Tag: stock market

  • Pakistan Stock Exchange surpasses 50,500 points after more than six years

    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.

  • Pakistan Stock Exchange breaks six-year record, surpasses 50,000 points 

    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.

  • Dramatic drop: Pakistan Stock Exchange crashes over 1,700 points amid economic concerns

    Dramatic drop: Pakistan Stock Exchange crashes over 1,700 points amid economic concerns

    On Thursday, the Pakistan Stock Exchange (PSX) encountered a challenging session as the primary index witnessed a substantial decline of 3.86 per cent, reflecting a loss of 1,784 points by 2:53 pm. This notable downturn was attributed to growing concerns pertaining to the nation’s economic landscape.

    Investors were worried about the rupee losing value against the dollar. This concern led them to sell off their shares, fearing that the economy could face trouble ahead.

    Right from the start of the trading day, the KSE-100 index saw a big fall of over 1,100 points, taking it below the 46,000 mark. Unfortunately, the index couldn’t bounce back due to low investor confidence.

    By 2:14 PM, the PSX had fallen to 45,139.34 points, a drop of 1,105.21 points compared to the previous day’s close of 46,244.55 points.

    Investors are also keeping an eye on the rupee’s decline, especially since the International Monetary Fund (IMF) won’t review the situation for a few more months. Additionally, there’s uncertainty about investments from the Gulf Cooperation Council (GCC).

    If the market keeps falling, some buyers might return, as the index is currently down 8 per cent from its recent high. But a real recovery would need clear information about politics and the economy.

    According to experts, the PSX is under pressure due to the rupee’s continuous slide.

    This could cause inflation to rise, which could affect the next Monetary Policy Committee (MPC) meeting in September. During that meeting, the central bank might consider raising interest rates again.

    The financial market is worried about public protests against higher power tariffs. If the government tries to please the public with short-term measures, it could complicate talks with the IMF.

    This report serves as an intraday update on the developments in the Pakistan Stock Exchange as of 2:53 pm.

  • Pakistan Stock Exchange surpasses 49,000 points, reaches new high since 2017

    Pakistan Stock Exchange surpasses 49,000 points, reaches new high since 2017

    The Pakistan Stock Exchange (PSX) witnessed a remarkable surge on Thursday as it extended its bullish momentum, crossing the 49,000 level and reaching its highest point in six years. This impressive rally was fueled by positive economic data and a series of favourable factors contributing to investor confidence.

    During the intraday trade, the PSX’s benchmark KSE 100-share Index experienced a significant gain of 560.20 points, amounting to a 1.15 per cent increase, ultimately settling at an impressive 49,324.50 points. This milestone represents the index’s highest level since June 9, 2017, marking a notable achievement for Pakistan’s financial markets.

    The impressive growth of the benchmark index has been sustained since Pakistan signed a staff-level agreement with the International Monetary Fund (IMF) for a substantial $3 billion Standby Agreement. Since the agreement’s signing, the market has witnessed an extraordinary upswing, with the benchmark index having gained an impressive 7,871 points.

    Market analysts and experts have identified multiple reasons behind the consistent surge in the market. Among these factors is the State Bank of Pakistan’s (SBP) decision to maintain the policy rate, effectively keeping the status quo. The SBP’s prudent approach to monetary policy has contributed to stability and encouraged investors to take bullish positions in the market.

    Furthermore, the positive economic data, both from domestic and international sources, has also played a pivotal role in bolstering investor confidence. With indicators pointing towards a strengthening economy, investors have been encouraged to increase their stakes in the market, resulting in the record-breaking performance of the Pakistan Stock Exchange.

    As the market continues to show resilience and upward momentum, financial experts and policymakers are cautiously optimistic about the future outlook. They emphasise the importance of sustaining a positive economic trajectory through sound policy measures and a vigilant approach to market dynamics.

    Market participants and investors are closely monitoring the developments and will likely adjust their strategies in response to any shifts in economic indicators and policy decisions. The surge in the Pakistan Stock Exchange serves as a testament to the country’s economic potential and its ability to attract local and foreign investors to participate in its thriving financial markets.

  • 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 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.

  • Pakistan Stock Exchange rises above 44,000 points after 14 months

    Pakistan Stock Exchange rises above 44,000 points after 14 months

    On Thursday, the Pakistan Stock Exchange (PSX) benchmark index surpassed the 44,000 milestone after 14 months, experiencing a substantial surge of over 600 points after a two-day decline. The PSX website reported the KSE-100 index closing at 44,178.85 points, reflecting a commendable rise of 1.44 per cent or 626.02 points.

    Market analysts attribute this rally to several pivotal factors. Firstly, the standby agreement reached with the International Monetary Fund (IMF) played a crucial role in bolstering investor confidence. This agreement significantly alleviated uncertainties, particularly the risk of default, providing Pakistan with the opportunity to focus on its fiscal policies.

    Additionally, the disbursement of payments to independent power producers (IPP) contributed to the positive momentum in the market. The government allocated around Rs140 billion to the IPPs, allowing them to distribute higher dividends. Consequently, this development led to a surge in the shares of these companies.

    Moreover, the cement sector experienced a notable upturn due to a decline in international coal prices. Lower coal prices benefit the cement industry as coal is a primary fuel for cement production.

    Prominent market experts, such as Salman Naqvi, the head of research at Aba Ali Habib Securities, express optimism about the market’s potential. Naqvi anticipates that the index could potentially reach a range of 45,000 to 46,000 points. However, he cautions that the rise may not be consistently linear, considering the recent slump following a historic bull run on Monday.

    On Monday, the stock market witnessed significant gains as Pakistan secured a $3 billion short-term financial package from the IMF. This package provided significant relief to the struggling economy, which was facing a severe balance of payments crisis and diminishing foreign exchange reserves.

    The funding, allocated over nine months, surpassed expectations and provided respite as Pakistan awaited the release of the remaining funds from a previous bailout package agreed upon in 2019. The IMF board is scheduled to approve the deal in July.

  • Fake image of major Pentagon explosion raises concerns about AI-generated misinformation

    Fake image of major Pentagon explosion raises concerns about AI-generated misinformation

    A fabricated image depicting a significant explosion near the Pentagon was circulated on social media platforms on Monday, triggering a brief decline in the stock market.

    Subsequently, a multitude of social media accounts, including several verified ones, shared the counterfeit image, exacerbating the state of confusion.

    Afterward, authorities officially confirmed that no such incident had taken place. Keen-eyed investigators on social media, such as Nick Waters from Bellingcat, an online news verification group, promptly identified several notable inconsistencies with the image.

    These included the absence of any credible eyewitnesses to substantiate the purported event, particularly considering the Pentagon’s busy surroundings.

    Waters tweeted, “This is why it’s exceedingly challenging (some may argue virtually impossible) to fabricate a convincing counterfeit of such an occurrence.”

    Additionally, discernible disparities between the depicted building and the actual Pentagon served as clear evidence. This disparity can be easily ascertained by employing tools like Google Street View to compare the two images.

    Furthermore, the presence of peculiar elements like a levitating lamp post and a black pole protruding from the pavement unequivocally exposed the image’s deceptive nature.

    The complexities faced by artificial intelligence in faithfully recreating locations without introducing sporadic anomalies persist.

  • PSX surpasses 43,000-mark on hopes of inflows from friendly countries

    PSX surpasses 43,000-mark on hopes of inflows from friendly countries

    The news that the country will get a financial package from friendly countries led to another bullish session at the Pakistan Stock Exchange on Friday.

    The benchmark index started the pre-Friday prayer session in the green, according to Arif Habib Ltd, but lacklustre activity caused the index to drop 96.39 points at the end of the session.

    However, as trading started again, the benchmark recovered. Following Finance Minister Ishaq Dar’s announcement of a $13 billion package from China and Saudi Arabia, investors started looking for equities. While significant activity was seen in the oil and exploration sector, volumes overall remained stable.

    The KSE-100 index settled at 43,092.95 points, up 191.68 points or 0.45 per cent from the preceding session.

    The trading volume decre­ased 20.8 per cent to 232.8m shares while the traded value went down 25.4 per cent to $34.4m on a day-on-day basis.

    Stocks contributing significantly to the traded volume included Cnergyico PK Ltd (21.1m shares), WorldCall Telecom Ltd (17.9m shares), TPL Properties Ltd (15.1m shares), Pakistan Refinery Ltd (14.8m shares) and Oil and Gas Development Company Ltd (12.5m shares).

    Sectors that contributed to the index performance were exploration and production (129.3 points), technology and communication (98.4 points), oil marketing (22.8 points), tobacco (13.1 points) and food and personal care products (12.8 points).

  • 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.