Tag: bullish trend

  • PSX surges to record high as KSE-100 closes above 73,000 points

    PSX surges to record high as KSE-100 closes above 73,000 points

    After a series of subdued sessions, the Pakistan Stock Exchange (PSX) saw a resurgence of buying on Friday, propelling its benchmark KSE-100 index above the 73,000 mark for the first time in history.

    The positive momentum reflected renewed investor confidence amid signs of economic stability.

    The KSE-100 index opened on a bullish note, reaching an intra-day high of 73,449.37 before settling at 73,085.50, a gain of 427.45 points or 0.59 per cent by the close of trading.

    Despite some sporadic selling during the day, the bulls largely controlled the market, resulting in a robust session.

    Industries driving the surge

    Key sectors that drove the surge included cement, chemical, oil and gas exploration companies, and oil marketing companies (OMCs). Index-heavy stocks such as Lucky Cement (LUCK), Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), Sui Northern Gas Pipelines Limited (SNGPL), and Sui Southern Gas Company (SSGC) closed in the green, contributing significantly to the overall upward trend.

    Market experts attribute the surge to a combination of improved economic indicators and investor expectations.

    Pakistan’s foreign exchange reserves and remittances have shown positive growth, suggesting a stabilising economy.

    Additionally, there is anticipation of a potential policy rate cut in the upcoming Monetary Policy Committee (MPC) meeting on June 10, following a recent decline in the inflation rate.

    On Thursday, the KSE-100 index had a marginal increase in a largely range-bound session, closing at 72,658.05, a gain of 56.24 points, or 0.08 per cent.

    The strong close on Friday underscores a more optimistic outlook for the market as investors continue to monitor key economic developments and policy changes.

  • Pakistan Stock Exchange surges 2.33% to reach 66,223.63 points

    Pakistan Stock Exchange surges 2.33% to reach 66,223.63 points

    The Pakistan Stock Exchange (PSX) maintained its upward trajectory, with the benchmark KSE-100 index reaching a new pinnacle on Friday. 

    At the close, the index concluded at 66,223.63, marking a noteworthy increase of 1,505.56 points, or 2.33 per cent.

    While surpassing the 66,000 level earlier in the day, a temporary slowdown occurred in the second half due to profit-taking. 

    Nevertheless, bullish activity returned during the final hour, propelling the benchmark index to an intra-day peak of 66,273.73.

    The market displayed widespread buying across key sectors such as cement, chemicals, commercial banks, fertiliser, oil and gas exploration companies, OMCs, and power generation and distribution sectors. 

    Thursday’s trading session had already seen a positive trend, with the KSE-100 settling at 64,718.08, reflecting a gain of 800.35 points, or 1.25 per cent.

    This continued momentum is attributed to enhanced economic indicators following the recent agreement between Pakistan and the International Monetary Fund (IMF) authorities on the first review of the Stand-By Agreement (SBA) last month.

  • PSX hits historic high: KSE-100 index surpasses 59,000 mark for the first time

    PSX hits historic high: KSE-100 index surpasses 59,000 mark for the first time

    The Pakistan Stock Exchange (PSX) extended its impressive performance, achieving a historic milestone as the benchmark KSE-100 Index surpassed the 59,000 mark for the first time ever on Friday.

    At the close of the session, the benchmark index concluded at 59,086.35, registering a gain of 186.51 points, or 0.32 per cent. This marks its highest closing level to date.

    Earlier in the day, the KSE-100 index reached an intra-day peak of 59,502.28. However, profit-taking activities in the second half of the trading session led to a partial retreat from these gains.

    The trading session commenced with widespread buying, particularly in key sectors such as automobile assemblers, cement, chemicals, commercial banks, oil and gas exploration companies, OMCs, and technology and communication, all contributing to a positive market trend.

    In the preceding session on Thursday, bulls maintained control of the bourse, with the benchmark index settling at 58,899.84, marking a substantial increase of 701.08 points, or 1.20 per cent.

    The bullish momentum in the stock market follows the recent staff-level agreement between Pakistani authorities and the International Monetary Fund (IMF) on the first review under the nine-month $3 billion Stand-By Arrangement (SBA).

    Market experts anticipate increased inflows in the coming weeks due to this agreement. However, data released on Thursday revealed a decrease of $217 million in foreign exchange reserves held by the State Bank of Pakistan (SBP) on a weekly basis, reaching $7.2 billion as of November 17.

  • Pakistan Stock Exchange achieves record high, crossing 58,000 points

    Pakistan Stock Exchange achieves record high, crossing 58,000 points

    A positive shift in market sentiment fueled the Pakistan Stock Exchange’s (PSX) upward trajectory as the benchmark KSE-100 Index surpassed the historic 58,000 level for the first time in Wednesday’s trading session.

    At 12:45 pm, the benchmark index reached 58,203.85, marking a noteworthy increase of 832.27 points, or 1.45 per cent. 

    Widespread buying, particularly in index-heavy sectors such as automobile assemblers, cement, chemicals, commercial banks, fertiliser, and oil and gas exploration companies, contributed to this surge, with OMCs also registering gains.

    The benchmark index climbed by 294 points, or 0.51%, the previous day, settling at 57,371.59.

    This sustained bullish trend reflects improved economic indicators in the country and the interim government’s successful negotiations with the International Monetary Fund (IMF) for the first review, unlocking $700 million in funding.

    Analysts expect that, following the review, Pakistan will attract additional inflows from both multilateral and bilateral partners.

    Commenting on this rapid yet anticipated recovery at PSX, Mohammed Sohail, CEO of Topline Securities, stated, “PSX is experiencing one of the fastest but not unexpected recoveries.”

  • Pakistan stock market continues bullish run, nearing 55,000-point mark

    Pakistan stock market continues bullish run, nearing 55,000-point mark

    The Pakistani stock market is expected to surge past 55,000 points, continuing its bullish run at the Pakistan Stock Exchange (PSX). The benchmark KSE-100 Index reached a new historic high of 54,261 points on Wednesday amidst record trading activity.

    Institutional buying drove the index past the 54,000 mark during intraday trading. Maintaining momentum throughout the day, the KSE-100 Index settled at 54,261.42 points, an increase of 525.69 points, or 0.98 per cent.

    Profit-taking erased some gains at the PSX on Tuesday, with the benchmark KSE-100 Index falling by 125 points to settle at 53,735.73 at the end of trading.

    However, buying resumed on Wednesday, particularly among index-heavy sectors such as automobile assemblers,cement, chemicals, commercial banks, oil and gas exploration companies, and OMCs.

    Analysts attribute the bullish trend to expectations of a decline in the policy interest rate in the coming weeks.

    Experts believe that interest rates may come down sooner than expected due to the fall in global oil prices.

    Improved macroeconomic indicators, including a decline in the country’s current account deficit to $8 million in September 2023 (down from $360 million in the same month in 2022) and a drop in CPI-based inflation, have also contributed to the positive sentiment at the bourse.

  • Pakistan Stock Exchange breaks six-year record, surpasses 50,000 points 

    Pakistan Stock Exchange breaks six-year record, surpasses 50,000 points 

    The recent surge in the performance of the benchmark KSE-100 Index at the Pakistan Stock Exchange (PSX) can be attributed to the combination of a positive earnings season and notable economic improvements. 

    On Tuesday, the index breached the significant 50,000-point threshold, marking the first time in over six years since June 7, 2017.

    Around 11 am, the benchmark index was trading at 50,017 points, reflecting a gain of 286 points, equivalent to a 0.58 per cent increase. However, it later retracted from this milestone. 

    This momentous achievement was supported by multiple factors, including an enduring upward trend observed in various sectors, such as automobile assemblers, commercial banks, cement, chemical, oil marketing companies, and oil and gas exploration firms.

    The bullish momentum on the Pakistan Stock Exchange has been a consistent theme, extending through 11 consecutive trading sessions. Intra-day trading on Monday nearly brought the KSE-100 Index to the 50,000 level, closing at 49,731.35 points. 

    One significant driver behind this surge has been the strengthening of the Pakistani rupee against the US dollar, with the exchange rate holding steady at around Rs275 in the inter-bank market.

    Additionally, the ongoing earnings season has instilled confidence in the market, with high expectations, especially in the banking sector, for positive financial results. These factors collectively contribute to the robust performance witnessed in the Pakistani stock market.

  • Pakistan’s stock market crosses 48,000 mark after two years

    Pakistan’s stock market crosses 48,000 mark after two years

    The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index soared past the 48,000 mark, reaching a 24-month high, on Monday, as investors responded to recent positive economic developments in the country. Analysts predict that the prevailing positive sentiment is likely to continue in the coming days.

    The bullish trend in the market gained momentum after Pakistan reached a deal with the International Monetary Fund (IMF). The agreement with the IMF has provided investors with renewed confidence in the country’s economic prospects, leading to a surge in market activity.

    Additionally, news on Pakistan’s mineral sector contributed significantly to the market’s gains. The announcement of favorable developments in the country’s mineral sector further boosted investor optimism and drove the benchmark index to reach new heights.

    During intra-day trade, the KSE-100 index saw a significant increase of 1,010.72 points or 2.15 per cent, culminating at 48,062.56 points. This remarkable rise marks a notable increase from the previous close of 47,076.9 points, which itself was a 21-month high.

    The impressive growth of the market has been sustained over time, as evidenced by a remarkable overall gain of more than 6,600 points (+15.9 per cent) since the staff-level agreement was reached with the IMF. The deal, which amounted to a $3 billion Standby Agreement, has been instrumental in driving investor confidence and attracting more capital to the market.

    Financial experts and market observers are optimistic about the future trajectory of the Pakistan Stock Exchange, given the positive economic indicators and recent developments in the country.

    The confidence in the market has sparked interest from both local and international investors, resulting in increased trading volumes and a positive impact on the overall economy.

  • Pakistan Stock Exchange surges to 21-month high as KSE-100 index crosses 47,000 mark

    Pakistan Stock Exchange surges to 21-month high as KSE-100 index crosses 47,000 mark

    The Pakistan Stock Exchange witnessed a significant surge as the benchmark KSE-100 index surpassed the 47,000 milestone on Thursday, reaching its highest point in 21 months. This remarkable upswing was fueled by positive market sentiment following the recent International Monetary Fund (IMF) deal.

    Notably, the bullish position was further fortified by impressive corporate performance, particularly within the index-heavy sectors. At 12:10 pm, the benchmark index surged by 560 points, settling at 47,242.9 points, marking its peak since November 8, 2021, as reported by Arif Habib Limited (AHL), a prominent brokerage firm.

    AHL emphasized that the market had recorded a noteworthy gain of 5,751 points (13.9 per cent) since the staff-level agreement with the IMF for the $3 billion Standby Agreement (SBA).

    This positive momentum was attributed to increased valuations after securing the IMF SBA facility, as explained by Tahir Abbas, AHL’s Head of Research, in an interview with Geo.tv. He highlighted that the current Price-Earnings Ratio (PER) of the KSE-100 stands at 3.7x, which is relatively lower compared to the lowest recorded during the previous financial crisis in 2008 (3.9x).

    Abbas asserted that the market remains attractive, and as a result, the positive momentum is expected to continue. Analyst Saad Ali, an expert in the capital market, attributed the market’s favorable performance to the combination of IMF optimism and the outlook for enhanced macro stability, which has been complemented by strong corporate results during the present result season. Despite facing challenging macroeconomic conditions, several banks and companies have managed to surpass expectations in terms of earnings and payouts.

    Last month, Pakistan signed a short-term deal with the IMF, a crucial step that helped the country avert a potential default and bolster its foreign exchange reserves. This move has played a pivotal role in supporting the current bullish trend in the stock market.

    In conclusion, with the positive impact of the IMF deal and encouraging corporate results, the Pakistan Stock Exchange’s benchmark KSE-100 index has achieved substantial growth, positioning itself at a 21-month high. The market outlook remains promising, and experts predict further gains ahead.

  • Pakistani rupee closes at Rs277.41 as US dollar recovers by nearly Rs2 in interbank trade

    Pakistani rupee closes at Rs277.41 as US dollar recovers by nearly Rs2 in interbank trade

    The US dollar appears to have bounced back on Wednesday at the opening of interbank trade, as it gained 31 paisas. The American currency closed at Rs277.41 after gaining Rs1.97 against the local unit. The dollar was exchanged for Rs275.75 at the start of the trading session on Wednesday.

    However, later the greenback gained even more value with Rs1.31 in interbank trade and was being traded at Rs276.75. In just a short while, the currency gained even more strength with Rs1.56 and was traded at Rs277.

    Owing to the strengthening of the dollar in the interbank trade, the currency’s value stopped falling in the open market also. Its value remained stable at Rs280 in the open market. On Tuesday, the greenback had lost a massive Rs10 in the interbank market.

    On the other hand, the Pakistan Stock Exchange continued its bullish trend. The shares of energy, oil and gas, and refinery companies were shared in the market.

    The stock exchange retained its limit of 44,000 points on Wednesday morning. The KSE-100 index rose with 472 points to 44,030 points. At the start of the trading session, the index gained 200 points to reach 43,770 points.