Tag: stock market

  • 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.

  • PSX hits historic high: KSE-100 closes at record-breaking 67,142

    PSX hits historic high: KSE-100 closes at record-breaking 67,142

    Pakistan Stock Exchange’s (PSX) KSE-100 index surged to unprecedented heights in Thursday’s trading, culminating at a historic peak of 67,142.12, marking a substantial uptick of 594.34 points or 0.89 per cent.

    Throughout the trading day, the index demonstrated unwavering positivity, cresting at an intraday zenith of 67,246.03 (+698.24) and a nadir of 66,690.94 (+143.15) points, reflecting robust investor sentiment and confidence in the market’s trajectory.

    Trading activity was buoyant, with the KSE-100 index witnessing a total turnover of 231.314 million shares, underlining robust investor participation and liquidity in the market.

    The stellar performance of the KSE-100 index was underpinned by the commendable contributions of various sectors, notably Commercial Banks, which bolstered the index with 184.39 points, followed by Fertiliser (89.9 points), Cement (85.95 points), Oil & Gas Exploration Companies (49.32 points), and Oil & Gas Marketing Companies (27.36 points).

    Conversely, certain sectors experienced marginal declines, with Leather & Tanneries leading the downturn with 6.69 points, trailed by Transport (2.26 points), Real Estate Investment Trust (0.69 points), Miscellaneous (0.35 points), and Modarabas (0.31 points), albeit their impact remained subdued in the broader market context.

    In parallel, the Pakistani rupee (PKR) demonstrated resilience against the US dollar in the interbank market, appreciating marginally by approximately 1 paisa.

    The currency closed the trading session at PKR 278.03 per USD, exhibiting strength compared to the preceding session’s closure at PKR 278.04 per USD.

    During intraday trading, the rupee reached a peak bid of 278.1 and a trough ask of 278, reflecting stability and confidence in the domestic currency’s valuation.

    In the open market, exchange companies quoted the dollar at PKR 278.04 for buying and PKR 280.41 for selling, indicative of prevailing market dynamics and demand-supply dynamics.

  • Pakistan Stock Exchange to halt trading activity on February 8

    Pakistan Stock Exchange to halt trading activity on February 8

    In an official notice sent to all Trading Rights Entitlement (TRE) certificate holders, the Pakistan Stock Exchange Limited (PSX) has announced the closure of the exchange on Thursday, February 8, 2024. 

    This decision is attributed to the upcoming general election scheduled to take place on that day, as declared by the Election Commission of Pakistan.

    All TRE certificate Holders, along with the staff and concerned parties, are duly informed about the closure on February 8, 2024, which has been declared a public holiday by the Election Commission of Pakistan in conjunction with the national general election, PSX noted.

    Furthermore, it is pertinent to note that the PSX will also remain closed on Monday, February 5, 2024, in observance of Kashmir Day.

    Investors and market participants are urged to plan their activities accordingly, considering the temporary closure of the Pakistan Stock Exchange on these specified dates.

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

    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).

  • Pakistan Stock Exchange may surpass 60,000 level soon

    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.”

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

    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.

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

    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.