Tag: KSE-100 index

  • Pakistan Stock Exchange crosses 47,000-mark after five weeks

    Pakistan Stock Exchange crosses 47,000-mark after five weeks

    The Pakistan Stock Exchange (PSX) enjoyed a favourable trading session on Wednesday, with its key KSE-100 Index surging above the 47,000 level for the first time in five weeks. This uptrend was primarily driven by the robust performance of the banking sector.

    Throughout the trading session, the KSE-100 Index remained firmly in positive territory, ultimately settling at 47,079.83. This represented a notable gain of 323.03 points, or 0.69 per cent. The last instance the benchmark index closed above the 47,000 mark was on August 28.

    In a post-market report, Ismail Securities, a prominent brokerage house, attributed the positive momentum in the equity market to increased liquidity, particularly within the banking sector.

    On the preceding day, Tuesday, the KSE-100 Index managed to eke out a 0.28 per cent gain in a session characterised by a relatively narrow trading range.

    Shares of 342 companies were traded, with 172 witnessing an increase, 134 recording a decline, and 36 remaining unchanged.

    Topline Securities, another respected brokerage house, envisions the KSE-100 Index approaching the 50,000 level in a potential “pre-election rally.” They expressed their belief that the Pakistani market could experience an 8–10 per cent surge in the lead-up to the elections, assuming a smooth election process and the approval of the IMF tranche in November, stating this in an earlier note.

    Simultaneously, the Pakistani rupee continued its strengthening trend against the US dollar, registering a 0.37 per cent gain in the interbank market on Wednesday. According to the State Bank of Pakistan, the rupee settled at 284.68 after an increase of Rs1.04, marking the 20th consecutive appreciation against the greenback.

    Trading activity also saw an uptick, with the all-share index volume rising to 330.2 million shares from Tuesday’s 213.2 million. The value of traded shares also increased, reaching Rs7.3 billion compared to Rs6.1 billion in the previous session.

  • 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.

  • Pakistan Stock Exchange surpasses 46,000 mark for the first time in 15 months

    Pakistan Stock Exchange surpasses 46,000 mark for the first time in 15 months

    The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index experienced significant gains on Friday, rising by over 500 points and closing just below the 46,000 mark.

    The index reached 46,073.61 points at 3:47 pm, showing a notable increase of 675.30 points from the previous day’s closing of 45,398.31. However, by the end of the day, it closed at 45,920.73, up by 522.42 points or 1.15 per cent.

    According to Dawn, Ahsan Mehanti, the Director of Arif Habib Corporation, mentioned that foreign capital was actively buying shares in the energy sector. He attributed the stock market rally to favorable financial results, the Islamabad High Court’s ruling declaring the imposition of a super tax on various companies unlawful, and reports indicating the policy rate would remain unchanged.

    As a result of these factors, the index reached the 46,000 mark after a gap of 15 months, signaling an overall improvement in all sectors. Mehanti also pointed out the positive impact of the recently announced standby agreement with the International Monetary Fund (IMF).

    Looking ahead, if the market continues to close above 46,000, it is expected to see further growth. Amir Shehzad, Director of First National Equities Limited, referred to the recent market fluctuations as a “technical correction” and expressed optimism that the market could surpass the 47,000 point barrier in the coming week. He believed that maintaining an unchanged monetary policy by the central bank would likely have a positive effect on the market, possibly leading to new record levels.

  • PSX witnesses recovery as KSE-100 index surpasses 41,000-mark

    PSX witnesses recovery as KSE-100 index surpasses 41,000-mark

    The week started off well for shares at the Pakistan Stock Exchange (PSX), with analysts attributing the rise to the Pakistani rupee’s robust rebound, which was supported by a drop in global oil prices.

    By 10:45 AM, the benchmark KSE-100 index had risen 411 points, or 1.01 per cent, to 41,031 points.

    The PSX had optimistic activity in early trade, according to Ahsan Mehanti of Arif Habib Corporation, as a result of a higher rupee and the impending appointment of a new finance minister, which is expected to stabilise economic uncertainties.

    At 10 AM, the Pakistani rupee was trading at Rs235.5 per US dollar, up Rs4.15 from earlier today.

    Furthermore, Ishaq Dar is scheduled to return to Pakistan today and take charge as Pakistan’s finance minister. Senior PML-N officials met Miftah Ismail on Sunday after he submitted his resignation. Dar’s appointment as finance minister was announced by Nawaz Sharif and PM Shehbaz, according to a statement issued following the meeting.

    Amir Shehzad, the director at First National Equities Limited, concurred with Mehanti’s assessment, stating that the sentiment that built in anticipation of Dar’s return and the optimism that the situation would get under control was the main driver of the index’s advances and a reason for increased investor confidence.

    The industry with the greatest potential to raise the index’s point total, according to Shehzad, is cement.

    Raza Jafri, Head of Research at Intermarket Securities, stated that the KSE-100 was recovering as a result of a number of factors, including lower oil prices, the West’s apparent willingness to consider Pakistan’s requests for debt restructuring, and the belief that Senator Dar might be able to control the PKR.

    No negative political developments over the weekend are also fostering positive sentiments, he continued.

    In light of the terrible floods, which are estimated to have cost $30 billion in losses, PM Shehbaz had last week made a plea to the globe and wealthy nations for an immediate debt relief.