led the slump. Despite the sell-off, some buying interest was seen in oil and automobile stocks. According to Arif Habib Corp MD Ahsan Mehanti, stocks fell across the board as investors feared an escalation in tensions following India's action post-attacks in occupied Kashmir. Additionally, a weak rupee and concerns over trade ties triggered a bearish close at the PSX, he said. At the end of trading, the benchmark KSE-100 index recorded a sharp fall of 2,206.33 points, or 1.88%, and settled at 115,019.82. Topline Securities wrote in its commentary that sentiment soured at the bourse as the KSE-100 index extended its previous day's losses. Weighed down by escalating regional tensions between India and Pakistan and the conclusion of futures rollover week, the market adopted a risk-off tone. The benchmark index touched the intra-day low of 2,564 points before closing down by 2,206 points. Negative contribution mainly came from Hub Power, Engro, Mari Petroleum, Bank Alfalah and UBL, it said. Despite the widespread bearish activity, Pakistan State Oil led trading with a value of Rs2.36 billion. Besides, Pakistan Tobacco reported Q1 earnings per share (EPS) of Rs24.53, Topline added. Arif Habib Limited (AHL), in its review, wrote that the "Tariff Gap" was replaced by the "Indus Waters Treaty Gap," marking two bearish gap-down openings in April. "These can be contrasted with the bullish International Monetary Fund (IMF)-driven gaps seen in 2023." Market breadth remained weak as only eight stocks closed higher while 89 declined. The largest negative contribution came from Hub Power (-2.91%), Bank Alfalah (-3.54%) and Mari Petroleum (-2.38%). On the positive side, Pakgen Power (+9.73%), Pakistan Tobacco (+1.69%) and Unilever Pakistan Foods (+1.96%) defied the downtrend, it said. Fauji Cement reported 9MFY25 EPS of Rs3.84, representing a 34% year-on-year (YoY) increase, but results came in below market expectations. Faysal Bank announced 1QCY25 EPS of Rs3.60, down 18% YoY, which was in line with estimates. KTrade Securities said in its market wrap that the ongoing border tensions between Pakistan and India dented market sentiment, leading to a sell-off across the board. Pakistan has responded to Indian aggression with countermeasures, including closing the airspace and the Wagah border and rejecting the suspension of Indus Waters Treaty. Banking, oil and gas, fertiliser and cement sectors were the top contributors to the index's decline, with Engro, Hub Power, Bank Alfalah, Mari Petroleum, Fauji Fertiliser, MCB Bank and UBL leading the charge, KTrade observed. JS Global analyst Muhammad Hasan Ather said the KSE-100 index dropped 1.9% amid rising geopolitical tensions and fears over the futures rollover week and earnings season. Despite a brief midday recovery, the index witnessed heightened selling pressure that forced investors to remain cautious. Overall trading volumes decreased to 506.7 million shares as compared with Wednesday's tally of 605.2 million. The value of shares traded during the day was Rs24.5 billion. Shares of 456 companies were traded. Of these, 83 stocks closed higher, 339 fell and 34 remained unchanged. Power Cement led the volume chart with 37.3 million shares, rising Rs0.25 to close at Rs14.45. It was followed by WorldCall Telecom with 31.2 million shares, falling Rs0.02 to close at Rs1.31 and Sui Southern Gas Company with 23.4 million shares, falling Rs0.06 to close at Rs41.05. During the day, foreign investors bought shares worth Rs638 million, the National Clearing Company reported.
Express Tribune
08-04-2025
- Business
- Express Tribune
New oil and gas reserve discovered in North Waziristan
Listen to article Mari Petroleum Company Ltd has announced the discovery of new oil and gas reserves at the Spinkwam-1 well, located in the Lokhart Formation of the Waziristan Block in North Waziristan, Khyber-Pakhtunkhwa, Express News reported on Tuesday. According to initial test results, the well is producing 70.3 million standard cubic feet per day (MMSCFD) of gas and 310 barrels per day (BPD) of condensate at a wellhead flowing pressure of 3,264 psig through a 64/64" choke. Mari Petroleum holds a 55% working interest and operates the block, while Oil and Gas Development Company Ltd (OGDCL) and Orient Petroleum hold 35% and 10% stakes, respectively. Managing Director and CEO of Mari Petroleum, Fahim Haider, described the discovery as a promising development for Pakistan's energy sector. The company's chairman expressed gratitude to the armed forces, federal and provincial governments, joint venture partners, the Directorate General of Petroleum Concessions (DGPC), and the Ministry of Petroleum for their support in facilitating the exploration effort. Last month, Pakistan made a significant breakthrough in its energy sector with the discovery of a second major oil and gas reserve in the Waziristan Block, according to an official statement. MPCL informed the Pakistan Stock Exchange (PSX) in a letter that new hydrocarbon reserves have been found in the Spin Wam-1 well, located in Khyber-Pakhtunkhwa. The letter stated that the well is producing light crude oil and natural gas with a flow pressure of 3,431 pounds per square inch (psi).
Express Tribune
03-04-2025
- Business
- Express Tribune
PM's tariff move lifts stocks to record high
Listen to article Pakistan's stock market on Thursday shot up to a record high as the prime minister's announcement of a tariff reduction of Rs7.41 per unit to revitalise the industrial sector triggered investor interest in attractive companies. Market players also took cue from the inflation data that exhibited an increase of just 0.7% year-on-year (YoY) in the Consumer Price Index (CPI) for March. It was anticipated that the low inflation could result in further monetary easing. Earlier, at the commencement of trading after the weekend and Eid holidays, the bourse encountered selling pressure, fuelled by US President Donald Trump's reciprocal tariffs. Consequently, the KSE-100 index fell to the intra-day low of 117,508 in the very first hour. However, the sentiment shifted after the government announced tariff reduction, driving the index steadily to the intra-day high of 119,179 before the close of trading. Arif Habib Corp MD Ahsan Mehanti wrote that stocks closed at a record high after the PM announced reduction in industrial power tariff and the upbeat inflation data showing only 0.7% YoY rise for March, which would likely lead to further easing of monetary policy. Worries over 29% US reciprocal tariffs on Pakistan and global equity sell-off caused some early pressure but institutional support and government's efforts to address the Rs1.5 trillion circular debt crisis drove the market to a bullish close, he added. At the end of trading, the benchmark KSE-100 index recorded a substantial increase of 1,131.36 points, or 0.96%, and settled at 118,938.11. Topline Securities reported that the KSE-100 index reached a historic peak of 118,938, gaining 1,131 points. The market showed a robust performance, with the index climbing 1,373 points during the day. The surge was driven by the government's decision to lower electricity tariffs, which provided relief to consumers and industries. The market's gains were primarily fuelled by strong performances from United Bank, Meezan Bank, Mari Petroleum, Lucky Cement, and Oil & Gas Development Company, which added 839 points, Topline said. Arif Habib Limited (AHL) stated that despite the global tariff chaos, Pakistan's bull market surged to a new all-time high. The KSE-100 closed on a strong note, where 62 shares rose and 33 fell. United Bank (+8.2%), Meezan Bank (+3.66%), and Mari Petroleum (+1.18%) led the gains. In contrast, Fauji Fertiliser (-0.51%), Systems Limited (-1.2%), and Service Industries (-4.12%) were the main laggards, it said. AHL pointed out that after a weak opening, the market saw eager buyers, encouraged by the PM's electricity price cuts and the International Monetary Fund's nod to measures being taken by Pakistan. Additionally, inflation eased to 0.69%, the lowest in over seven years, taking the index closer to the 120,000 mark. JS Global analyst Muhammad Hasan Ather said that the KSE-100 closed at a record high as investor optimism grew following the government's initiatives. The benchmark index reclaimed the crucial 118,000 and 119,000 levels. Announcements regarding cheaper electricity and efforts to eliminate circular debt fuelled the rally, he said. Robust corporate earnings and a broader economic recovery were likely to sustain market momentum, paving the way for further growth, the analyst added. KTrade Securities, in its market wrap, observed that the bourse made a cautious start amid the imposition of US tariffs on Pakistan. Later, the fortune was largely driven by PM Shehbaz Sharif's announcement of power tariff adjustments, which injected positivity into the market. Additionally, the inflation rate, which stood below 1%, also contributed to the upbeat mood, it said. Overall trading volumes increased to 422.7 million shares compared with Thursday's tally of 330 million. Shares of 452 companies were traded. Of these, 247 stocks closed higher, 154 fell and 51 remained unchanged. The value of shares traded was Rs28.2 billion. Sui Southern Gas Company was the volume leader with trading in 53.2 million shares, gaining Rs3.09 to close at Rs39.71. It was followed by Cnergyico PK with 20.02 million shares, falling Rs0.09 to close at Rs8.17, and Pak Elektron with 15.8 million shares, losing Rs1.57 to close at Rs46.41. During the day, foreign investors sold shares worth Rs216.3 million, the NCCPL reported.
Express Tribune
19-03-2025
- Business
- Express Tribune
Led by local institutions, PSX soars to record
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 Pakistan Stock Exchange (PSX) on Wednesday soared to an all-time high at nearly 118,000 as it extended the winning streak, gaining over 950 points on the back of robust local institutional buying and potential resolution of the longstanding circular debt problem. Heightening prospects of approval of the first International Monetary Fund (IMF) review under the $7 billion Extended Fund Facility boosted investor confidence. It will lead to the release of the second IMF loan tranche of over $1 billion. Additionally, reports of clearing the outstanding dues of independent power producers (IPPs) eased concerns of the energy sector. Key sectors that saw strong buying were cement, commercial banks, oil and gas, fertiliser and power. They helped propel the index to the intra-day high of 118,244. Arif Habib Corp MD Ahsan Mehanti wrote that stocks closed bullish amid speculation about the settlement of Rs1.5 trillion worth of circular debt in the power sector, following reports of IMF's conditional readiness to approve the government's circular debt management plan, under which Rs1.25 trillion would be raised through commercial banks. Higher global crude oil prices and expectations of a reduction in the industrial power tariff played the role of catalysts in bullish close at the PSX, he added. At the end of trading, the benchmark KSE-100 index posted an impressive rise of 972.94 points, or 0.83%, and settled at 117,974.03. Topline Securities reported that the KSE-100 index hit the record high at 117,974, higher by 973 points. The market continued its upward momentum, fuelled by strong buying by local institutions, and peaked at 118,244 during the day. The rally was primarily driven by Hub Power, Mari Petroleum, Engro Holdings, Systems Limited and Pakistan Petroleum, which together contributed 551 points to the index. On the other hand, Fauji Fertiliser Co, Engro Fertilisers and Pakistan Oilfields pulled the index down by 54 points. Arif Habib Limited (AHL) stated that while continuing its rally towards January highs, the KSE-100 index reached close to 118,000. A total of 57 shares rose, while 38 declined. Hubco (+4.8%), Mari Petroleum (+1.83%) and Systems Limited (+2.39%) were the top contributors to the index gains, it said. On the downside, Fauji Fertiliser Company (-0.21%), Engro Fertilisers (-0.39%) and Pakistan Oilfields (-0.59%) were the biggest drags. AHL pointed out that Wednesday's close above 117,900 was the highest on record, with the next target being the intra-day high of 118,700. It expected the upward momentum to gain pace as the market entered a vacuum. JS Global analyst Muhammad Hasan Ather said that bulls continued to dominate the trading floor as the benchmark index managed to close higher for the fifth straight session at an all-time high of 117,974 (+973 points), mainly led by oil & gas, power and fertiliser sectors. The continuation of bullish activities was primarily attributed to the likely resolution of the circular debt issue and approval of the IMF review, he said. Ather advised investors to adopt a "buy-on-dips" strategy and remained positive about the market. KTrade Securities, in its market wrap, observed that the upward trajectory was driven by a better trading activity, progress on the IMF review and the reported release of IPPs' dues, coupled with hopes of a solution to the circular debt issue. Power, oil and gas, cement and banking sectors led the increase in the KSE-100 index, where Hubco, Mari Petroleum, Engro Holdings, Systems Limited, Pakistan Petroleum and Lucky Cement were the top contributors, it said. Overall trading volumes increased to 544.2 million shares compared with Tuesday's tally of 449.5 million. During the day, shares of 449 companies were traded. Of these, 221 stocks closed higher, 157 fell and 71 remained unchanged. The value of shares traded stood at Rs32.3 billion. Pakistan International Bulk Terminal was the volume leader with trading in 52.2 million shares, gaining Rs0.39 to close at Rs11.05. It was followed by Pak Elektron with 36.1 million shares, rising Rs3.19 to close at Rs48.14 and WorldCall Telecom with 30.9 million shares, gaining Rs0.07 to close at Rs1.40. Foreign investors sold shares worth Rs963.9 million.
