Latest news with #PSX
Business Recorder
an hour ago
- Business
- Business Recorder
PSX sees mild recovery
KARACHI: The PSX saw a mild recovery last week ended on May 30, supported by improved economic policy clarity. However, gains remained limited as investors braced for potential tax-related announcements in the upcoming Federal Budget. The benchmark KSE-100 Index closed at 119,691 points on Friday, recording a gain of 588 points or 0.49 percent on a week-on-week (WoW) basis, up from 119,102.67 points at the close of the previous. Meanwhile, average daily trading volumes increased by 35 percent WoW, rising to 662 million shares compared to 491.5 million shares in the preceding week. Market capitalization rose by Rs. 118 billion during the week, reaching Rs. 14.503 trillion compared to Rs. 14.385 trillion in the previous week. BRIndex100 also gained 103.45 points during the last week to close at 12,842.51 points compared to 12,739.06 points a week earlier. Average daily turnover at BRIndex100 was 575.59 million shares. BRIndex30 up by 288.93 points on a week-on-week basis to 37,794.85 points with the daily average share trading volumes of 432 million. Analysts noted that despite the uptick, the market remained largely range-bound, moving within a narrow band of 1,770 points, weighed down by uncertainty surrounding potential revenue measures in the Federal Budget FY26. Investors remained cautious ahead of the upcoming federal budget amid growing concerns over proposed tax measures. On the economic side, the week commenced with 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. However, the virtual negotiations are continuing, with both sides to focus on measures to enhance tax revenues and curtailing expenditures. Meanwhile, China reaffirmed its commitment to refinance $3.7 billion in commercial loans denominated in the Chinese currency, before the end of June-2025. In other developments, the SBP's net buying from the currency markets stood at $223 million in Feb-2025 to further strengthen foreign exchange reserves, bringing the cumulative purchases of $5.9 billion during 8 months of FY25. In the recently held T-bill auction, SBP raised Rs772 billion against the target of Rs650 billion, with yields remaining largely flat across different maturities. Moreover, SBP reserves also rose by $70 million week on week to $11.52 billion. According to AHL Research, the KSE-100 index remained range-bound throughout the week, weighed down by uncertainty regarding potential revenue measures in the upcoming Federal Budget FY26. Foreign investors remained net sellers during the week, recording an outflow of $5.57 million, which was largely absorbed by local buyers. Overall, sentiment stayed cautious as market participants awaited clarity on fiscal policies and tax reforms expected in the upcoming budget announcement. While analyzing on the monthly basis, Topline sales desk stated that the benchmark KSE 100 Index gained 7.5 percent on month on month (MoM) basis, this gain can be attributed to cut in policy rate by 100bps by SBP to 11 percent in its monetary policy meeting, citing the improvement in inflation outlook relative to the previous assessments and approval of first review of EFF by IMF board along with a new facility under Resilience and Sustainability Facility of $1.4 billion. Analysts at AHL Brokerage house stated that market is expected to remain positive in the coming weeks, with developments around the upcoming federal budget likely to drive short-term sentiment, along with room for more rate cut in the upcoming Monetary Policy Committee (MPC) meeting as it forecasted inflation stands at 7.0 percent in next fiscal year. The KSE100 is anticipated to sustain its upward trajectory, with a target of 165,215 points by December 2025, primarily driven by strong earnings in fertilizers, sustained ROEs in banks, and improving cash flows of E&Ps and OMCs, benefiting from falling interest rates and economic stability, they added. Copyright Business Recorder, 2025
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.
Yahoo
2 days ago
- Business
- Yahoo
Jim Cramer Notes 'Valero (VLO)'s Already Had Too Much of a Run'
We recently published a list of . In this article, we are going to take a look at where Valero Energy Corporation (NYSE:VLO) stands against other stocks that Jim Cramer discusses. When a caller asked for Cramer's opinion on Valero Energy Corporation (NYSE:VLO), he replied: 'You know I'd rather be in the Phillips, the PSX. See, that's kind of a battle going on there, you know, and we can see what happens. I think Valero's already had too much of a run.' Massive storage tanks filled with crude oil and diesel fuels at an oil refinery. Valero (NYSE:VLO) produces and markets petroleum-based and low-carbon transportation fuels, petrochemicals, renewable diesel, and ethanol. It distributes its products under various brand names. The company also supplies co-products like distillers grains and corn oil for animal feed. On May 23, BofA increased its price target on VLO from $121 to $143 and maintained a Neutral rating. The firm updated its estimates for refiners and mentioned that its 2025 and 2026 EBITDA forecasts remain below consensus. It noted that price targets for Chevron, ExxonMobil, and Occidental saw minimal changes. However, the firm raised targets for refiners since the firm's outlook no longer assumes a severe recession. Overall, VLO ranks 6th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of VLO as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than VLO and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
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
2 days ago
- Business
- Business Recorder
PSX extends winning streak
KARACHI: The Pakistan Stock Exchange (PSX) ended the week on a positive note as investor sentiment stayed upbeat, fueled by optimism over the upcoming budget and fresh investment pledges pouring in from abroad. The benchmark KSE-100 Index rose by 719.69 points, or 0.60 percent, to close at an impressive 119,691 points, up from 118,971 points in the previous session. During the intraday trading, the index touched high level of 119,913 points and a low level of 118,772 points. On Friday, BRIndex100 ended at 12,842.51 points, which was 89.17 points or 0.7 percent higher than the previous close with the total volume of 489.356 million shares. BRIndex30 also increased by only 2.57 points or 0.01 percent to settle at 37,794.85 points with the total share trading volume of 79.666 million. Mubashir Anis, analyst at JS Global, credited the market's upward trajectory to improved investor sentiment driven by a stabilizing economic outlook and optimism surrounding the upcoming federal budget. He noted that this positive sentiment translated into a robust and broad-based rally throughout the trading session, with healthy participation from across key sectors. The total volume of the traded shares declined to 580.318 million on Friday as compared to 741.654 million shares on Thursday. While the traded value also declined to Rs 22.743 billion on Friday from Rs 23.911 billion on the last trading day. However, the overall market capitalization saw an increase of Rs 77 billion, reaching to Rs 14.503 trillion on Friday, compared to Rs 14.426 trillion on Thursday. Out of 474 actively traded companies, share prices of 259 companies rose, 161 declined, while 54 remained unchanged. Top positive contributions to the index came from FFC, MEBL, HUBC, PKGP, ENGROH and MCB, as they cumulatively contributed 668 points to the index. Among the top traded companies, WorldCall Telecom. ranked first with 79.666 million shares closing at Rs 1.37, followed by K-Electric Ltd, of which 47.700 million shares were traded and it closed at Rs 5.32. Cnergyico PK ranked third and closed at Rs 7.86 with 35.756 million shares turnover. PIA Holding Company LimitedB recorded the highest gains increase by Rs 2,670.41 and closed at a new high of Rs 29,374.54 followed by Khyber Textile Mills Limited whose share price value closed at Rs 2,790.71, up by Rs 253.70. Moreover, Rafhan Maize Products Company Limited and Sapphire Fibres Limited faced prominent losses with share values decreased by Rs 147.42 and Rs 61.74 respectively to close at Rs 9,960.91 and Rs 1,011.89. Meanwhile, BR Automobile Assembler Index closed at 21,287.33 points with a net negative change of 81.64 points or 0.38 percent with the total turnover remaining 3.613 million shares. BR Cement Index gained 90 points or 0.88 percent to settle at 10,317.36 points with a total turnover of 58.092 million. BR Commercial Banks Index closed at 34,990.77 points up by 291.51 points or 0.84 percent with a total turnover of 23.827 million shares. Meanwhile, BR Power Generation and Distribution Index ended at 20,362.78 points with a net positive change of 355.49 points or 1.78 percent with total turnover of 54.752 million shares. BR Oil & Gas Index closed at 11,508.64 points with a net negative change of 0.35 points on 26.888 million shares turnover. While BR Technology & Communication Index finished at 5,022.77 points marking a negative change of 26.32 points or 0.52 percent, with total turnover of 127.320 million shares. In its commentary, Darson Securities Ltd reported that the Pakistan Stock Exchange (PSX) experienced a range-bound trading session amid mixed investor sentiment driven by uncertainties surrounding upcoming Federal Budget. Despite an initial decline, buyers quickly asserted themselves, propelling the index by marking a gain of 942.47 points. While, Ahsan Mehanti of AHL said stocks closed bullish led by blue chip scrips in oil, banking and fertilizers sector amid hopes for positive federal budget announcements. Budgetary relief for oil refineries, real estate, agri-sector, proposed levy of 1.5pc tax on imports to support industries and rupee stability played a catalyst role in bullish close at PSX, he added. Copyright Business Recorder, 2025
