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Arab News
2 days ago
- Business
- Arab News
Pakistan stocks retreat as profit-taking offsets recent rally
ISLAMABAD: Pakistan's stock market ended lower on Thursday as investors locked in gains following a recent surge, even though there were no major policy or economic surprises during the session, analysts said. The KSE‑100 Index closed at 124,093, down 260 points, or 0.21 percent, after swinging between an intraday high of 2,365 points and a low of 501 points, reflecting heightened volatility tied to profit-taking in heavyweight sectors. Trading activity was brisk: the broader all‑shares index traded 1.018 billion shares, indicating strong market participation and continued investor engagement . 'The Pakistan stock market ended the session on a negative note, weighed down by cautious investor sentiment and profit-taking activity,' Pakistani brokerage house Topline Securities said in its daily market review. The Pakistani market has rallied over 80 percent in the past year, boosted by a favorable macroeconomic environment, easing inflation, and the resumption of an International Monetary Fund (IMF) support program. That momentum peaked in early June, with the KSE‑100 briefly nearing the 126,700 mark . Profit‑taking was the most likely trigger for Thursday's dip, particularly in the banking, cement, and energy sectors, where gains had been steepest in recent weeks. Market participants are also assessing the federal budget for 2025-26, released this week, which aims to boost GDP growth to 4.2 percent, reduce the fiscal deficit, and implement reforms under a broader $7 billion IMF program. With profit-booking likely to persist, analysts predict a period of range-bound trading in the short term. The budget's implementation and IMF engagement will be key drivers, with any setbacks in revenue mobilization or delays in reform efforts presenting downside risks. That said, if broader economic stability holds and reforms proceed as planned, sentiment is likely to stabilize, keeping the market on solid footing, analysts say.
Malay Mail
08-05-2025
- Business
- Malay Mail
Bursa Malaysia ends lower as profit-taking hits financial counters
KUALA LUMPUR, May 8 — Bursa Malaysia gave up early gains to close lower today, as profit-taking emerged in selected financial services counters, amid cautious sentiment on the regional market, an analyst said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.46 per cent, or 7.16 points, to 1,542.74 from yesterday's close of 1,549.90. Maybank and CIMB were the top two contributors to the benchmark index's decline, falling 12 sen to RM9.88 and 8.0 sen to RM6.87, respectively, with a combined negative contribution of 3.55 points. The market bellwether opened 0.31 of-a-point higher at 1,550.21, and moved between 1,541.45 and 1,551.59 throughout the day. In the broader market, however, gainers outpaced losers 514 to 407, while 479 counters were unchanged, 951 untraded, and nine suspended. Turnover swelled to 3.36 billion units worth RM2.71 billion compared to 2.84 billion units worth RM2.43 recorded on Wednesday. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the local benchmark index was unable to extend the momentum from yesterday's gains as sentiment turned cautious despite a broadly supportive global backdrop. 'As anticipated, the US Federal Reserve (Fed) maintained its policy rate at 4.25 – 4.5 per cent, while flagging heightened uncertainty and signalling two-sided risks. 'In addition to the Fed's Federal Open Market Committee (FOMC) decision, Bank Negara Malaysia's Monetary Policy Committee (MPC) meeting also concluded today with a decision to keep the Overnight Policy Rate (OPR) unchanged,' he told Bernama. He said this domestic policy stability appeared to provide a lift to the utilities sector, which led the gainers today. 'Despite the broader market pullback, we maintain a constructive view that the FBM KLCI's recent relief rally remains intact, with potential to test the 1,555 level — last seen on March 4, the day US President Donald Trump announced his initial wave of tariffs on imports. 'This level carries historical significance and reflects the index's sensitivity to global trade policy developments,' he said. Among other heavyweights, Public Bank shed 2.0 sen to RM4.45, CelcomDigi declined 4.0 sen to RM3.87, Hong Leong Bank dipped 6.0 sen to RM19.94, while Tenaga Nasional gained 14 sen to RM14.30 and IHH Healthcare added 1.0 sen to RM7.01. For active stocks, Nationgate increased 9.0 sen to RMRM1.58, Tanco rose 1.5 sen to 91.5 sen, Velesto and MYEG earned half-a-sen each to 16 sen and 90 sen, respectively, while Fibromat slid 5.5 sen to 49.5 sen. On the index board, the FBM Emas Index was 27.78 points lower at 11,491.81, the FBMT 100 Index shed 34.28 points to 11,257.03, and the FBM Emas Shariah Index trimmed 4.68 points to 11,433.33. The FBM 70 Index garnered 21.79 points to 16,266.03 and the FBM ACE Index rose 9.25 points to 4,660.86. Across sectors, the Financial Services Index dropped 133.72 points to 18,054.89, the Industrial Products and Services Index went up 0.72 of-a-point to 153.01, the Energy Index climbed 1.39 points to 686.44, while the Plantation Index tumbled 104.26 points to 7,201.03. The Main Market volume improved to 1.57 billion units valued at RM2.40 billion against yesterday's 1.42 billion units worth RM2.16 billion. Warrants turnover advanced to 1.38 billion units worth RM184.14 million from 1.05 billion units valued at RM150.97 million previously. The ACE Market volume expanded to 403.45 million units valued at RM138.55 million compared with 371.32 million units worth RM118.03 million on Wednesday. Consumer products and services counters accounted for 228.50 million shares traded on the Main Market, industrial products and services (245.19 million), construction (95.94 million), technology (231.02 million), SPAC (nil), financial services (71.77 million), property (208.30 million), plantation (23.20 million), REITs (11.16 million), closed/fund (6,100), energy (183.28 million), healthcare (90.61 million), telecommunications and media (60.27 million), transportation and logistics (42.91 million), utilities (77.35 million), and business trusts (57,200). — Bernama
