Tag: Market Performance

PSX gains over 2,000 points to reach new record high of 78,802

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged nearly 2,100 points, setting a new record high of 78,802 during the first trading session post-Eid holidays on Thursday.

At the close of the session, the KSE-100 Index settled at 78,801.53, marking an increase of 2,094.76 points, or 2.73 per cent. According to brokerage house Topline Securities, this represents the fourth-largest single-day increase in the history of the KSE-100 Index.

The stock market was closed from June 17 to June 19, 2024, in observance of the Eid-ul-Adha holidays. Upon reopening, there was notable buying activity in key sectors, including automobile assemblers, commercial banks, fertilizers, oil and gas exploration companies, oil marketing companies (OMCs), and refineries.

Index-heavy stocks such as OGDC, POL, SHEL, SNGPL, MEBL, and HBL traded positively. However, the banking sector made the most significant contribution to the benchmark’s gains.

In the preceding week, the PSX also experienced a bullish trend, hitting record highs after the government maintained the current tax regime for the capital markets. The benchmark KSE-100 Index rose by 2,952.75 points on a week-on-week basis, closing at a then-high of 76,706.77.

June 20, 2024
PSX declines by nearly 1% amid investor focus on Monetary Policy meeting

In today’s financial update, the Pakistan Stock Exchange (PSX) opened the week on a downbeat note, as the benchmark KSE-100 index experienced a decline of 628.33 points, or 0.98 per cent, settling at 63,184.74 by 10:20 am PST.

Investor focus is keenly directed towards the impending Monetary Policy Committee meeting later today.

Expectations loom large that the central bank will maintain the policy rate unchanged, although some are optimistic about the possibility of a marginal rate cut.

The KSE-100 index witnessed a trading volume of 19.534 million shares. Notably, the underperformance is attributed to key sectors, with fertiliser, commercial banks, oil and gas exploration companies, oil and gas marketing companies, and cement collectively contributing to the index’s dip by 138.49, 135.75, 111.02, 40.79, and 39.84 points, respectively.

Specific companies weighing down the index include EFERT with 81.35 points, PPL with 56.52 points, OGDC with 45.06 points, MEBL with 39.27 points, and MCB with 30.37 points.

In the broader market scenario, the All-Share index is trading at 42,871.61, witnessing a net loss of 341.49 points.

It is noteworthy that during the fiscal year, the KSE-100 displayed substantial growth, gaining 21,732 points, or 52.43 per cent. In the ongoing calendar year, there has been a cumulative increase of 734 points, equivalent to 1.17 per cent.

Investors are navigating a dynamic landscape, closely monitoring the evolving economic indicators and anticipating the outcomes of the central bank’s policy decisions.

January 29, 2024
PSX starts 2024 with 1,554 points surge in KSE-100 index

The Pakistan Stock Exchange (PSX) commenced the year 2024 on a positive note, witnessing a noteworthy surge in its key benchmark, the KSE-100 index.

The index exhibited a robust increase of 1,554.63 points, or 2.49 per cent, reaching 63,839.67 during the morning trading session.

This promising start follows a remarkable performance in 2023, where the KSE-100 index recorded a substantial gain of 54.5 per cent, marking the highest yearly return since 2009.

Concluding the previous year at 62,451 points, the index gained 21,632 points and earned the distinction of being the fourth best-performing stock market in 2023.

During Monday’s session, the KSE-100 index found support from key sectors, with oil and gas exploration companies contributing 398.36 points, commercial banks adding 395.29 points, the fertiliser sector contributing 130.32 points, oil and gas marketing companies with 109.21 points, and power generation and distribution contributing 109.02 points.

Noteworthy companies driving the index upwards include PPL with 172.23 points, OGDC with 162.5 points, HUBC with 84.59 points, UBL with 82.81 points, and MCB with 77.46 points.

In the broader market context, the All-Share index is trading at 42,803.03, reflecting a net gain of 886.75 points.

It’s important to note that this information is based on an intraday update, capturing the current dynamics of the market.

January 1, 2024
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.

December 9, 2023
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.

November 25, 2023
Pakistan Stock Exchange sets record at 56,665 points following strong buying activity

The Pakistan Stock Exchange (PSX) experienced a positive trading session on Tuesday, with the benchmark KSE-100 index concluding at a record high of 56,665.93 after gaining 142 points.

The day commenced with optimistic market sentiment, but a brief shift into negative territory occurred due to profit-taking activities.

Nevertheless, a robust surge in buying activity during the latter part of the day allowed the index to finish in positive territory, reflecting a 0.25 per cent increase or 142 points. Despite notable profit-taking during the session, the market achieved a positive closure following periods of heightened volatility.

Key contributors to the market’s performance during the session were identified in the power generation and distribution, technology, and communication sectors, as well as the automobile assembly sector, according to the brokerage house.

This positive trend follows Monday’s milestone, where the KSE-100 Index surpassed the 56,500 level for the first time, recording a historic gain of over 1,132 points.

Conversely, the Pakistani rupee sustained losses against the US dollar for the 16th consecutive session, depreciating by 0.11 per cent in the inter-bank market on Tuesday.

According to the State Bank of Pakistan, the currency settled at 287.87, indicating a decrease of Re0.32.

Market metrics revealed a decrease in volume on the all-share index, registering 526.3 million compared to the previous session’s 660.6 million.

However, the value of shares witnessed an uptick, reaching Rs22.4 billion from Rs21.1 billion in the preceding session.

November 15, 2023
Pakistan’s stock market surges above 56,500 for the first time in history

The bullish momentum persisted in the Pakistan stock market today, propelling the key stock gauge to an unprecedented level above 56,000 for the first time in history.

By the session’s close, the index had reached a historic high of 56,523.58, marking an impressive surge of 1,132.21 points, or 2.04 per cent day-on-day. Notably, the KSE-100 index had experienced a notable gain of 2,268.33 points, or 4.27 per cent, in the preceding week.

Throughout the day, the index remained in positive territory, achieving an intraday high of 56,583.59 (+1,192.22) and a low of 55,644.68 (+253.31) points. The KSE-100 Index witnessed a total volume of 300.341 million shares traded.

The prevailing positive sentiment is attributed to the recent PIB auction on November 8, which exhibited a substantial decline in yields.

This decline may indicate market expectations of an earlier-than-anticipated reduction in interest rates.

Additionally, investors are anticipating a higher weighting for Pakistan in the upcoming review by global index provider Morgan Stanley Capital International (MSCI), scheduled for tomorrow.

In today’s session, out of the 100 index companies, 57 closed higher, 23 closed lower, 1 remained unchanged, and 19 were untraded.

The strength of the KSE-100 index was supported by sectors such as power generation and distribution, fertiliser, commercial banks, cement, and automobile assembly.

Contributing positively to the index were companies like HUBC, EFERT, MTL, BAHL, and MCB, accumulating significant points.

On the other hand, the KSE-100 Index faced a downturn primarily due to the refinery sector, Inv. Banks/Inv. Cos./Securities Cos., Transport, Leather & Tanneries, and Automobile Parts & Accessories.

Companies exerting downward pressure on the index included MEBL, UPFL, KEL, OGDC, and NATF. The intricate dynamics of today’s market underscore the varied performances across different sectors and companies within the KSE-100 Index.

November 13, 2023
Pakistan’s stock market surges to all-time high of 53,123.04 points

The Pakistan Stock Exchange (PSX) continued its impressive performance, with the benchmark KSE-100 index surging by over 700 points and approaching the historic milestone of 54,000 during Monday’s trading session.

As the closing bell neared, the KSE-100 Index stood at 53,860.36, reflecting a remarkable gain of 737.33 points, or 1.39 per cent.

In the preceding week, the KSE-100 index achieved a then-record high, driven by robust buying primarily from local investors, bolstered by institutional support.

The benchmark index witnessed a substantial week-on-week increase of 2,179.20 points, breaching the 53,000 mark and concluding at an all-time high of 53,123.04 points, a historic first.

Monday’s trading session witnessed broad-based buying, with key sectors such as cement, chemicals, commercial banks, and OMCs all trading in positive territory.

Market analysts attributed this positive momentum to an overall improvement in economic indicators, notably the State Bank of Pakistan’s (SBP) decision to maintain interest rates at 22 per cent during the last Monetary Policy Committee (MPC) meeting.

Additionally, a decrease in the inflation rate, with the October 2023 Consumer Price Index (CPI) at 26.9 per cent year-on-year and favourable feedback from the International Monetary Fund (IMF) mission currently visiting Pakistan, further enhanced market sentiment.

Furthermore, the announcement of final election dates by the country’s election commission, signifying political stability, also played a significant role in creating favourable conditions within the market.

November 6, 2023
Pakistan Stock Exchange surpasses 50,500 points after more than six years

On Friday, the KSE-100 benchmark index of the Pakistan Stock Exchange surpassed the 50,500-point mark, a level last witnessed in May 2017 when it reached 50,592 points.

The Karachi Stock Exchange (KSE-100) index has advanced by 207 points and is presently at 50,572 points.

Yesterday marked a significant milestone for the Pakistan Stock Exchange as its benchmark KSE-100 index crossed the 50,000-point threshold, an achievement that experts have noted took six years to accomplish.

During intraday trading, the benchmark Karachi Stock Exchange (KSE) 100 Index surged by 600 points, settling at 50,025 points, a level not seen since June 7, 2017.

Concurrently, the Pakistani rupee exhibited a recovery against the US dollar in the interbank market on Thursday. After experiencing a Rs1 gain against the PKR in interbank trading on Wednesday, the US dollar depreciated by Rs1.96 in early Thursday afternoon trading.

As of the latest data, the Pakistani rupee has gained Rs1.96 against the US dollar, now trading at Rs278.30 in the interbank market, according to forex dealers.

In the open market, banks are selling the greenback to importers at Rs278.80, while the US currency has also experienced a Rs1 loss against the local currency.

October 21, 2023
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.

October 17, 2023