Latest news with #PakistanPetroleum
Express Tribune
19-05-2025
- Business
- Express Tribune
PSX edges up as budget uncertainty prevails
The Pakistan Stock Exchange (PSX) on Monday began the week with mixed sentiment as investors traded cautiously over pre-budget uncertainty, a widening trade deficit and concerns over the proposed tax measures amounting to Rs700 billion. Despite investor caution over the International Monetary Fund's (IMF) lower growth forecast for FY25, the market showed resilience, with the KSE-100 index posting a slight gain of 40 points at close. Optimism surrounding the monetary easing and circular debt resolution helped maintain some bullish momentum. Ahsan Mehanti of Arif Habib Corp remarked that stocks closed flat amid uncertainty in the pre-budget session, a $3.4 billion trade deficit for April 2025 and geopolitical tensions. Investor concerns over the proposed new tax measures amounting to Rs700 billion alongside the IMF's forecast for a lower 2.6% growth in FY25 impacted market sentiment. However, projections for higher tax collection at 12.6% of GDP, or Rs14.4 trillion, and monetary policy easing played the role of catalysts in positive close at the PSX, he added. At the end of trading, the benchmark KSE-100 index recorded an increase of 40.49 points, or 0.03%, and settled at 119,689.63. In its review, Topline Securities noted that the local bourse was in a consolidation phase as it hovered close to the all-time high. The index moved within a wide range, recording the intra-day high of 636 points and intra-day low of 398 points, before closing up 40.49 points. It said the steady upward bias was supported by investor optimism following the release of a detailed IMF report, which offered a clearer picture of Pakistan's macroeconomic trajectory and policy direction. Adding to the positive sentiment, fresh developments on resolving the circular debt issue once again made headlines, drawing investor interest to key energy and gas sector players including Pakistan Petroleum, Oil and Gas Development Company, Pakistan State Oil, Sui Northern Gas Pipelines and Sui Southern Gas Company. On the upside, Topline added, heavyweights such as Engro Holdings, Pakistan Petroleum and Pakistan State Oil led the charge, collectively contributing 246 points to the index. However, Mari Petroleum, UBL and Lucky Cement erased 224 points. Insight Securities Head of Sales Ali Najib commented that the PSX commenced the week with a range-bound activity as the KSE-100 index floated in a band of 1,035 points. Pakistan's strong external position, current account surplus and lower inflation may spur economic activity and monetary easing, which would boost equities, he said. Overall trading volumes decreased to 425.4 million shares compared with Friday's tally of 572.3 million. The value of shares traded during the day was Rs22.3 billion. Shares of 465 companies were traded. Of these, 222 stocks closed higher, 199 fell and 44 remained unchanged. Fauji Foods was the volume leader with trading in 60.6 million shares, gaining Rs1.11 to close at Rs16.28. It was followed by Crescent Star Insurance with 20.1 million shares, gaining Rs0.13 to close at Rs3.15 and At-Tahur Limited with 18.3 million shares, falling Rs3.70 to close at Rs46.13. During the day, foreign investors sold shares worth Rs24.8 million, the National Clearing Company reported.
Express Tribune
14-05-2025
- Business
- Express Tribune
PSX inches closer to record high
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 The Pakistan Stock Exchange (PSX) followed through on the previous day's record surge with notable gains on Tuesday, buoyed by investor optimism over the easing of war fears between Pakistan and India and assurances from the finance minister about the limited fiscal fallout from the geopolitical tensions. The KSE-100 index soared to an impressive intra-day high of 2,769 points, nearing its all-time high of 120,796, before settling with an increase of 1,278 points, or 1.09%, at 118,576. The recent approval of $2.4 billion in loans by the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) as well as a rally in crude oil prices and upbeat global equities lifted investor sentiment in the local market. Institutional buying, especially by the local mutual funds, and strong participation across key sectors propelled the benchmark index closer to the all-time high. Trading activity remained robust as 684 million shares were traded while the traded value came in at Rs53 billion – the highest in five months. Ahsan Mehanti of Arif Habib Corp stated that stocks closed higher as investors weighed ceasefire talks between Pakistan and India, which resulted in stability, and the finance minister's assurance of a minimal fiscal impact from the conflict. Rupee stability due to the easing of geopolitical tensions and the IMF loan approval, alongside upbeat global equities and a surge in crude oil prices, played the role of catalysts in bullish close at the PSX, added Mehanti. At the end of trading, the benchmark KSE-100 index recorded an increase of 1,278.16 points, or 1.09%, and settled at 118,575.89. In its market review, Topline Securities commented that the bullish momentum from the previous session was carried forward, fuelled by robust institutional buying, particularly from the local mutual funds. This positive sentiment propelled the benchmark index to an impressive intra-day high of 2,769 points, closing at a remarkable 118,576 with an increase of 1,278 points. Key drivers of the rally were heavyweight stocks such as Pakistan Petroleum, Oil and Gas Development Company, Lucky Cement, Pakistan State Oil (PSO) and Mari Petroleum, which contributed 1,177 points to the KSE-100 index, added Topline. In its commentary, Arif Habib Limited (AHL) stated that Monday's follow-through gains touched 120,000 points before coming off, but it still managed to advance 1.09% day-on-day. Some 51 shares rose while 45 fell, with Pakistan Petroleum (+10%), Oil and Gas Development Company (+7.71%) and Lucky Cement (+3.97%) contributing the most to index gains. On the flipside, Bank AL Habib (-2.58%), MCB Bank (-2.27%) and UBL (-1.23%) were the biggest index drags, noted AHL. It added that Lucky Core Industries had announced a 5:1 stock split. Moreover, the government was offering relief to industries and salaried individuals by reducing the super tax in the upcoming federal budget for 2025-26. "The key level to watch for sustainability is 120,000 points, while 113-115,000 points is a zone on watch as potential support," it commented. JS Global analyst Muhammad Hasan Ather remarked that the KSE-100 index surged 2.4% in intra-day trading, continuing its three-session rally and nearing the all-time high of 120,796. The bullish sentiment followed signs of de-escalation in India-Pakistan tensions, which previously weighed on the market. Additionally, the IMF's financial support, including a fresh $1.4 billion under the Resilience and Sustainability Facility, boosted investor confidence, he said. Going forward, stability in geopolitical conditions and continued structural reforms would be the key to sustaining the momentum, with traders eyeing a break above record levels, noted Ather. Overall trading volumes decreased to 684.3 million shares compared with Monday's tally of 732.9 million. Shares of 462 companies were traded. Of these, 221 stocks closed higher, 194 fell and 47 remained unchanged. WorldCall Telecom was the volume leader with trading in 41.7 million shares, falling Rs0.06 to close at Rs1.26. It was followed by Maple Leaf Cement with 41.1 million shares, gaining Rs6.27 to close at Rs75.92 and Sui Southern Gas Company with 35.8 million shares, gaining Rs2.33 to close at Rs32.79. During the day, foreign investors bought shares worth Rs386.8 million, the National Clearing Company reported.
Yahoo
07-04-2025
- Business
- Yahoo
MariEnergies discovers significant gas reserves at Mari Ghazij-1 well in Sindh, Pakistan
MariEnergies has announced a significant gas discovery at the Mari Ghazij-1 exploration well in the Mari Development & Production Lease (Mari D&PL) area in Sindh Province, Pakistan. The company, which operates the Mari D&PL with full ownership, successfully drilled the well to a depth of 1,015m. The well, spudded on 24 November 2022, has established a gas flow rate of 5.1 million standard cubic feet per day through a drill stem test. The wellhead flowing pressure was recorded at 232 pounds per square inch (psi) with a 64/64in choke size. This marks the first dedicated exploratory well targeting multiple Ghazij Limestone units. The concept originated from the Iqbal-1 well, where a thin limestone unit in the Ghazij Formation contributed approximately 500,000 cubic feet per day to the flow. This prompted a detailed study of the limestone units within the Ghazij Formation across the Mari D&PL area. MariEnergies plans to appraise this discovery further to determine its extent and evaluate development options. The company holds a 23% share in the gas market and aims to mitigate declining gas production in Pakistan by maximising current field production and aggressive exploration strategies. In a related development, Pakistan Petroleum (PPL) announced a hydrocarbon discovery in the Shah Bandar Block, Sindh, in November 2024. This marks the third consecutive discovery in the block under PPL's operatorship, enhancing its exploration reputation. The Pateji X-1 exploration well, drilled to 2,475m, targeted the upper sands of the Lower Goru Formation. This discovery is expected to significantly contribute to Pakistan's energy security. PPL operates the Shah Bandar Block with a 63% working interest, alongside joint venture partners Mari Petroleum Company (32%), Sindh Energy Holding Company (2.5%) and Government Holdings (Private) (2.5%). "MariEnergies discovers significant gas reserves at Mari Ghazij-1 well in Sindh, Pakistan" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Express Tribune
26-03-2025
- Business
- Express Tribune
Bourse cheers IMF staff-level agreement
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 saw a significant upswing, where the KSE-100 index gained over 1,100 points, driven by investor optimism following a staff-level agreement with the International Monetary Fund (IMF). The surge was aided by strong performances across key sectors such as commercial banks and oil and gas exploration companies. Reports of potential reserves of $60 billion in the Reko Diq copper and gold mine also lifted the market. The signing of a 28-month arrangement by Pakistan and the IMF under the Resilience and Sustainability Facility (RSF), amounting to $1.3 billion, significantly boosted investor confidence, driving the market to the intra-day high of 118,221 points. Arif Habib Corp MD Ahsan Mehanti wrote that stocks closed bullish after the IMF reached a deal to unlock $1.3 billion under the RSF and $1 billion under the existing Extended Fund Facility (EFF) and due to the government's reduction in March 2025 inflation forecast to 1%. Surging global crude oil prices and an updated feasibility study confirming $60 billion worth of Reko Diq reserves were the additional catalysts for bullish close at the PSX, he added. At the end of trading, the benchmark KSE-100 index posted a handsome rise of 1,139.14 points, or 0.98%, and settled at 117,772.31. Topline Securities reported that the stock market performed strongly, with the benchmark index reaching a high of 1,588 points. The surge was fuelled by investor optimism following a staff-level agreement with the IMF, which boosted market confidence. The rally was primarily driven by United Bank, Oil and Gas Development Company (OGDC), Pakistan Petroleum, Mari Petroleum and Meezan Bank, it said. Arif Habib Limited (AHL) stated that the KSE-100 saw more gains after testing the 115-116k support. A total of 60 shares rose while 33 fell, with United Bank (+5.79%), OGDC (+3.82%) and Pakistan Petroleum (+4.22%) leading the gains. Conversely, Bank Alfalah (-2.22%), Engro Fertilisers (-0.68%) and Service Industries (-2.95%) were the major drags. AHL pointed out that Pakistan and the IMF reached a staff-level agreement on the first review of the ongoing 37-month, $7 billion EFF, which is subject to the executive board approval, following which $1 billon would be disbursed. In addition to that, Pakistan and the IMF also signed a new 28-month arrangement under the RSF, amounting to $1.3 billion. AHL expects the market to continue trending higher, potentially reaching the 120k range. JS Global analyst Muhammad Hasan Ather said bulls took charge of the trading floor as sentiment improved following the IMF's staff-level agreement. Additionally, optimism was fuelled by a feasibility study conducted by Oil and Gas Development Company and Pakistan Petroleum on the Reko Diq mine potential. Buying activity was primarily concentrated in the oil and gas and banking sectors. Looking ahead, Ather asked investors to capitalise on gains at higher levels, particularly ahead of Eid holidays. KTrade Securities, in its market wrap, observed that the upward momentum was driven by Pakistan's progress in unlocking the IMF review, paving the way for a second loan installment along with additional funds for battling climate change. Oil and gas, banking and power sectors led the index's rise, with United Bank, OGDC, Pakistan Petroleum, Meezan Bank, Mari Petroleum and Hub Power being the top contributors. Overall trading volumes increased to 356.7 million shares compared with Tuesday's tally of 268.1 million. Shares of 438 companies were traded. Of these, 206 stocks closed higher, 167 fell and 65 remained unchanged. The value of shares traded during the day stood at Rs37.5 billion. Pak Elektron was the volume leader with trading in 29.2 million shares, gaining Rs1.58 to close at Rs47.48. It was followed by Pakistan State Oil with 26.9 million shares, gaining Rs1.06 to close at Rs419.93 and Cnergyico PK with 17.5 million shares, rising Rs0.06 to close at Rs8. Foreign investors bought shares worth Rs650.9 million, the NCCPL reported.
Express Tribune
27-02-2025
- Business
- Express Tribune
Stocks retreat after two-day rally
Listen to article Pakistan Stock Exchange (PSX) on Wednesday experienced a volatile trading session as profit-taking halted the recent rally, causing a decline of over 650 points in the benchmark index. Following two days of strong buying by local mutual funds, investors opted to book profit, which resulted in fluctuations throughout the session. The KSE-100 index oscillated between the intra-day high of 234 points and intra-day low of 678 points. "Stocks closed bearish amid uncertainty about the outcome of IMF talks pertaining to FY26 federal budget proposals," said Ahsan Mehanti of Arif Habib Corp. Weak global equities and crude oil prices amid geopolitical risks and uncertainty about tax reforms ahead of the release of next IMF loan tranche played the role of catalysts in bearish close at the PSX. At the end of trading, the benchmark KSE-100 index recorded a decline of 665.76 points, or 0.58%, and settled at 113,862.33. Arif Habib Limited (AHL) wrote in its report that continued resistance at the 115,000 level forced a retreat to 114,000. On KSE-100, 37 shares rose while 59 fell, with Pakgen Power (+8.95%), Cnergyico PK (+7.85%) and Interloop Limited (+4.63%) contributing the most to index gains. On the other hand, OGDC (-2.09%), Pakistan Petroleum (-2.21%) and Mari Petroleum (-1.33%) were the biggest drags, it said. Hubco (-0.07%) reported 1HFY25 earnings per share (EPS) of Rs17.99, reflecting a 28% year-on-year decline, along with dividend per share of Rs5. For 2QFY25, the company posted EPS of Rs3.25, a significant 72% year-on-year drop, which came in below expectations. Topline Securities reported that the market rally paused as profit-taking sparked volatility after two days of strong buying by local mutual funds. The benchmark index fluctuated between the intra-day high of 234 points and intra-day low of 678 points before settling at 113,862, down 666 points, or 0.58%, it said. The downward movement was primarily driven by Engro Holdings, OGDC, Pakistan Petroleum, Mari Petroleum and PSO, which collectively shaved 417 points off the index. Hubco announced 2QFY25 EPS of Rs3.25, which fell short of expectations due to lower gross profits and higher other expenses. However, the company declared a dividend of Rs5 per share, exceeding industry estimates, added Topline. Muhammad Hasan Ather of JS Global commented that the KSE-100 index shed 666 points, which was driven by notable selling in key sectors including banks and exploration & production. Major stocks such as Engro Holdings, OGDC, Pakistan Petroleum, Mari Petroleum and PSO traded in the red. The upcoming IMF mission's review of the $7 billion Extended Fund Facility and the 2025-26 budget are expected to influence market sentiment. "The outlook hinges on successful negotiations and economic reforms," he said. KTrade wrote in its report that the lack of buyer strength continued to dent market sentiment, adding that approval of the IMF tranche remained a key catalyst for the market to make a sustainable recovery. Overall trading volumes were recorded at 640.2 million shares compared with the previous session's tally of 496 million. Total traded value for the day stood at Rs22.7 billion. Shares of 446 companies were traded. Of these, 126 stocks closed higher, 260 declined and 60 remained unchanged. Cnergyico PK led the volume chart with 83.9 million shares, gaining Rs0.56 to close at Rs7.69. It was followed by Pakistan International Bulk Terminal with 49.3 million shares, gaining Rs0.41 to close at Rs9.08 and Sui Southern Gas Company with 39.4 million shares, up Rs2.72 to close at Rs34.18. Foreign investors bought shares worth Rs9 million.
