Latest news with #OilandGasDevelopmentCompany
Express Tribune
11 hours ago
- Business
- Express Tribune
PSX extends bullish momentum as week opens
The Pakistan Stock Exchange (PSX) opened the week on a positive note on Monday, with the benchmark KSE-100 index rising 1,274.79 points, or 0.88%, current index at 146,657.58 during intra-day trading. The index touched an intra-day high of 146,762.78 and a low of 145,258.49, compared with the previous close of 145,382.79. Market volume was recorded at 244,438,330 shares, with a total value of Rs 25.23 billion. The market remains open. Earlier, PSX wrapped up the week on a bullish note, with the benchmark KSE-100 index breaching the 145,000 mark amid strong institutional buying, handsome corporate earnings and improved macroeconomic sentiment. Gains were further bolstered by record remittances for July, a sharp jump in textile exports and optimism about government reforms, including a major reduction in circular debt and an ambitious privatisation road map. On a day-on-day basis, the PSX started the week by breaching the 142,000 level, another all-time high, with a rise of 1,018 points as Oil and Gas Development Company (OGDC) received its first term finance certificate (TFC) payment of Rs7.7 billion, signalling strong financial health. On Tuesday, the market extended gains as the KSE-100 index ended at 143,037, up 985 points. Investor confidence was supported by robust inflows and a nine-year low fiscal deficit of 5.38% for FY25. The record-breaking rally continued the next day as well, where the index broke another key psychological level of 145,000, reflecting a surge of 2,051 points. However, the bourse took a breather on Thursday, closing at 145,647, up a modest 559 points, as Pakistan recorded a trade deficit of $2.8 billion in July. The PSX ended the week by consolidating around 145k on Friday, with the index standing at 145,383, down 264 points. Investors displayed caution, reacting to recent macroeconomic developments by shifting focus across sectors and booking profits selectively.
Express Tribune
4 days ago
- Business
- Express Tribune
Record-setting rally continues at PSX
Listen to article The Pakistan Stock Exchange (PSX) continued its remarkable ascent on Thursday as the KSE-100 index surged 0.39% to an all-time high of 145,647 points. The rally was driven by strengthening sentiment, robust corporate earnings and improving macroeconomic fundamentals. The momentum followed the government's move to soften its tax enforcement campaign through mandatory consultation with the business community prior to arrests in tax fraud cases, a step seen as fostering a business-friendly environment. After oscillating between intra-day high of 146,081 and low of 145,250, the benchmark KSE-100 index posted a gain of 558.64 points and settled at 145,647.14. Arif Habib Corp MD Ahsan Mehanti commented that stocks closed at a new record high as investors weighed a 17% year-on-year (YoY) surge in exports for July 2025. "Rupee stability, surging global crude oil prices and equities, and expected positive outcome of the Pakistan-US tariff deal drove the bullish close at the PSX," he said. KTrade Securities, in its market wrap, wrote that the bourse had another positive session as the KSE-100 index gained 559 points to close at 145,647. Early gains were fuelled by investor optimism following news of US President Donald Trump raising tariffs on Indian goods to 50%, which is considered favourable for Pakistan's export-oriented sectors, it said. The index touched intra-day high of 146,081 before some profit-taking set in. However, in the latter part of the session, oil stocks gained traction amid reports of progress on circular debt payments. Key contributors included Pakistan Petroleum, Pakistan State Oil and Oil and Gas Development Company. With strong momentum and growing investor confidence, KTrade expected the bullish trend to continue in the coming days. Topline Securities reported that the bullish momentum from previous sessions was carried through, underpinned by strong institutional inflows, particularly from local mutual funds. This sustained optimism propelled the benchmark KSE-100 index to intra-day high of 993 points. Later, it closed at an all-time high of 145,647, up 559 points, it said. The rally was largely fuelled by index heavyweights including Pakistan Petroleum, Habib Bank, Engo Fertilisers, Systems Limited and Oil and Gas Development Company, which contributed 738 points. Market participation remained vibrant, with total traded volumes reaching 713 million shares and traded value hitting Rs55.7 billion, Topline added. Arif Habib Limited (AHL) noted that stocks continued their upward trajectory, hitting the 146,000 mark in intra-day trading. Some 52 stocks rose and 47 fell, where key contributors to index gains were Pakistan Petroleum (+5.22%), Habib Bank (+2.86%), and Engro Fertilisers (+3.36%). In major news, AHL mentioned, Maple Leaf Cement reported FY25 earnings per share (EPS) of Rs10.98, reflecting a 69% YoY growth and exceeding market expectations. After seven consecutive sessions of strong, one-sided price action, near-term support for the index rose to 145,000 points. Some consolidation during Friday's session would be considered healthy. As the market heads into the final session of the week, the KSE-100 is up 3.27% week-to-date, AHL added. JS Global analyst Mubashir Anis Naviwala observed that the PSX rally was fuelled by strong corporate results, boosting investor confidence across the board. Exploration and production stocks remained in the limelight, leading sector-wise gains, he said. Shares of 483 companies were traded. Of these, 221 stocks closed higher, 235 declined and 27 remained unchanged. The value of shares traded was Rs55.7 billion. Pakistan Petroleum was the volume leader with trading in 33.1 million shares, rising Rs9.41 to close at Rs189.74. It was followed by WorldCall Telecom with 25.4 million shares, losing Rs0.01 to close at Rs1.43 and Fauji Foods with 24 million shares, gaining Rs0.28 to close at Rs16.04. Foreign investors sold shares worth Rs2 billion, the National Clearing Company reported.
Express Tribune
03-07-2025
- Business
- Express Tribune
Stocks continue bull-run, reach fresh peak
Listen to article Positive momentum continued at the Pakistan Stock Exchange (PSX) on Thursday as the KSE-100 index extended its upward trajectory to close at a new all-time high with addition of 342.63 points. Investor sentiment remained robust, which propelled the benchmark index to intra-day high of 131,325. At close, the market settled at 130,686.66, higher by 0.26%. The rally was led by index-heavy sectors, particularly oil & gas, banking and power. However, overall trading remained mixed. Among major triggers, Pakistan's foreign exchange reserves jumped $5.1 billion to $14.5 billion by the end of FY25. This rise reflects improvement in the current account balance and the realisation of planned inflows. Market Snapshot – July 3, 2025 Unlock today's market moves and stay one step ahead! — PSX (@pakstockexgltd) July 3, 2025 KTrade Securities wrote in its report that the bourse experienced a mixed day as the KSE-100 index encountered general profit-taking, especially in the banking segment. Notable gains were witnessed in the oil & gas and power categories where Oil and Gas Development Company, UBL, Hub Power, Pakistan Petroleum and Askari Bank added the most points. The report predicted a broadly optimistic outlook, contingent on continued geopolitical stability. Arif Habib Limited Deputy Head of Trading Ali Najib commented that the PSX witnessed a tug of war between bulls and bears throughout the session. Ultimately, the bulls prevailed, lifting the benchmark index by 343 points (+0.26%) to close at 130,687. The session opened on a positive note following the State Bank of Pakistan's announcement a day ago that its foreign exchange reserves stood at $14.5 billion at the close of FY25, in line with the commitment given to the International Monetary Fund (IMF), it mentioned. The upbeat development triggered a bullish rally, pushing the index to intra-day high of 131,325 (+981 points, or 0.75%). However, the optimism proved short-lived as profit-taking set in, dragging the index to intra-day low of 129,776 (-568 points, or 0.44%), before buyers regained control. Top contributors to the index included Oil and Gas Development Company, UBL, Hub Power, Pakistan Petroleum and Askari Bank, which collectively added 487 points. On the flip side, Bank AL Habib, MCB Bank, Meezan Bank, HBL and Millat Tractors pulled the index down by 493 points, AHL added. Overall trading volumes decreased to 899.8 million shares compared with Wednesday's tally of 1.03 billion. The value of shares traded was Rs43.3 billion. Shares of 468 companies were traded. Of these, 216 stocks closed higher, 236 fell and 16 remained unchanged.
Express Tribune
15-04-2025
- Business
- Express Tribune
Bourse extends gains on rating upgrade
Shares of 340 companies were traded. At the end of the day, 93 stocks closed higher, 233 declined and 14 remained unchanged. PHOTO: FILE Listen to article Pakistan Stock Exchange (PSX) on Tuesday continued its upward momentum as investors remained optimistic in the backdrop of positive triggers, particularly the upgrade of Pakistan's long-term foreign currency issuer default rating to "B-" with a stable outlook. Analysts mentioned that a surge in global equities, alongside easing inflation and upbeat remittances data, drove the rally. The benchmark KSE-100 index, following continuous fluctuations, reached its intra-day high at 117,362 points after midday. Later, it started descending gradually and hit the day's low at 116,646 just before close. It ended the day with a gain of 385 points at 116,775. According to Ahsan Mehanti of Arif Habib Corp, stocks closed higher in the earnings season rally amid reports of Fitch Ratings' upgrade of Pakistan's long-term foreign currency issuer default rating to "B-" with a stable outlook. He added that surging global equities, upbeat remittances data and lower inflation played the role of catalysts in bullish close at the PSX. At the end of trading, the benchmark KSE-100 index recorded an increase of 385.47 points, or 0.33%, and settled at 116,775.50. In its review, Topline Securities commented that the PSX ended on a strong note, with the KSE-100 index gaining 385 points. The positive momentum was supported by the stability in global markets and the onset of corporate results season, prompting investors to take fresh positions. Gains were largely driven by key index movers including Engro Holdings, Lucky Cement, Oil and Gas Development Company, TRG Pakistan and Pakistan State Oil (PSO), which added 325 points, it said. In its report, Arif Habib Limited (AHL) remarked that early gains failed to sustain above the 117,000 level and the "Monday Tariff Gap" continued to cap gains. Some 51 shares rose while 45 fell on KSE-100. Lucky Cement (+1.58%), TRG Pakistan (+6.28%) and Oil and Gas Development Company (+1.08%) contributed the most to the index gains while Hub Power (-0.89%), Meezan Bank (-0.82%) and Mari Petroleum (-0.58%) were the biggest drags, AHL noted. It added that Fitch upgraded Pakistan's long-term foreign currency debt rating to B- from CCC+. The upgrade reflects Fitch's increased confidence that Pakistan will sustain its recent progress on narrowing budget deficits and implementing structural reforms, supporting its IMF programme performance and funding availability. Additionally, the government forecast production of 28.6 million tons of wheat, a decrease of 10.6% year-on-year. The brokerage house said that the "Monday Tariff Gap" between 117,600 and 118,600 points remained the key level for the current week. JS Global analyst Muhammad Hasan Ather stated that KSE-100 continued its upward trajectory, rising 0.8% to reach the intra-day high of 117,362 amid strong trading volumes. It was fuelled primarily by record-breaking remittances of $4.1 billion and the SBP governor's projection of $14 billion in foreign currency reserves by June 2025. Market sentiment received additional support from the Fitch rating upgrade. With improving external accounts and strong liquidity flows, "we expect continued positive momentum in the market, particularly in banking and export-oriented sectors", the analyst said. Overall trading volumes decreased to 479.5 million shares compared with Monday's tally of 484.5 million. The value of shares traded during the day was Rs30.4 billion. Shares of 447 companies were traded. Of these, 219 stocks closed higher, 174 fell and 54 remained unchanged. Cnergyico PK was the volume leader with trading in 32.1 million shares, falling Rs0.11 to close at Rs8.53. It was followed by TRG Pakistan with 21.5 million shares, gaining Rs4.01 to close at Rs67.90 and The Bank of Punjab with 20.8 million shares, falling Rs0.19 to close at Rs11.17. During the day, foreign investors sold shares worth Rs527 million, the National Clearing Company reported.
Express Tribune
25-03-2025
- Business
- Express Tribune
OGDC raises funding for Reko Diq project
Listen to article The board of directors of Oil and Gas Development Company (OGDC) has approved an increase in the firm's funding commitment to $627 million, including the project financing cost, which reflects its proportional share of total capital investment in the multibillion-dollar Reko Diq copper and gold mining project. The approval came in the wake of completion of an updated feasibility study on the Reko Diq project, located in Chagai, Balochistan. The increase in investment takes into account the estimated rise in copper and gold prices, which will help offset higher project costs. Equity contribution by company shareholders, after considering project financing, is expected to be $349 million (to be adjusted for actual project financing costs and inflation). OGDC on Tuesday announced the completion of the updated feasibility study, marking a significant milestone in Pakistan's journey towards unlocking one of the world's largest copper and gold reserves. OGDC holds an 8.33% shareholding in the Reko Diq project as part of a collective 25% stake held by three Pakistani state-owned enterprises, which also include Pakistan Petroleum Limited and Government Holdings (Private) Limited. The interest of state units is managed through Pakistan Minerals (Private) Limited. Out of the remaining 75% stake, 25% is held by the government of Balochistan (15% on a fully funded basis through Balochistan Mineral Resources Limited and 10% on a free carried basis) and 50% is with Barrick Gold Corporation – the operator of the project. The updated feasibility study outlines a mine life of 37 years, divided into two phases. Phase-I entails an estimated capital outlay of $5.6 billion (excluding financing costs and inflation) and is expected to commence operations in 2028. A limited-recourse financing facility of up to $3 billion is being pursued, with the remaining funding to be provided through shareholder contribution. Negotiations for project financing are ongoing. The project will leverage five of the 15 currently identified porphyry surface expressions under the current mining lease, which highlights a substantial future growth potential. Phase-II is planned to be funded through a mix of revenue generation from the project, additional financing and shareholder contribution (if required). Under the updated feasibility study, phase-I is planned to process 45 million tonnes of mill feed annually from 2028. By 2034, phase-II is planned to double the processing capacity to 90 million tonnes per annum. Based on the existing reserves, the Reko Diq project is expected to churn out 13.1 million tonnes of copper and 17.9 million ounces of gold over the life span of the mine (on a 100% basis). The completion of the feasibility study represents a major achievement for the Reko Diq project, reinforcing its potential to generate long-term economic benefits, create jobs and ensure enhanced revenue streams for Pakistan.
