Tag: PSX

  • Bullish trend persists: PSX closes just under 90,000 points amid strong investor confidence

    Bullish trend persists: PSX closes just under 90,000 points amid strong investor confidence

    Traders on the floor of the Pakistan Stock Exchange (PSX) rode on a wave of joy today as they witnessed the market break yet another record.

    During day trading, the KSE-100 index crossed the 90,000 mark for the first time ever, and it stayed that way until the trading day was about to close.

    At the end of the trading day, however, KSE-100, the benchmark of the PSX that includes the top 100 companies, settled at a respectable 89,993.96 points. This is a huge leap of 1,047.98 points, which translates into a 1.16 per cent increase from when the market opened.

    The ALLSHR (All Share) Index, which tracks the performance of all companies listed on the PSX, did really well, too. ALLSHR gained 495.83 points throughout the day, which is 0.86 per cent from the time it opened, to close at an impressive 57,461.53 points.

    While all indexes were in the green, the KSE-30 index, which focuses on the top 30 companies listed on the exchange, performed the best by closing at a remarkable 28,395.15 points. KSE-30 had gone up by 352.45 points at closing time, which is a massive 1.24 per cent increase in the index value.

    The driving factor behind this bullish trend is a rise in investor confidence. Investors in the market are making large gains due to the hot streak PSX has been for a while now.

    This enthusiasm has attracted foreign investors, as the percentage of all shares held by foreign investors jumped from 14.49 per cent at the start of the month to 15.22 per cent currently.

    It’s a great time for the market and a great opportunity for those looking to invest in Pakistan’s financial future. Can the bullish trend continue? It certainly is possible, but only time will tell.

  • PSX closes at new record high of 86,466 points

    PSX closes at new record high of 86,466 points

    Pakistan Stock Exchange (PSX) opened Tuesday on a positive note and managed stay nearly 600 points up throughout the trading session.

    The benchmark KSE-100 index was seen at its highest level during the day session when it surged to record peak of 86,846.03 points at 9:59 AM after rising by 788 points from its last close of 86,057. This occurred when the volume stood at 36,842,210.

    Interestingly, the lowest point PSX witnessed was also recorded at the opening hour, around 9:30 AM, when the stock market was seen at its lowest point for day, reaching 86,294.69.

    Pakistan Stock Exchange

    Still, throughout the day, the KSE-100 index managed to stay in in the positive territory and ended the second trading session of the week in green with a new record high of 86,466.57.

    The total volume of the KSE-100 index was 415.551 million shares.

    The PSX closed with a gain of 409 points or 0.48 per cent.

    Market summary Details
    Overall performance 63 companies closed up, 34 closed down, 3 were unchanged.
    Top gainers KEL (+13.41%), ATRL (+8.28%), SYS (+7.44%), CHCC (+6.03%), MEHT (+5.19%)
    Top decliners PAKT (-6.18%), PGLC (-5.41%), PIBTL (-4.40%), EPCL (-2.95%), YOUW (-2.42%)
    Index-point contributors (Up) SYS (+174.04 points), LUCK (+62.46 points), HUBC (+51.71 points), ATRL (+48.33 points), KEL (+44.48 points)
    Index-point contributors (Down) FFC (-108.64 points), PAKT (-29.07 points), PSO (-21.78 points), BAHL (-20.80 points), EFERT (-17.23 points)
  • PSX bounces back from early losses, ends in green with 30-point gain

    PSX bounces back from early losses, ends in green with 30-point gain

    The Pakistan Stock Exchange (PSX) had a rough start on Friday, with the KSE-100 Index dropping by 0.79 per cent in early trading.

    By the end of the day, the index managed to recover marginally and closing almost flat at 85,483.40 points. The gain PSX witnessed was just 30.18 points, or 0.04 per cent.

    PSX closing (October 11, 2024)

    During trading hours, the index swung up and down within a range of 975 points. KSE-100 reached a high of 85,750 points and dipped to a low of 84,774 points. A total of 295 million shares were traded within the PSX.

    Top gainers Change (%) Top decliners Change (%)
    ATLH +10.00% KOSM -11.84%
    PTC +8.13% HUBC -5.17%
    PIOC +7.50% YOUW -4.75%
    PSO +5.16% ABL -3.39%
    ATRL +3.88% LUCK -3.28%
    Contributors

    Out of the 100 listed companies, 46 witnessed gains, 50 ended red, and 4 stayed same. The top gainers of Friday were companies including ATLH (+10.00 per cent), PTC (+8.13 per cent), PIOC (+7.50 per cent), PSO (+5.16 per cent), and ATRL (+3.88 per cent).

    On the losing side, the biggest decliners were KOSM (-11.84 per cent), HUBC (-5.17 per cent), YOUW (-4.75 per cent), ABL (-3.39 per cent), and LUCK (-3.28 per cent).

    In terms of influencing overall index, PSO had the biggest positive impact, adding 68.72 points to the index, followed by FFC, EFERT, PIOC, and lastly UBL.

    Secondly, HUBC dragged the index down the most, bringing it down by 181.94 points, with LUCK, HBL, TRG, and SRVI also contributing to the drop.

    Overall, 560.74 million shares were traded across the stock market, up from 503.75 million on Thursday The total value of shares traded was recoeded Rs26.12 billion, which was Rs1.79 billion less than the last session.

  • Pakistan stock market posts largest annual gain since 2003

    Pakistan stock market posts largest annual gain since 2003

    The Pakistan Stock Exchange (PSX) has reported its most impressive annual return in over twenty years, driven by optimism over improved economic conditions, attractive valuations, and a shift to monetary easing by the central bank.

    The KSE-100 Index surged by 89.2 per cent, adding 36,992 points to reach 78,444.9 in the fiscal year ending June 2024. This represents the largest yearly gain since FY 2003. In USD terms, the index rose by 94.4 per cent, the highest increase since FY 2003.

    According to Mettis Global, this historic bull run commenced when Pakistan narrowly avoided a sovereign debt default, thanks to a rescue package from the International Monetary Fund (IMF) towards the end of the last fiscal year.

    The IMF’s $3 billion loan programme also facilitated additional multilateral and bilateral funding, boosting the country’s foreign exchange reserves by 99 per cent to $8.9 billion.

    The benchmark index reached its first record high in seven years in November 2023 and continued to set new highs throughout the year without significant pullbacks.

    Market participation remained robust in FY24, with the average traded volume on the PSX surging by 140 per cent to 272.5 million shares.

    Traded value in PKR terms increased by 154 per cent to 15.6 billion. In USD terms, the volume was recorded at $55.2 million, a gain of 118 per cent compared to the previous year.

    The strong performance of the PSX reflects investor confidence in Pakistan’s economic recovery and the positive impact of the IMF’s support programme.

  • Budget 2024-25: Pakistan Stock Exchange proposes tax reforms for economic growth

    Budget 2024-25: Pakistan Stock Exchange proposes tax reforms for economic growth

    Pakistan Stock Exchange (PSX) has forwarded a series of significant tax proposals to both the Ministry of Finance (MoF) and the Federal Board of Revenue (FBR) for potential inclusion in the upcoming federal budget for the fiscal year 2024-25.

    These proposed measures are designed to not only bolster revenue but also to incentivise the allocation of resources towards sectors of the economy that are both productive and officially documented. This move is deemed critical for fostering economic growth and generating employment opportunities across Pakistan.

    Notably, PSX has experienced a marked upswing in its performance, largely attributed to recent stability measures implemented within the broader macroeconomic landscape. In the outgoing year alone, the market capitalisation has surged by nearly Rs4 trillion, signifying a substantial boost to economic prosperity.

    Furthermore, foreign investments totaling approximately $132 million have flowed into the country through the stock market since July 2023, underscoring the significance of the stock market in attracting foreign capital.

    It is imperative that both the Ministry of Finance and the FBR carefully evaluate the proposals put forth by PSX to ensure that the stock market remains a vital contributor to economic growth, tax revenues, foreign investment inflows, and the formalisation of the economy. This strategic move is crucial for sustaining the positive momentum witnessed in both the capital market and broader economic recovery efforts.

    PSX stresses the importance of prioritising comprehensive documentation of all economic activities, with capital markets representing one of the most meticulously documented sectors within the economy. A robust capital market ecosystem not only aligns with key economic and social objectives but also serves as a catalyst for expanding the taxpayer base, augmenting savings and investment rates, and mitigating wealth disparities.

    To realise these overarching objectives, investors necessitate a conducive and predictable tax regime. As such, Pakistan Stock Exchange has articulated a range of proposals to the Ministry of Finance and the Federal Board of Revenue, all aimed at fostering a favorable environment for investment and economic growth in the fiscal year 2024-25.

  • Pakistan’s stock market closes above 75,000 mark for the first time

    Pakistan’s stock market closes above 75,000 mark for the first time

    The Pakistan Stock Exchange’s (PSX) KSE-100 index achieved a historic milestone on Friday, closing above 75,000 points for the first time ever. This marked the seventh consecutive session of gains, reflecting a strong buying momentum in the market.

    The trading session opened on a positive note, with bullish investors driving the market upward throughout the day. The KSE-100 Index ultimately settled at 75,342.35 points, an increase of 411.65 points or 0.55 per cent from the previous close.

    Significant buying activity was observed across various sectors, including oil and gas exploration, fertilisers, refineries, pharmaceuticals, cement, and chemicals, contributing to the robust market performance.

    The surge follows Thursday’s session, where the index gained 267 points to close just shy of the 75,000 mark, fueled by positive market sentiments.

    Market experts attribute this unprecedented rise to several favorable factors. These include the commencement of discussions with the International Monetary Fund (IMF) for a new loan programme and anticipations of a potential interest rate cut in the upcoming monetary policy meeting.

    Such developments have bolstered investor confidence, leading to increased market activity and record-high levels at the PSX.

  • PSX hits new high amid optimistic economic trends

    PSX hits new high amid optimistic economic trends

    The Pakistan Stock Exchange (PSX) soared to yet another record high on Wednesday, buoyed by positive economic indicators.

    A decrease in inflation sparked expectations of monetary easing, seen as a significant boost to commercial activity and, consequently, corporate earnings.

    Closing at 67,756.03 points, the benchmark KSE-100 index surged by a substantial 869.77 points or 1.30 per cent.

    Investors were particularly drawn to the cyclical sector, with significant investments flowing into cement and steel companies.

    This interest was largely fueled by reports indicating a rise in both local and international cement dispatches for March.

    However, sectors such as transport, technology, communication, and commercial banking also garnered attention from investors.

    Additionally, the government’s privatisation initiatives, particularly the proposed sale of State-Owned Enterprises (SOEs), injected optimism into the market.

    There’s a prevailing belief that these companies could experience improved profitability and efficiency under private ownership.

    Notably, on Tuesday, the Privatisation Commission initiated the process of selling off Pakistan International Airlines (PIA), inviting expressions of interest (EOIs) from potential buyers.

  • Finance Minister Muhammad Aurangzeb will meet with IMF on April 14–15

    Finance Minister Muhammad Aurangzeb will meet with IMF on April 14–15

    Minister for Finance and Revenue Muhammad Aurangzeb announced on Friday that a government delegation will meet with the International Monetary Fund (IMF) in Washington DC on April 14 and 15.

    Talking to the media during his visit to the Pakistan Stock Exchange (PSX), the Minister said that the features of a new programme will be discussed in a Washington DC meeting. However, detailed talks will be held in Pakistan.

    He also said that the government plans to join a longer programme with the IMF, adding that the country’s economy will stay stable with the fund.

    Prime Minister Shehbaz Sharif also hinted on March 21 that the new IMF programme will last for three years.

    “New tranche of loan is likely to be received from the IMF in a few days, however, we would need another programme,” he had said while addressing a session of the Special Investment Facilitation Council’s (SIFC) apex committee attended by civil-military leadership.

    Aurangzeb responded to a question regarding the IMF, saying that the size of the new programme has not been discussed yet.

  • Toyota manufacturer in Pakistan halts car production amid parts shortage

    Toyota manufacturer in Pakistan halts car production amid parts shortage

    Indus Motor Company (IMC), the manufacturer of Toyota vehicles in Pakistan, has declared a temporary shutdown of its production plant for a duration of six days.

    The decision stems from the company’s concern over low inventory levels and a shortage of essential components, as disclosed in a formal notice submitted to the Pakistan Stock Exchange (PSX).

    The notice specified, “Based on the current low level of inventory of manufactured vehicles and the shortage of parts and components for vehicle manufacturing, due to supply chain challenges, the company has decided to close its production plant from March 6th, 2024, to March 11th, 2024 (both days inclusive).”

    Pakistan’s automotive sector is grappling with various challenges, including the nation’s sluggish economic growth, surging inflation rates, and elevated borrowing costs, all of which are contributing to a decline in vehicle sales.

    To address these challenges, Indus Motor Company recently announced its board’s approval of an investment of approximately Rs3 billion.

    This investment aims to enhance the localization of production, a crucial step in the company’s broader strategy to consistently increase the localization of parts and components in locally manufactured vehicles. 

    This temporary shutdown underscores the broader challenges facing the automotive industry in Pakistan and reflects IMC’s proactive approach to managing its production in response to current market conditions.