Latest news with #Rs37.6
Express Tribune
4 days ago
- Business
- Express Tribune
PSX at new peak over budget hopes
Foreign institutional investors were net buyers of Rs37.6 million worth of shares during the trading session. PHOTO: AFP Listen to article The Pakistan Stock Exchange (PSX) continued its record-breaking run on Wednesday as the benchmark KSE-100 index closed at an all-time high at nearly 121,800 points. Investor sentiment remained upbeat ahead of the federal budget, buoyed by expectations of fiscal relief measures and encouraging macroeconomic indicators. The rally was supported by a 10% year-on-year increase in petroleum product sales for May, rising cement exports and the Asian Development Bank's (ADB) approval of a $800 million financing package. Broader market gains were also driven by speculation about tax rationalisation and power tariff adjustments. Arif Habib Corp MD Ahsan Mehanti observed that stocks closed at a new all-time high in a pre-budget rally, led by across-the-board activity, as investors weighed tax relief, power tariff cuts and the prime minister's hint at progress in budget talks with the International Monetary Fund (IMF). "The record bullish close was driven by a 10% surge in petroleum sales for May, rising cement exports and the approval of ADB's $800 million financing that will be supportive for rupee stability," he added. At the end of trading, the benchmark KSE-100 index advanced 1,347.99 points, or 1.12%, and settled at 121,798.87. Topline Securities noted in its review that the bullish momentum from the previous session was carried forward, fuelled by robust buying from local institutions and corporates, as indicated by the National Clearing Company data. The key drivers of the rally included heavyweight stocks such as National Bank, Bank AL Habib, Systems Limited, Lucky Cement and MCB Bank, which contributed 586 points to the index, it said. Arif Habib Limited (AHL) commented in its report that the KSE-100 extended gains after breaching the 120,000 mark, rising 1.7% week-on-week ahead of the final session before Eid holidays. Some 61 shares rose while 37 fell with National Bank (+10%), Bank AL Habib (+3.42%) and Systems Limited (+3.38%) contributing the most to index gains. In contrast, Habib Metropolitan Bank (-2.48%), Pakistan Oilfields (-0.66%) and National Foods (-2.67%) were the biggest drags. Among corporate news, Big Bird Foods (+3.45%) announced direct export access to Alibaba's global B2B platforms while Cherat Cement (+4.49%) expressed interest in acquiring Attock Cement (-0.03%). AHL expects that the 120k level will be built as a support and the index may advance to 130k. KTrade Securities wrote in its market wrap that the KSE-100 index marked another historic session, closing at a new all-time high, driven primarily by strong performances in mainboard stocks, particularly the banking sector. The sectors showing notable strength included commercial banks, technology, oil and gas and cement. Investor sentiment still remains measured amid uncertainty ahead of the federal budget announcement, it said. JS Global analyst Mubashir Anis Naviwala said that the KSE-100 surged at the commencement of trading and maintained a strong momentum, hitting a new intra-day high and settling at a record close at 121,799. With this powerful breakout above previous highs, the index is poised for continued upward momentum, potentially attracting increased institutional flows, he said. He asked investors to capitalise on intra-day dips and accumulate fundamentally strong stocks in fertiliser, cement and banking sectors to benefit from the current upward trend. Overall trading volumes increased to 710.6 million shares compared with Tuesday's tally of 578.2 million. The value of shares traded was Rs35.2 billion. Shares of 475 companies were traded. Of these, 264 stocks closed higher, 170 fell and 41 remained unchanged. Sui Southern Gas Company was the volume leader with trading in 51.6 million shares, rising Rs2.11 to close at Rs38.42. It was followed by Fauji Foods with 51.4 million shares, gaining Rs0.56 to close at Rs16.75 and K-Electric with 41.4 million shares, rising Rs0.09 to close at Rs5.41. Foreign investors sold shares worth Rs946 million, the National Clearing Company reported.
Express Tribune
25-02-2025
- Business
- Express Tribune
PSX modestly higher over economic cues
Foreign institutional investors were net buyers of Rs37.6 million worth of shares during the trading session. PHOTO: AFP Listen to article Pakistan Stock Exchange (PSX) on Tuesday closed modestly higher as it took cue from robust financial results in key sectors. The KSE-100 index reached the high of 115,890 during the day, before settling at 114,528, an increase of 198 points. Bullish activity was driven by several factors including an anticipated reduction in industrial power tariffs, low inflation, the potential privatisation of state-owned enterprises (SOEs) and the upcoming International Monetary Fund (IMF) review. Analysts expressed optimism about the market's trajectory, predicting further upward movement based on current trends and anticipated developments. Ahsan Mehanti of Arif Habib Corp commented that stocks closed higher in an earnings season rally amid robust financials in fertiliser, cement, oil and banking sectors. He added that expectations of reduction in industrial power tariffs, alongside thin inflation for February 2025, potential privatisation of SOEs and positive indicators ahead of IMF review next week 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 197.98 points, or 0.17%, and settled at 114,528.09. In its review, Topline Securities stated that the KSE-100 index showed an upward trend, supported by local fund buying, as reported by the National Clearing Company on Monday. It reached the high of 115,890 points before closing at 114,528. The rise was largely driven by Bank AL Habib, MCB Bank, Oil and Gas Development Company, Maple Leaf Cement and Mari Petroleum, which together contributed 296 points. In contrast, Fauji Fertiliser Company, Hub Power and TRG Pakistan erased 146 points, it said. Arif Habib Limited (AHL) reported that KSE-100 made more upside progress as it reached the high of 115,800 during the day. Some 51 stocks rose while 45 fell, with Bank AL Habib (+2.73%), MCB Bank (+1.96%) and Oil and Gas Development Company (+1.41%) contributing the most to index gains. On the other hand, Fauji Fertiliser Company (-0.54%), Hub Power (-1.15%) and TRG Pakistan (-5.07%) were the biggest drags, it observed. AHL added that Fauji Cement (-2.38%) reported 1HFY25 earnings per share (EPS) of Rs2.96, an increase of 38% year-on-year, which was in line with expectations. "We are looking for a close above 115,000 points this week to set up a move towards old highs. The current setup indicates minimal downside and upside acceleration," it commented. JS Global analyst Muhammad Hasan Ather remarked that the benchmark KSE-100 index closed up 198 points after touching the intra-day high of 115,890. Investor optimism was spurred by anticipated fiscal incentives for the construction sector and positive economic indicators, he said. Additionally, Finance Minister Muhammad Aurangzeb's supportive stance and robust economic data further bolstered confidence. "The current pre-budget rally suggests continued bullish sentiment, with hopes of IMF loan programme expansion and strong remittance inflows driving future market gains," said Ather. Overall trading volumes increased to 496 million shares compared with Monday's tally of 455.5 million. The value of shares traded during the day stood at Rs29.4 billion. Shares of 444 companies were traded. Of these, 169 stocks closed higher, 223 fell and 52 remained unchanged. Fauji Cement was the volume leader with trading in 61.1 million shares, falling Rs1.01 to close at Rs41.46. It was followed by Maple Leaf Cement with 33.8 million shares, gaining Rs2.09 to close at Rs51.13 and At-Tahur Limited with 23.9 million shares, gaining Rs1.08 to close at Rs29.08. During the day, foreign investors sold shares worth Rs260.3 million, the National Clearing Company of Pakistan reported.
