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Business Recorder
3 days ago
- Business
- Business Recorder
KSE-100 hits all-time high as investors cheer IMF breakthrough
A day after shedding over 800 points, bullish momentum returned to the Pakistan Stock Exchange (PSX) on Tuesday, as the benchmark KSE-100 Index settled at a new all-time high of 120,450. A buying spree was observed throughout the trading session, pushing the KSE-100 Index to an intra-day high of 120,693.83. At close, the benchmark index closed on 120,450.87, an increase of 1,573.07 points or 1.32%. 'Market participants showed positive sentiments today, following Prime Minister Shehbaz Sharif's statement that talks with the International Monetary Fund (IMF) over the upcoming federal budget had been successful,' Waqas Ghani, Head of Research at JS Global, told Business Recorder. Prime Minister Shehbaz Sharif said on Monday that talks with the International Monetary Fund (IMF) over the forthcoming federal budget had been successful, paving the way for a new phase of economic growth. The premier, while talking to a select group of journalists, said the government had stabilised the economy and would now shift its focus toward sustained development. Meanwhile, Samiullah Tariq, Head of Research and Development at Pakistan Kuwait Investment Company (Private) Limited, said that the government's adherence to IMF-backed reforms has 'led to sustainable economic growth'. Moreover, investor confidence also comes on the back of a continued earnings momentum across key sectors and a more stable outlook, he added. On Monday, PSX witnessed a volatile session on the first trading day of the week, as early bullish momentum was wiped out by heavy late-session selling, finally, the benchmark index closed into negative territory. The benchmark KSE-100 index shed 813.29 points or 0.68% to close at 118,878 points. Internationally, Asian shares edged cautiously higher on Tuesday while the dollar fell to a six-week low as erratic US trade policies clouded markets and investors turned defensive ahead of key developments later in the week. US President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. The call between the two leaders will be closely watched by markets to see if the tariff-induced blow to global stocks and the dollar this year could get some reprieve or ratchet up, as trade tensions between the world's two largest economies simmer. Data on Monday showed US manufacturing contracted for a third straight month in May, and suppliers took the longest time in nearly three years to deliver inputs amid tariffs. The gloomy global trade situation left US futures falling early in the Asian session, failing to sustain the slight gains made during the cash session on Wall Street overnight. Nasdaq futures and S&P 500 futures were both down 0.2% each. In Europe, EUROSTOXX 50 futures advanced 0.28% and FTSE futures added 0.15%. MSCI's broadest index of Asia-Pacific shares outside Japan reversed early losses to last trade 0.6% higher, while Japan's Nikkei rose 0.66%.
Express Tribune
08-05-2025
- Business
- Express Tribune
War tensions trigger PSX slide
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 The Pakistan Stock Exchange (PSX) continued its downtrend and endured a turbulent start to Wednesday's session, with the KSE-100 Index nosediving over 6,500 points shortly after the open, dragged lower by heightened border tensions. The market briefly touched a low of 107,007.68 before staging a partial rebound, ultimately climbing to an intra-day high of 112,457.38 and closing the day over 3,500 points down. Selling was broad-based, with intense pressure seen in key economic sectors such as banking, energy exploration, oil marketing, power generation, and refining. AKD Securities Director Research Muhammad Awais Ashraf told The Express Tribune recent Military escalation between Pakistan and India has shaken investor confidence, though some see a buying opportunity, citing low war risk due to nuclear deterrents and urgent external financing pressures. JS Global Head of Equity Research Waqas Ghani said the index dropped 6,500 points before closing 3,559 lower, with the rebound showing investor confidence in fundamentals and hopes of de-escalation improving sentiment ahead. Arif Habib Corp MD Ahsan Mehanti wrote in his brief note, "Stocks closed sharply lower amid escalating border tensions between Pakistan and India, and security unrest following Indian strikes." Weak rupee and uncertain economic outlook amid the Pak-India conflict over trade ties played the role of catalyst in the bearish close, he remarked. At the close of trading, the benchmark KSE-100 index posted a massive loss of 3,559.48 points, or -3.13%, and settled at 110,009.03. Topline Securities wrote in its review that the benchmark index saw significant volatility, dropping by 6,561 points in early trade amid broad-based panic selling following an overnight military clash between Pakistan and India. The downward trajectory of the index was largely driven by negative contributions from key stocks such as cement, energy, bank, and technology, which collectively dragged the index down by 967 points, Topline noted. Arif Habib Limited (AHL) wrote in its report said that the KSE-100 index saw a sharp decline of 3.13% day-on-day, precisely hitting the 110k downside target. Only 5 shares advanced while 95 declined. Lucky Cement (-5.69%), Hub Power (-4.64%), and United Bank (-2.6%), were the majors laggards on index's fall. On the other hand, Pakgen Power (2.48%), Nestle Pakistan (1.63%), and Murree Brewery (2.22%), resisted the broader negative trend, it said. Geopolitical tensions escalated following reports of Indian strikes inside Pakistan that discouraged investor sentiment. Wednesday's session also opened with another "New Day Opening Gap" — the third visible gap since the index peaked at 120k - reinforcing clear bearish order flow, AHL added. Insight Securities Head of Sales Ali Najib wrote that border tensions rattled investor confidence, triggering panic selling even before the market officially opened. Though the index plunged over 5.7% within minutes of opening, value hunters swiftly stepped in to help market stage a partial recovery. Overall trading volumes increased to 550.2 million shares compared with Tuesday's tally of 420.6 million. Shares of 447 companies were traded. Of these, 49 stocks closed higher, 356 fell and 42 remained unchanged. WorldCall Telecom was the volume leader with trading in 53.7 million shares, falling Rs0.11 to close at was followed by The Bank of Punjab with 35.8 million shares, losing Rs0.61 to close at Rs9.18 and Sui South Gas Company with 26.8 million shares, dipping by Rs3.61 to close at Rs32.47. During the day, foreign investors bought shares worth Rs194.7 billion, the NCCPL reported.
Business Recorder
07-05-2025
- Business
- Business Recorder
KSE-100 stages partial recovery, but still closes over 3,500 points lower
After plunging over 6,500 points at the opening, the Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index recovered a portion of its losses, but still settled with a loss of over 3,500 points on Wednesday. The index had dropped sharply at the open, shedding more than 6,500 points, hitting an intra-day low of 107,007.68. At close, the benchmark index settled at 110,009.02, a decrease of 3,559.48 points or 3.13%. The downward trajectory of the index was largely driven by negative contributions from key stocks such as LUCK, HUBC, UBL, SYS, and ENGROH, which collectively dragged the index down by 967 points, brokerage house Topline Securities said in its post-market report. 'The sharp rebound of over 4,500 points reflects underlying market confidence, driven by strong economic fundamentals and expectations that tensions will de-escalate quickly after the comment by United States Secretary of State,' Waqas Ghani, Head of Research at JS Global, told Business Recorder. Meanwhile, Mohammed Sohail, CEO of Topline Securities, expressed that after the latest offensive, there will be no major escalation between the two neighbours, 'and dust will eventually settle down'. 'Investors seem optimistic about the upcoming International Monetary Fund (IMF) board meeting, which will decide on the loan tranche for Pakistan,' he said. The heaviest fighting in more than two decades has erupted between the two neighbours, with shelling and gunfire over the frontier in Kashmir and India striking targets inside Pakistan. At least 26 Pakistanis were martyred and 45 were injured in Indian missile attacks inside Pakistan at 6 location, DG ISPR said. The ISPR spokesperson said Indian missiles were launched at sites including Bahawalpur, Kotli and Muzaffarabad cities, while it also attacked the Neelum-Jhelum Hydropower Project. In retaliation, the Pakistan military brought down five Indian Air Force jets, including three Rafale, one MiG-21, and one SU-30, following Indian missile attacks, Defence Minister Khawaja Asif told Bloomberg. US President Donald Trump said on Tuesday afternoon that the recent Indian strikes against targets in Pakistan and Pakistani-controlled Kashmir were a 'shame.' The National Security Council (NSC), in a meeting held later in the day, authorised the Pakistan armed forces 'to undertake corresponding actions in this regard.' On Tuesday, the PSX witnessed a negative session as its benchmark KSE-100 closed the day lower by 534 points to settle at 113,568.51, losing the gain of nearly 1,000 points the index had made during intra-day trading. Globally, US stock futures and Chinese markets rose on Wednesday, as investors cheered news of a meeting between top U.S. and Chinese trade officials as a chance to tone down the tariffs, while China cut interest rates and vowed to support stock markets. S&P 500 futures rose by about 0.9% and Hong Kong's Hang Seng was up by 1.7% by mid-morning. China blue chips rose 0.5%. On Wednesday, China's central bank governor flagged a 10 basis point cut in its benchmark interest rate and a 50 basis point cut to bank reserve requirements, sending more cash into the banking system. Simultaneously, the financial regulator announced an expanded scheme to send insurance investment into the stock market and promised more steps to support property markets, which investors took as a signal of authorities acting in concert. Meanwhile, the Pakistani rupee posted a marginal decline against the US dollar, depreciating 0.04% in the inter-bank market on Wednesday. At close, the local currency settled at 281.47, a loss of Re0.1 against the greenback. Volume on the all-share index increased to 550.08 million from 420.55 million recorded in the previous close. The value of shares rose to Rs30.12 billion from Rs23.70 billion in the previous session. WorldCall Telecom was the volume leader with 53.67 million shares, followed by with 35.77 million shares, and Sui South Gas with 26.71 million shares. Shares of 447 companies were traded on Wednesday, of which 49 registered an increase, 356 recorded a fall, while 42 remained unchanged.
Express Tribune
07-05-2025
- Business
- Express Tribune
Markets dip amid India-Pakistan tension, KSE-100 closes over 3,500 points down
Listen to article Pakistan's benchmark KSE-100 Index staged a partial recovery on Wednesday after plunging over 6,500 points at the open, with market sentiment rattled by the military escalation between India and Pakistan in over two decades. The index touched an intraday low of 107,007.68 before closing at 110,009.02, down 3,559.48 points or 3.13%. The sharp dip followed news of Indian missile strikes on Pakistani territory and retaliatory military action by Pakistan. Across-the-board selling was witnessed in major sectors, including commercial banks, oil and gas exploration, oil marketing, and power generation. Index-heavy stocks like OGDC, PPL, POL, HUBCO, and SNGPL all traded in the red. 'The sharp rebound of over 4,500 points reflects underlying market confidence, driven by strong economic fundamentals and expectations that tensions will de-escalate quickly after the comment by the United States Secretary of State,' said Waqas Ghani, Head of Research at JS Global. Mohammed Sohail, CEO of Topline Securities, echoed this view, stating: 'After the latest offensive, there will be no major escalation between the two neighbours, and dust will eventually settle down.' He added that investors are also optimistic ahead of the upcoming International Monetary Fund (IMF) board meeting, which could approve the next loan tranche for Pakistan. The recent market turmoil follows cross-border violence that saw at least 26 Pakistanis killed and 46 injured after Indian missile strikes hit six locations, including Bahawalpur, Muzaffarabad, and Kotli. Director General of Inter-Services Public Relations (DG ISPR), Lieutenant General Ahmed Sharif Chaudhry, earlier said on Wednesday that the Pakistan army downed five Indian fighter jets and one combat drone in response to unprovoked aggression. The National Security Council authorised 'corresponding actions' and vowed that sovereignty would be protected. On Tuesday, the KSE-100 had closed 534 points lower at 113,568.51, erasing nearly 1,000 points of intraday gains. Globally, investor mood was buoyed by a planned meeting between top US and Chinese trade officials. S&P 500 futures rose 0.9%, while China's Hang Seng and blue-chip indices saw modest gains after Beijing cut interest rates and loosened bank reserve requirements to inject liquidity. Despite the domestic selloff, analysts maintain that the broader economic trajectory, backed by structural reforms and IMF support, remains intact.
Business Recorder
07-05-2025
- Business
- Business Recorder
KSE-100 stages partial recovery, still closes over 3,500 points lower
After plunging over 6,500 points at the opening, the Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index recovered a significant portion of its losses, eventually settling with a loss of over 3,500 points on Wednesday. The index had dropped sharply at the open, shedding more than 6,500 points, hitting an intra-day low of 107,007.68. At close, the benchmark index settled at 110,009.02, a decrease of 3,559.48 points or 3.13%. Across-the-board selling pressure was observed in key sectors including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including OGDC, PPL, POL, HUBCO, SNGPL and SSGC traded in the red. 'The sharp rebound of over 4,500 points reflects underlying market confidence, driven by strong economic fundamentals and expectations that tensions will de-escalate quickly after the comment by United States Secretary of State,' Waqas Ghani, Head of Research at JS Global, told Business Recorder. Meanwhile, Mohammed Sohail, CEO of Topline Securities, expressed that after the latest offensive, there will be no major escalation between the two neighbours, 'and dust will eventually settle down'. 'Investors seem optimistic about the upcoming International Monetary Fund (IMF) board meeting, which will decide on the loan tranche for Pakistan,' he said. The heaviest fighting in more than two decades has erupted between the two neighbours, with shelling and gunfire over the frontier in Kashmir and India striking targets inside Pakistan. At least 26 Pakistanis were martyred and 45 were injured in Indian missile attacks inside Pakistan at 6 location, DG ISPR said. The ISPR spokesperson said Indian missiles were launched at sites including Bahawalpur, Kotli and Muzaffarabad cities, while it also attacked the Neelum-Jhelum Hydropower Project. In retaliation, the Pakistan military brought down five Indian Air Force jets, including three Rafale, one MiG-21, and one SU-30, following Indian missile attacks, Defence Minister Khawaja Asif told Bloomberg. US President Donald Trump said on Tuesday afternoon that the recent Indian strikes against targets in Pakistan and Pakistani-controlled Kashmir were a 'shame.' The National Security Council (NSC), in a meeting held later in the day, authorised the Pakistan armed forces 'to undertake corresponding actions in this regard.' On Tuesday, the PSX witnessed a negative session as its benchmark KSE-100 closed the day lower by 534 points to settle at 113,568.51, losing the gain of nearly 1,000 points the index had made during intra-day trading. Globally, US stock futures and Chinese markets rose on Wednesday, as investors cheered news of a meeting between top U.S. and Chinese trade officials as a chance to tone down the tariffs, while China cut interest rates and vowed to support stock markets. S&P 500 futures rose by about 0.9% and Hong Kong's Hang Seng was up by 1.7% by mid-morning. China blue chips rose 0.5%. On Wednesday, China's central bank governor flagged a 10 basis point cut in its benchmark interest rate and a 50 basis point cut to bank reserve requirements, sending more cash into the banking system. Simultaneously, the financial regulator announced an expanded scheme to send insurance investment into the stock market and promised more steps to support property markets, which investors took as a signal of authorities acting in concert.
