Latest news with #ThePakistanStockExchange
Express Tribune
6 days ago
- Business
- Express Tribune
PSX hits record in volatile week
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) closed the week on a positive note, with the benchmark KSE-100 index posting a modest gain of 0.4% on a week-on-week (WoW) basis. Investor sentiment remained upbeat in the early part of the week as the federal budget for FY26 left capital gains and dividend tax rates unchanged, signalling moves towards fiscal consolidation without imposing a fresh burden on the equity market. However, the momentum cooled towards the weekend amid geopolitical tensions triggered by Israeli strikes on Iran and the US imposing a 50% tariff on steel imports from key trading partners. Key macroeconomic highlights shaping the market included a 1.8% year-on-year (YoY) uptick in March large-scale manufacturing (LSM) output, surge in May remittances to $3.7 billion – the second-highest monthly inflows on record, Rs853 billion T-bill auction where yields softened up to 25 basis points and 35% YoY jump in domestic car sales. Trading activity also picked up, with average daily volumes rising 37% WoW and traded value climbing 33%. The KSE-100 hit an all-time high of 124,353 points during the week before profit-taking set in. Analysts noted that the market welcomed the Rs17.3 trillion federal budget, which projected a revenue target of Rs19.3 trillion and a fiscal deficit of 3.9% of GDP, alongside tax relief for salaried individuals and incentives for the construction sector. Additionally, plans to secure $2 billion in commercial financing to bolster the State Bank's reserves further lifted investor confidence. On a day-on-day basis, the PSX began the week with a record high close on Tuesday, though the benchmark KSE-100 index fluctuated within a narrow range amid uncertainty surrounding the budget announcement. The index recorded an increase of 384 points and settled at 122,024. Bulls roared back to the market on Wednesday as investor appetite grew, which propelled the KSE-100 higher by 2,328 points to 124,353, fuelled by the announcement of federal budget, which maintained the status quo on equity taxes and signalled economic recovery. However, the PSX experienced a turbulent session on Thursday, where the index hit a record intra-day high of 126,718 before reversing course to close modestly lower, reflecting both optimism fuelled by post-budget clarity and renewed pressure from geopolitical tensions. The KSE-100 lost 260 points. The downturn continued on Friday, with the index plunging 1,950 points at 122,144 over rising geopolitical tensions following Israeli airstrikes on Iran. Topline Securities, in its weekly review, wrote that the KSE-100 index gained 0.4% WoW. It started the week on a positive note where the budget increased investor optimism as the government kept capital gains and dividend tax rates unchanged and the overall theme of the budget was fiscal consolidation. However, the market came under pressure by the end of the week on news of 50% tariff on steel by the US on its trading partners and an attack by Israel on Iran, which resulted in an increase in tensions in the Middle East, it said. Other major developments during the outgoing week were LSM in March 2025 registering a YoY increase of 1.8%, remittances for May clocking in at $3.7 billion (up 16% month-on-month and 14% YoY), T-bill auction during the week raising Rs853 billion for the government against the target of Rs900 billion, where yields declined in the range of 1-25 basis points, and car sales for May reaching 14,762 units (up 35% YoY and 39% MoM). Average daily traded volumes and value stood at 907 million shares (up 37% WoW) and Rs37 billion (up 33%), respectively, Topline added. Syed Danyal Hussain of JS Global wrote that the PSX welcomed the FY26 budget as the government didn't announce any adverse steps for capital markets where capital gains tax measures were better than expected, encouraging mutual funds to divert funds towards equities. The finance minister unveiled a Rs17.3 trillion budget for FY26, targeting revenues of Rs19.3 trillion (+15% YoY), fiscal deficit at 3.9% of GDP and a primary surplus of 2.4%. The KSE-100 index hit an all-time high of 124,353 points during the week, reporting 2.2% gains in the first two sessions. However, the market underwent correction on Friday, led by escalating tensions between Israel and Iran. On a WoW basis, the index gained 0.4%, or 502 points, he added.
Express Tribune
14-06-2025
- Business
- Express Tribune
PSX tumbles on heightened Mideast tensions
Listen to article The Pakistan Stock Exchange (PSX) witnessed a significant downturn on Friday as the KSE-100 index plunged nearly 2,000 points over rising geopolitical tensions following Israeli military strikes on Iran. The broad-based sell-off reflected heightened investor anxiety as fears of regional escalation dampened sentiment across global and local markets. Heavyweight sectors such as fertiliser, cement, banking and technology suffered steep losses with blue chips bearing the brunt. Market participants shifted to a risk-off mode, offloading positions in response to the global uncertainty and Pakistani rupee weakness. Arif Habib Corp MD Ahsan Mehanti observed that stocks fell across the board after Israeli strikes on Iran and as investors eyed an escalation in the conflict. Additionally, a slump in global equities on geopolitical risks and the weakening rupee also contributed to panic selling, he said. At the end of trading, the benchmark KSE-100 index recorded a substantial fall of 1,949.56 points, or 1.57%, and settled at 122,143.57. Topline Securities wrote in its review that stocks largely traded in the negative zone, which was in line with international and regional trends, following Israel's attack on Iran. Top negative contribution to the index came from fertiliser, cement, bank and oil stocks. In terms of traded value, DG Khan Cement ($6.4 million), Maple Leaf Cement ($5.92 million), Lucky Cement ($4 million), OGDC ($3.72 million), Pakistan State Oil ($3.65 million) and Mari Petroleum ($3.15 million) dominated trading activity, Topline said. KTrade Securities stated that the KSE-100 index ended the session in the negative territory, pressured by escalating geopolitical tensions in the region, particularly between Iran and Israel. Despite that, market activity remained robust, with trading volumes exceeding 966 million shares. Sideboard stocks were the most actively traded, which included Pervez Ahmed Consultancy (116 million shares), WorldCall Telecom (100 million) and First Capital Securities (85 million). Notable declines were recorded in Engro Corporation, Lucky Cement, Fauji Fertiliser, Bank AL Habib and Systems Limited. In light of prevailing regional uncertainties, KTrade advised investors to maintain a cautious approach in the near term. Arif Habib Limited (AHL) Deputy Head of Trading Ali Najib mentioned that the market witnessed a sharp correction as it reacted to heightened geopolitical tensions following Israeli strikes on military and nuclear facilities inside Iran. The benchmark index opened in the red and quickly extended losses, hitting the intra-day low of 121,605 points, down 2,489 points, amid broad-based selling pressure. Heavyweight blue-chip stocks in fertiliser, cement, banking and technology sectors bore the brunt of the sell-off, Najib added. According to JS Global analyst Mubashir Anis Naviwala, the market opened on a negative note in line with regional equities and it experienced a highly volatile session. Sentiment received a blow from escalating tensions between Iran and Israel, fuelling investor caution. The index touched the low of 121,605 and closed at 122,144, down 1,950 points. Volatility persisted throughout the day amid uncertain global cues. He advised investors to adopt a cautious stance and avoid aggressive positions in the near term with focus on risk management and tracking geopolitical developments. Overall trading volumes decreased to 968.3 million shares compared with Thursday's tally of 1.02 billion. The value of shares traded was Rs29.6 billion. Shares of 469 companies were traded. Of these, 130 stocks closed higher, 304 fell and 35 remained unchanged. Pervez Ahmed Consultancy was the volume leader with trading in 116.7 million shares, rising Rs1 to close at Rs2.93. It was followed by WorldCall Telecom with 100.9 million shares, gaining Rs0.08 to close at Rs1.45 and First Capital Securities with 85.3 million shares, higher by Rs0.94 to close at Rs3.06. Foreign investors bought shares worth Rs179 million, the National Clearing Company reported.
Express Tribune
12-06-2025
- Business
- Express Tribune
PSX crosses 126,000 barrier for first time as record rally continues
Listen to article The Pakistan Stock Exchange (PSX) continued its upward momentum for the third consecutive day on Thursday, with the benchmark KSE-100 index reaching an all-time high of 126,025.99 points during intra-day trading. The index rose by 1,673.31 points, or 1.35%, in early trading, marking a new milestone for the bourse during the intra-day trading. The index reached a daily high of 126,055.32 and a low of 124,807.09. The previous close was recorded at 124,352.68. Trading volume was recorded at 113,574,464 shares, with a total value of 11,375,804,736. Earlier on Wednesday, PSX saw a significant rally, with the KSE-100 index soaring by 2,328 points (1.91%) to an all-time high of 124,352.68, fueled by investor optimism following the federal budget announcement. The budget, which maintained the status quo on equity taxation and increased withholding tax on bank deposits, was welcomed by market participants as it was seen as favourable for capital markets and the economy. Analysts highlighted that the budget's provisions, including projections of a 3.9% fiscal deficit and a Rs1 trillion federal PSDP, added to the bullish sentiment. Read more: PSX at new peak as budget sparks optimism Arif Habib Corp MD Ahsan Mehanti observed that stocks reached a new all-time high, led by across-the-board activity, as investors cheered the status quo on equity taxes and higher withholding taxes on bank deposits in the FY26 budget. Broad-based participation drove the rally, with strong gains in sectors like cement, oil and gas, banking, and fertilisers. Notable stocks such as Lucky Cement, Fauji Fertiliser, and Pakistan Petroleum saw significant gains. Investor confidence was further boosted by the avoidance of new taxes and the continuation of subsidies for key sectors. JS Global analyst Mubashir Anis Naviwala said that the stock market welcomed the budget with strong optimism, breaking all resistance levels to cross the 124,000 mark. A new historic intra-day high of 124,588 was reached before the index settled at 124,353, up 2,328 points. The market experienced a sharp rise in trading volumes, reaching 1.04 billion shares, with a value of Rs46.7 billion. The day's trading also saw a positive trend in shares, with 283 stocks closing higher. However, foreign investors sold shares worth Rs1.1 billion, as reported by the National Clearing Company.
Express Tribune
11-06-2025
- Business
- Express Tribune
PSX continues record rally as KSE-100 breaches 124,000 points for first time
The stake sale would be followed up with a listing of a further 20% of stock exchange shares in the domestic market Listen to article The Pakistan Stock Exchange (PSX) reached a new all-time high on tuesday, with the KSE 100 Index crossing the 124,000-point mark for the first time in history during intraday trading. The index gained 1,990.41 points, or 1.63%, as the market stood at 124,014.85 around noon local time. During the ongoing session, it peaked at 124,135.96 points, while the intraday low was 123,237.99 points. Trading volume stood at 146.42 million shares, with a total market value of Rs13.84 billion. This surge follows the announcement of the federal budget, which has been well-received by investors, sparking optimism in the market. Read: Anti-digital, pro-realty sector budget Yesterday, Finance Minister Muhammad Aurangzeb unveiled a Rs17.6 trillion federal budget for fiscal year 2025-26, laying stress on the government's focus on economic stability and growth. Finance Minister highlighted key economic indicators during a post-budget briefing, citing improvements in remittances, inflation, and growth. Aurangzeb said remittances had reached $31.2 billion so far, with projections of $37–38 billion by the end of the financial year. The country's GDP growth stands at 2.7%, while inflation has eased to 4.7%, according to the minister. The National Economic Council (NEC) approved Rs4.224 trillion in development spending, including Rs1 trillion for the federal Public Sector Development Programme (PSDP), Rs2.869 trillion for Provincial Annual Development Plans (ADPs), and Rs355 billion from state-owned enterprises' own resources. For the fiscal year 2025–26, the government projects economic growth at 4.2% and both inflation and interest rates at 7.5%. Aurangzeb said the budget deficit is forecast at 3.9% of GDP, with a primary surplus of 2.4%.
Express Tribune
05-06-2025
- Business
- Express Tribune
PSX extends record rally as KSE-100 crosses 122,000 for first time
Listen to article The Pakistan Stock Exchange (PSX) continued its record-breaking momentum on Thursday, as the KSE-100 index surpassed the 122,000-point mark during intra-day trading for the first time in history. The market opened with the index at 121,886.21. During the session, the index reached a high of 122,281.58 before settling at 121,886.21. The lowest point observed during trading was 121,517.90. Trading volume stood at 82,723,154 shares, with a total transaction value of 4,622,969,368. The market's previous close was 121,798.86. Read: PSX extends record run as KSE-100 closes above 121,000 points for first time This follows the historic milestone of the PSX closing above 121,000 points for the first time just the day before. The recent uptick at the Pakistan Stock Exchange (PSX) comes after the Asian Development Bank (ADB) approved an $800 million financial package for Pakistan under its Resource Mobilization Reform Program (Subprogram-II). The package includes a $300 million policy-based loan and a $500 million program-based guarantee, boosting investor confidence. Earlier, ADB had delayed the package's approval by five days at India's request, as New Delhi sought time to review the loan documents—highlighting procedural loopholes in the bank's framework that permit such deferrals. Read more: ADB approves $800m financial package for Pakistan Yesterday, Ahsan Mehanti of Arif Habib Corp, speaking to The Express Tribune said that stocks closed at an all-time high led by scrips across the board after the ADB loan approval, the growth target and PSDP allocation. He added that expectations of budgetary relief for oil refineries, real estate and agriculture, along with the rupee's recent gains, played a key role in driving investor optimism.
