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Express Tribune
3 hours ago
- Business
- Express Tribune
PSX closes up as State Bank leaves rate unchanged
Listen to article The Pakistan Stock Exchange (PSX) witnessed a mixed session on Wednesday as investors remained cautious ahead of the State Bank of Pakistan's (SBP) policy rate announcement. However, late-session buying lifted the benchmark KSE-100 index by nearly 450 points. The index fluctuated between the intra-day high of 139,018.88 and low of 137,658.81. It closed with a gain of 447.43 points, or 0.32%, at 138,412.25. Sentiment shifted in the latter half of the session after the SBP unexpectedly maintained its benchmark policy rate, defying market expectations of a 50-basis-point cut. The decision triggered a broad-based rally in the banking sector, with notable gains in major names such as United Bank, Habib Bank, and MCB Bank. Market Snapshot – July 30, 2025 Unlock today's market moves and stay one step ahead! — PSX (@pakstockexgltd) July 30, 2025 'The market ended on a positive note as banks rallied following the SBP's announcement to keep the policy rate unchanged, contrary to market expectations of a cut of 50 basis points,' AKD Securities Director Research Mohammed Awais Ashraf told The Express Tribune. Additionally, Systems Limited surged after acquiring British American Tobacco's SAA services to fuel its future growth. He expected interest rates to decline to single digits, supported by easing inflation and stability in the foreign exchange market due to lower debt repayments this year. KTrade Securities, in its market wrap, wrote that stocks saw a mixed session as investors awaited the central bank's policy rate decision. The KSE-100 index fluctuated between the intra-day low of 137,659 and high of 139,019, eventually closing up by 447 points at 138,412. Read More: SBP keeps interest rate at 11% Late in the session, the SBP announced that it had kept the interest rate unchanged, citing inflationary pressures and concerns over the trade deficit. Market players also remained focused on a potential US-Pakistan trade deal, which is likely to be finalised soon, it said. Arif Habib Limited (AHL) observed that the KSE-100 rose from the support zone to regain the 138k level. Some 41 shares rose, while 59 fell, with Systems Ltd (+6.9%), United Bank (+2.08%), and Habib Bank (+3.21%) contributing the most to index gains. On the contrary, Fauji Fertiliser (-0.7%), Lucky Cement (-1.51%), and Engro Holdings (-0.94%) were the biggest drags. In corporate news, Engro Fertilisers announced 1HCY25 earnings per share (EPS) of Rs6.34 (+10% YoY) and a dividend of Rs6.50 per share, which came in line with expectations. In financial news, Finance Minister Muhammad Aurangzeb is in the US to conclude trade talks, with final discussions this week, while the SBP held its benchmark rate steady for the second meeting amid inflation and tariff uncertainty, despite expectations of a reduction. Overall trading volumes decreased to 425.8 million shares compared with Tuesday's tally of 606.3 million. Traded value stood at Rs25 billion. Shares of 476 companies were traded. Of these, 152 stocks closed higher, 290 fell, and 34 remained unchanged. The Bank of Punjab led the volumes chart with trading in 24.8 million shares, rising Rs0.25 to close at Rs13.72.
Express Tribune
18-07-2025
- Business
- Express Tribune
PSX climbs to new peak above 138,000
Listen to article The Pakistan Stock Exchange (PSX) continued its bullish run on Thursday as the benchmark KSE-100 index soared past the 138,000 milestone for the first time in history, backed by deep investor interest and robust performance by heavyweight sectors. Stock buying was observed across the board, with notable strength in auto, cement, fertiliser and energy sectors. The momentum was driven primarily by institutional activity and the upbeat macroeconomic outlook. Among energy categories, oil and gas exploration, oil marketing, power generation and refining led the charge, pushing the index higher. Banking names like United Bank and National Bank also contributed significantly, while improved volumes and positive cues helped sustain investor interest. The index touched intra-day peak of 138,943.47 before settling at 138,665.50 at close, up sharply by 2,285.53 points, or 1.68%. Arif Habib Corp MD Ahsan Mehanti commented that stocks closed at an all-time high, driven by broad-based gains amid unconfirmed reports of a potential US president's visit on September 18, which was expected to strengthen bilateral trade ties. "Optimism about the resolution of tax issues through government-businessmen talks and improving economic indicators also supported the record rally at the PSX," he added. KTrade Securities, in its market wrap, wrote that the PSX experienced a strong session, with the KSE-100 index gaining 2,286 points (+1.68%) to close at a new all-time high of 138,665. The rally was led by strength in fertiliser, banking and technology sectors, where notable contributions came from Fauji Fertiliser, United Bank, Engro Fertilisers, Systems Ltd, Engro Holdings, Hub Power, Habib Bank and Lucky Cement, it said. JS Global analyst Muhammad Hasan Ather stated that the historic rally at the PSX was driven by aggressive buying in energy, oil, fertiliser and pharmaceutical sectors, which was further fuelled by expectations of rate cut in the upcoming monetary policy committee meeting. Investor sentiment was also lifted by a breakout from the three-day consolidation. While short-term profit-taking may emerge, the medium-term outlook remains bullish as economic recovery gains pace, liquidity improves and corporate earnings stay resilient, Ather forecast. Arif Habib Limited (AHL) observed that the KSE-100 index posted strong gains after testing support levels earlier in the week and edged closer to the 139,000 mark. Some 80 shares rose while 20 declined, with major gains coming from Fauji Fertiliser (+2.92%), United Bank (+2.82%) and Engro Fertilisers (+5%). On the flip side, Bank AL Habib (-0.86%), Thal Limited (-3.37%) and Habib Metropolitan Bank (-1.15%) were the biggest drags, it said. In corporate news, Pakistan Services (+10%) received an offer for 28% voting shares from AKD Group Holding. On the diplomatic front, Pakistan and El Salvador formally established bilateral relations, with particular focus on cryptocurrency collaboration, AHL mentioned. Among top stocks held by mutual funds, Oil and Gas Development Company (OGDC), Pakistan Petroleum Ltd (PPL) and Pakistan State Oil (PSO) led the list. OGDC topped with 62 mutual funds collectively holding 17.2% of its free float. PPL followed with 51 funds owning 15.5%, while PSO ranked third, held by 50 funds representing 29.7% of its free float. As the market heads into the final trading session of the week, the KSE-100 index is up 3.25% so far in the week, it concluded. Topline Securities, in its review, remarked that after catching their breath for two sessions, the bulls stormed back onto the trading floor, taking the benchmark KSE-100 index to intra-day high of 2,563 points before closing at a mighty 138,665, up 2,286 points. The rally was driven by heavy institutional flows, with local investors stepping in to scoop up, reigniting market momentum. Fertiliser stocks stole the limelight as the sector's giants posted hefty gains and contributed 563 points to the index, Topline mentioned. Overall trading volumes increased to 780 million shares as compared to Wednesday's tally of 706 million. The value of shares traded was Rs40 billion. Shares of 486 companies were traded. Of these, 306 stocks closed higher, 154 dropped and 26 remained unchanged. Pakistan International Bulk Terminal led the volumes chart with trading in 82.7 million shares, rising Rs0.4 to close at Rs10.09. It was followed by First Dawood Properties with 42.5 million shares, gaining Rs0.89 to close at Rs7 and Ghani Chemworld with 26 million shares, higher by Rs1.18 to close at Rs13.21. Foreign investors sold shares worth Rs350.4 million, the National Clearing Company reported.
Express Tribune
17-07-2025
- Business
- Express Tribune
PSX scales new peak above 138,000
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File Listen to article The Pakistan Stock Exchange (PSX) continued its bullish run on Thursday as the benchmark KSE-100 index soared past the 138,000 milestone for the first time in history, backed by deep investor interest and robust performance by heavyweight sectors. Stock buying was observed across the board, with notable strength in auto, cement, fertiliser, and energy sectors. The momentum was driven primarily by institutional activity and the upbeat macroeconomic outlook. Among energy sectors, oil and gas exploration, oil marketing, power generation, and refining led the charge, pushing the index higher. Banking names like United Bank and National Bank also contributed significantly, while improved volumes and positive cues helped sustain investor interest. Market Snapshot – July 17, 2025 Unlock today's market moves and stay one step ahead! — PSX (@pakstockexgltd) July 17, 2025 The index touched an intra-day peak of 138,943.47 before settling at 138,665.50 at close, up sharply by 2,285.53 points, or 1.68%. KTrade Securities, in its market wrap, wrote that the PSX witnessed a strong session, with the KSE-100 index gaining 2,286 points (+1.68%) to close at a new all-time high of 138,665. The rally was led by strength in fertiliser, banking, and technology sectors, where notable contributions came from Fauji Fertiliser, United Bank, Engro Fertilisers, Systems Ltd, Engro Holdings, Hub Power, Habib Bank, and Lucky Cement. The overall sentiment remained strong, supported by the market's upward momentum, it said. Arif Habib Limited (AHL) observed that the KSE-100 index posted strong gains after testing support levels earlier in the week, edging closer to the 139,000 mark. Some 80 shares rose, while 20 declined, with major gains coming from Fauji Fertiliser (+2.92%), United Bank (+2.82%), and Engro Fertilisers (+5%). On the flip side, Bank AL Habib (-0.86%), Thal Limited (-3.37%), and Habib Metropolitan Bank (-1.15%) were the biggest drags, it said. In corporate news, Pakistan Services (+10%) received an offer for 28% voting shares from AKD Group Holding. On the diplomatic front, Pakistan and El Salvador formally established bilateral relations, with particular focus on cryptocurrency collaboration, AHL mentioned. Among top stocks held by mutual funds, Oil and Gas Development Company, Pakistan Petroleum, and Pakistan State Oil led the list. OGDC topped with 62 mutual funds collectively holding 17.2% of its free float. PPL followed, with 51 funds owning 15.5%, while PSO ranked third, which was held by 50 funds representing 29.7% of its free float. As the market heads into the final trading session of the week, the KSE-100 index is up 3.25% so far in the week, it concluded. Overall trading volumes increased to 780 million shares as compared to Wednesday's tally of 706 million. The value of shares traded was Rs40 billion. Shares of 486 companies were traded. Of these, 306 stocks closed higher, 154 dropped, and 26 remained unchanged.
Express Tribune
11-07-2025
- Business
- Express Tribune
Stocks wrap up on economic positivity
Listen to article The Pakistan Stock Exchange (PSX) ended the week on a strong footing, with the KSE-100 Index climbing past the 134,000 level during Friday's session. The benchmark index moved within a range, touching an intraday high of 134,931.96 and a low of 134,130.41. It eventually settled at 134,299.77, gaining 517.42 points, or 0.39%, by the close. Investor confidence was evident in broad-based buying, particularly in sectors such as auto assemblers, power generation, refineries, and oil and gas marketing. Despite some weakness in select financial stocks, the broader trend stayed upbeat, supported by consistent interest in key cyclical and energy-related names. Arif Habib Limited reported that the KSE-100 index recorded another solid week of gains, rising by 1.8% week-on-week. On Friday, 55 stocks advanced while 45 declined. The largest contributors to the index gains were United Bank (2.4%), Hub Power (1.6%), and Millat Tractors (2.76%). On the other hand, Bank Al Habib (-3.3%), MCB Bank (-1.04%), and Habib Bank (-1.22%) were biggest drags on the index. In corporate news, United Bank reported earnings for the first half of FY25 with earnings per share of 26.07, marking a 99% year-on-year increase. The company also announced a dividend of 19 per share. While earnings were in line with expectations, the payout exceeded forecasts. Looking ahead, declines below the 132,000 level are expected to find support, while 136,000 remains the key upside target, AHL wrote. KTrade Securities wrote in its market wrap that stocks closed at an all-time high, with the benchmark KSE-100 index gaining 517 points (+0.4% DoD) to settle at 134,299. The rally was driven by strength in the cement, auto, and power sectors, with notable contributions coming from UBL, HUBC, MTL, KTML, PSO, and BWCL. Investor sentiment remained bullish, as reflected in a surge in trading volumes to 764 million shares, it added. Overall trading volume decreased to 765 million shares as compared to Thursday's tally of 941.8 million. The value of shares traded was Rs40.1 billion. Shares of 477 companies were traded. Of these, 220 stocks closed higher, 228 dropped and 29 remained unchanged.
Yahoo
25-06-2025
- Politics
- Yahoo
Six arrested while protesting cuts to Medicaid, SNAP outside Capito's Charleston office
People hold signs protesting cuts to Medicaid and SNAP at a demonstration outside West Virginia Sen. Shelley Moore Capito's office in Charleston, on Wednesday, June 25, 2025. (Lori Kersey | West Virginia Watch) Six people were arrested Wednesday afternoon at West Virginia Sen. Shelley Moore Capito's office in Charleston, West Virginia, as they attempted to protest proposed federal cuts to food assistance and health care programs. Seven people came to Capito's office in the United Bank building in downtown Charleston to urge Capito to vote no on the 'One Big, Beautiful Bill Act,' — legislation being debated by the Senate that analysts say would make historic cuts to Medicaid and the Supplemental Nutrition Assistance Program that provide health care and food assistance to thousands of West Virginia residents. The group found that the office was closed to the public, they said in a news release. When they called the office, they were denied a chance to arrange a meeting, they said. One person apparently left before the other six were arrested. According to a news release, the Charleston Police Department charged the six with trespassing. They included Charleston City Council members Beth Kerns and Joe Solomon along with activist and a long-time episcopal priest Jim Lewis. Community members Lyn May, Paul Dalzell and Morgan Fowler were also arrested. The news release said police responded to a trespassing complaint and that the people were asked to leave but refused. 'My little girl depends on Medicaid,' Fowler said in a statement Wednesday. 'My aunt survived a stroke, but if these Medicaid cuts go through, she won't have a pathway to survive at all. Senator Capito claims to care about West Virginia, but this bill would cut health care for our babies so billionaires can buy bigger boats.' Outside the building, about a dozen more people gathered holding signs with messages against the proposed cuts to Medicaid and SNAP. John Doyle, a retired Charleston resident, held a sign that warned said 'SNAP saves Lives. Hands Off.' Doyle said the bill would do tremendous harm to West Virginia in particular. 'I'm particularly concerned about Medicaid, SNAP and other human services that are going to be slashed,' Doyle said. 'This is a state where that whole economy — health care, is the major employer in West Virginia. If they don't think this is going to affect the whole state, they're wrong.' Charleston Councilwoman Chelsea Steelhammer was also among the people protesting outside the building. Steelhammer said she's motivated to protest by her work as a teacher. 'My students — a lot of them depend on Medicaid and SNAP,' Steelhammer said. 'If they don't have health care, they're sick and they don't learn. If they don't have food, they're hungry and they don't learn. And if you don't learn, you don't succeed.' Steelhammer said if she could talk to Capito, she would tell her to listen to her constituents. 'Just think about what's going to happen to these kids,' she said. Capito and Sen. Jim Justice, both Republicans, have expressed support for adding work requirements to Medicaid. In a statement Wednesday afternoon, Capito said that everyone should have the right to make their voices heard in a respectful and peaceful way. She defended the proposals to cut SNAP and Medicaid. 'The Medicaid and SNAP provisions included in the reconciliation bill that the Senate is currently considering focus on managing and maintaining the programs for those who are eligible and intended to be in them,' she said. 'Our goal in the bill is to root the waste, fraud and abuse out of the programs, to ensure that it is sustainable for the long term.' SUPPORT: YOU MAKE OUR WORK POSSIBLE
