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Express Tribune
10 hours ago
- Business
- Express Tribune
KSE-100 index plummets 2,186 points, amid geopolitical tensions
The Pakistan Stock Exchange (PSX) experienced a notable decline on Friday, with the KSE-100 index falling by 1,949.56 points, closing at 122,143.56 amid escalating geo-political tensions that followed Israel's attack on Iran earlier today. The KSE 100 Index ended the day's session registering a decline of 1.57%. The index recorded a high at 123,058.06 points during the day, while the low reached 121,604.59. Trading volume stood at 237,086,212 shares, with a total value of 19,718,824,728. The index had previously closed at 124,093.12. Israel launched an attack on Iran todaytargeting the country's nuclear facilities under the pretext of preventing Tehran from developing atomic weapons. The attack, that killed Iranian nuclear scientists and targetted the top 20 military commanders despite Iran's long-standing insistence that its nuclear-related activity is for peaceful purposes. Israel, which is believed to be the only nuclear armed state in the Middle East, has declared a state of emergency in anticipation of retaliation by Tehran. Earlier on Thursday, the PSX saw a turbulent session, with the benchmark KSE-100 index hitting a record intra-day high of 126,718 before reversing course and closing modestly lower. At the end of trading, the benchmark KSE-100 index lost 259.56 points, or 0.21%, and settled at 124,093.12. The market volatility continues to reflect broader uncertainties tied to global events. Early gains were supported by improved investor sentiment, driven by the budget announcement, robust remittances and monetary policy expectations. However, the rally lost steam as the session progressed, with profit-taking in overheated stocks and geopolitical uncertainty surrounding the Middle East, undermining sentiment. Arif Habib Corp MD Ahsan Mehanti stated that stocks closed under pressure on geopolitical uncertainty and post-budget profit-taking in overbought shares. "The rout in global equities on Middle East tensions, a slump in international crude oil prices and a weak rupee on contracting exports were among the key factors behind the bearish close of the market," he added. JS Global analyst Mubashir Anis Naviwala said that the index hit a high of 126,718 before profit-taking dragged it down by 260 points. The analyst advised investors to watch for key support levels and use dips to accumulate stocks with focus on fertiliser, cement and banking sectors for near-term opportunities.
Express Tribune
2 days ago
- Business
- Express Tribune
PSX crosses 126,000 barrier for first time as record rally continues
Listen to article The Pakistan Stock Exchange (PSX) continued its upward momentum for the third consecutive day on Thursday, with the benchmark KSE-100 index reaching an all-time high of 126,025.99 points during intra-day trading. The index rose by 1,673.31 points, or 1.35%, in early trading, marking a new milestone for the bourse during the intra-day trading. The index reached a daily high of 126,055.32 and a low of 124,807.09. The previous close was recorded at 124,352.68. Trading volume was recorded at 113,574,464 shares, with a total value of 11,375,804,736. Earlier on Wednesday, PSX saw a significant rally, with the KSE-100 index soaring by 2,328 points (1.91%) to an all-time high of 124,352.68, fueled by investor optimism following the federal budget announcement. The budget, which maintained the status quo on equity taxation and increased withholding tax on bank deposits, was welcomed by market participants as it was seen as favourable for capital markets and the economy. Analysts highlighted that the budget's provisions, including projections of a 3.9% fiscal deficit and a Rs1 trillion federal PSDP, added to the bullish sentiment. Read more: PSX at new peak as budget sparks optimism Arif Habib Corp MD Ahsan Mehanti observed that stocks reached a new all-time high, led by across-the-board activity, as investors cheered the status quo on equity taxes and higher withholding taxes on bank deposits in the FY26 budget. Broad-based participation drove the rally, with strong gains in sectors like cement, oil and gas, banking, and fertilisers. Notable stocks such as Lucky Cement, Fauji Fertiliser, and Pakistan Petroleum saw significant gains. Investor confidence was further boosted by the avoidance of new taxes and the continuation of subsidies for key sectors. JS Global analyst Mubashir Anis Naviwala said that the stock market welcomed the budget with strong optimism, breaking all resistance levels to cross the 124,000 mark. A new historic intra-day high of 124,588 was reached before the index settled at 124,353, up 2,328 points. The market experienced a sharp rise in trading volumes, reaching 1.04 billion shares, with a value of Rs46.7 billion. The day's trading also saw a positive trend in shares, with 283 stocks closing higher. However, foreign investors sold shares worth Rs1.1 billion, as reported by the National Clearing Company.
Express Tribune
2 days ago
- Business
- Express Tribune
PSX at new peak as budget sparks optimism
Bulls roared back to the Pakistan Stock Exchange (PSX) on Wednesday as investor appetite grew that propelled the KSE-100 index higher by 2,328 points to an all-time high above 124k. The rally was fuelled by the announcement of federal budget, which maintained status quo on equity taxation and signalled economic recovery. Market players welcomed the avoidance of a major tax burden on capital markets and viewed the increase in withholding tax on bank deposits as a measure that would shift investment to stocks. Arif Habib Corp MD Ahsan Mehanti observed that stocks reached a new all-time high, led by across-the-board activity, as investors cheered the status quo on equity taxes and higher withholding taxes on bank deposits in the FY26 budget. IMF-driven projections of a 3.9% fiscal deficit, low current account deficit, 4.2% GDP growth, Rs86.5 billion in privatisation proceeds and Rs1 trillion federal PSDP drove the bullish momentum, he added. At the end of trading, the benchmark KSE-100 index displayed a surge of 2,328.24 points, or 1.91%, and settled at 124,352.68. JS Global analyst Mubashir Anis Naviwala said that the stock market welcomed the budget with strong optimism, breaking all resistance levels to cross the 124,000 mark. A new historic intra-day high of 124,588 was reached before the index settled at 124,353, up 2,328 points. The rally was driven by broad-based participation, reflecting growing investor confidence. He recommended investors to accumulate stocks on dips in fertiliser, cement and banking sectors. Arif Habib Limited (AHL) Deputy Head of Trading Ali Najib wrote that the bourse acknowledged the FY26 budget with optimism. Investors viewed the budget as "neutral to positive", particularly in light of its alignment with fiscal prudence and IMF reform commitments, he said. Najib pointed out that investor sentiment turned decidedly bullish as the budget did not incorporate new taxes or levies. The continuation of subsidies for key sectors and enhanced clarity on the government's economic direction further boosted market confidence. KTrade Securities, in its report, said that the stock exchange responded positively to the budget, which was seen as supportive for capital markets. Key contribution to the index came from cement, oil and gas, banking and fertiliser sectors, with notable gains in Lucky Cement, Fauji Fertiliser, Pakistan Petroleum, Engro Holdings, Mari Petroleum, Pakgen Power and OGDC. It anticipated continued upward momentum in the current week, driven by investor optimism around the budget and positioning ahead of potential economic tailwinds. Overall trading volumes increased to 1.04 billion shares compared with Tuesday's tally of 593 million. The value of shares traded was Rs46.7 billion. Shares of 478 companies were traded. Of these, 283 stocks closed higher, 157 fell and 38 remained unchanged. Pervez Ahmed Consultancy was the volume leader with trading in 78.3 million shares, rising Rs0.49 to close at Rs2. It was followed by WorldCall Telecom with 55.1 million shares, gaining Rs0.03 to close at Rs1.45 and Sui Southern Gas Company with 45.1 million shares, rising Rs3.74 to close at Rs41.14. Foreign investors sold shares worth Rs1.1 billion, the National Clearing Company reported.
Express Tribune
13-02-2025
- Business
- Express Tribune
Stocks end slightly lower after MSCI review
Listen to article KARACHI: Pakistan Stock Exchange (PSX) on Wednesday experienced volatile trading as the benchmark KSE-100 index see-sawed throughout the day and closed slightly lower by 85 points following the latest MSCI market review. The bourse faced headwinds in the face of a series of challenging factors. Foreign financing outflow weighed on investor sentiment while uncertainty surrounding the Tax Amendment Bill 2024, which seeks to restrict non-filers from investing in the stock market, fueled caution. Additional concerns about foreign debt repayments, EU review of Pakistan's GSP Plus status and political noise contributed to the negative close of the market. The index kicked off trading on a strong note, reaching the intra-day high of 113,436.72. However, as the day progressed, market interest shifted, resulting in a dip that took the KSE-100 to the intra-day low of 112,621.14. Ahsan Mehanti of Arif Habib Corp commented that stocks closed under pressure amid foreign outflows and uncertainty about the proposed Tax Amendment Bill 2024 aimed at restraining non-filers from investing at the PSX. "Concerns over foreign debt repayments, EU review of the GSP+ status, outcome of USAID suspension and political noise contributed to the negative close of the market," he added. At the end of trading, the benchmark KSE-100 index recorded a modest dip of 85.44 points, or 0.08%, and settled at 112,924.94. Topline Securities, in its review, wrote that investor sentiment remained mixed following the latest MSCI review, where Abbott Laboratories and Searle Pakistan were included in the MSCI Frontier Market Index while BF Biosciences, Biafo Industries and Power Cement were added to the MSCI Frontier Market Small Cap Index. However, the review fell short of market expectations, leading to subdued activity, it said. The uptick was largely driven by Pakistan Petroleum, The Bank of Punjab, Pakistan Telecommunication Company, Askari Bank and Maple Leaf Cement, which collectively contributed 202 points to the index. On the flip side, Habib Bank, Hub Power, Millat Tractors, Bank Alfalah, Mari Petroleum and National Bank wiped off 220 points, Topline stated. Arif Habib Limited (AHL) noted that stocks registered a marginal decline following a sharp move higher earlier in the week. Some 44 shares rose while 51 fell with Pakistan Petroleum (+1.84%), The Bank of Punjab (+9.97%) and Pakistan Telecommunication Co (+9.22%) contributing the most to the index gains. Habib Bank (-1.27%), Hub Power (-0.95%) and Millat Tractors (-2.07%) weighed the index down, it said. Following the MSCI index review for February 2025, "Pakistan's weight in the MSCI Frontier Market Index is estimated to be around +6% and in the MSCI Frontier Market Small Cap Index around +11%," AHL added. JS Global analyst Mubashir Anis Naviwala remarked that the PSX experienced a volatile session, reaching the intra-day high of 113,437 before profit-taking dragged it down to 112,621. The KSE-100 index ultimately closed lower by 85 points at 112,925. He recommended a buy-on-dips strategy, particularly in exploration and production, pharmaceutical and fertiliser sectors that appeared poised for an upside potential. Overall trading volumes increased to 669.6 million shares compared with Tuesday's tally of 486.9 million. Shares of 441 companies were traded. Of these, 172 stocks closed higher, 211 decreased and 58 remained unchanged. The Bank of Punjab was the volume leader with trading in 195.5 million shares, rising Rs1.08 to close at Rs11.91. It was followed by Bank Makramah with 46.6 million shares, gaining Rs0.32 to close at Rs4.18 and Pakistan Telecommunication Co with 30.2 million shares, gaining Rs2.09 to close at Rs24.77. During the day, foreign investors sold shares worth Rs433.6 million, the National Clearing Company of Pakistan (NCCPL) reported.
