Tag: PSX

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
PSX faces record single-day plunge, shedding 2,534 points

On Tuesday, Pakistan Stock Exchange’s (PSX) KSE-100 index experienced a significant downturn, plummeting by 2,534 points, or 4.11 per cent, culminating in a closure at 59,171—a record for the largest single-day drop in absolute points.

Since its zenith on December 13, the index has incurred a substantial loss of 7,923 points, reflecting an 11.81 per cent decline.

The market correction intensified during today’s session, attributed to pronounced selling pressures in the final week of the year, compounded by prevailing political uncertainty.

In the latest session, the index showcased a wide trading range of 2,607.74 points, registering an intraday high of 61,634.55 (down by 70.54 points) and a low of 59,026.81 (down by 2,678.28 points). The total volume of the KSE-100 index reached 396.481 million shares.

Within Tuesday’s session, 5 out of the 100 index companies closed higher, 91 closed lower, 1 remained unchanged, and 3 were untraded.

The decline of the KSE-100 index was particularly influenced by sectors such as oil and gas exploration companies (-508.87 points), commercial banks (-386.15 points), power generation and distribution (-271.96 points), cement (-211.88 points), and fertiliser (-194.77 points).

December 26, 2023
Gold prices surge in Pakistan: 24-karat soars to Rs217,600 per tola

The price of 24-karat gold per tola witnessed a surge, rising by Rs400 and reaching Rs217,600 on Tuesday, as compared to its previous closing at Rs217,200.

Similarly, the cost of 10 grammes of 24-karat gold also experienced an uptick, increasing by Rs343 to Rs186,557 from Rs186,214.

Meanwhile, the rates for 10 grammes of 22-karat gold climbed to Rs171,011 from Rs170,696, as reported by the All Sindh Sarafa Jewellers Association.

In contrast, both the per-tola and 10-gramme silver prices remained stable at Rs2,670 and Rs2,289.09, respectively.

On a global scale, the price of gold saw an increment of $4, reaching $2,047 from $2,043, according to the Association.

Simultaneously, the Pakistan Stock Exchange (PSX) witnessed a significant downturn in intra-day trading on Tuesday, with the benchmark KSE-100 index plummeting by over 2,600 points.

The PSX reported a loss of 2,633 points, causing the 100 index to dip below the 63,000-point threshold, trading at 62,571 around 2:30 pm.

This decline comes after a sustained bullish trend lasting over a month, which followed the successful conclusion of a staff-level agreement with the International Monetary Fund (IMF).

Market analysts attribute the bearish trend to stocks in the exploration and production (E&P), fertiliser, and banking sectors.

Throughout the session, profit-taking was evident, contributing to the index fluctuating by over 2,500 points.

December 19, 2023
PSX bounces back with gain of nearly 500 points

The Pakistan Stock Exchange (PSX) welcomed a resurgence of bullish activity as the KSE-100 Index marked a substantial gain of nearly 500 points in Tuesday’s trading session.

At 1:55 pm, the benchmark index stood at 66,496.21, reflecting a noteworthy increase of 483.89 points, or 0.73 per cent.

The positive momentum was evident in key sectors such as cement, fertiliser, oil and gas exploration, OMCs, refineries, and power generation. However, a mixed trend characterised the automobile and commercial bank sectors.

In contrast to the previous session, where profit-taking led to a 211-point dip in the KSE-100 Index, today’s bullish trend is attributed to favourable economic indicators.

Investors are keenly observing the upcoming International Monetary Fund (IMF) executive board meeting on January 11, 2024.

Simultaneously, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is convening today, with market expectations leaning towards a maintenance of the key interest rate—a rate that reached an unprecedented 22 per cent in June and has remained unchanged for the past three meetings.

Analysts note that investors have factored in the pinnacle of Pakistan’s interest rates, and optimism surrounds the anticipated successful conclusion of the IMF programme, contributing to the positive sentiment in both the stock markets and the currency.

December 12, 2023
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
Pakistan Stock Exchange may surpass 60,000 level soon

The benchmark index of the Pakistan Stock Exchange (PSX) marked a record-breaking bullish run on Monday, closing just shy of the 60,000 mark without surpassing it.

There is an anticipation that, given the current pace, the stock market might breach the 60,000 level soon.

According to the PSX website, the KSE-100 index showed marginal gains until noon. However, at 1:11 pm, it experienced a sudden surge that persisted until closing time, reaching 59,811.34, up by 724.99 points (1.23%) from the previous day’s 59,086.35.

In the preceding Friday session, the KSE-100 index had set a new record at 59,100 points, attributed to strong corporate profits, reduced economic volatility, the successful conclusion of an IMF staff-level deal, expectations of a stable post-poll government, and optimism about an early reversal of monetary tightening. This led to a rapid increase in share prices over the last three months.

Regarding the current rally, Raza Jafri, head of equity at Intermarket Securities, noted, “The banking sector is driving the rally, aligning with the improving economic outlook.” He emphasised that banks, offering a combination of high dividend yields and attractive valuations, have consistently been favoured by foreign investors.

Shahbaz Ashraf, chief investment officer at FRIM Ventures, a Karachi-based investment company, attributed the rally to “cheap valuations and an influx of liquidity.”

November 28, 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 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.”

November 22, 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