Tag: trading session

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
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.

May 17, 2024
Gold price sees Rs1,700 per tola dip on last trading day

In the final trading session of the week, the per-tola price of 24 karat gold in Pakistan witnessed a notable decrease, sliding by Rs1,700. The precious metal was traded at Rs216,000, compared to its previous rate of Rs217,700.

Similarly, the price of 10 grammes of 24 karat gold experienced a decline of Rs1,458, settling at Rs185, as opposed to its earlier value of Rs186,643.

Meanwhile, the prices of 10 grammes of 22-karat gold also observed a dip, reaching Rs169,753 from Rs171,089, according to a report by the All Sindh Sarafa Jewellers Association.

The per-tola and ten-gramme silver prices remained unchanged, standing at Rs2,600 and Rs2,229.08, respectively.

On the global front, the price of gold faced a decrease of $15 in the international market, falling to $2,059 from its previous value of $2,074, as reported by the Association.

These fluctuations in the precious metals market highlight the dynamic nature of the economic landscape, influencing both domestic and international trade.

Investors and consumers alike are keeping a close eye on these developments as they navigate the ever-changing market conditions.

February 4, 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
Gold prices in Pakistan wrap up first week of 2024 on a decline

The gold prices in Pakistan concluded the initial week of 2024 on a downward trajectory, witnessing a notable drop in the value of 24-karat gold.

According to reports from the Karachi Sarafa Association, the price of 24-karat gold plummeted by Rs2,000 per tola, settling at Rs218,000.

Contrary to this trend, the association noted that 24-karat gold experienced a gain of Rs1,000 per tola in today’s trading session, offering a glimmer of positivity in an otherwise challenging week.

The closing figures for the last trading session revealed that 10-gramme 24-karat gold reached Rs186,900, showcasing an increase of Rs857.

Similarly, the price of 10-gramme 22-karat gold stood at Rs171,325, marking a rise of Rs786.

Investors in the domestic bullion market enjoyed substantial returns in 2023, with the yellow metal delivering an impressive 19.63% yield for the year.

The concluding price of 24-karat gold in 2023 stood at Rs220,000 per tola, a notable surge compared to Rs183,900 per tola in the same period last year (SPLY).

Adding to the dynamics of the market, the Pakistani Rupee (PKR) extended its winning streak, appreciating by an additional 46 paisa against the US dollar.

This marks the eighth consecutive appreciation for the Pakistani rupee, driven by positive market sentiments.

Analysts attribute this positive trend to the anticipation of the approval of the second loan tranche worth $700 million by the International Monetary Fund (IMF).

Pakistan’s inclusion in the IMF’s meeting agenda for January 11, 2024, has heightened expectations of economic support.

It’s essential to recognise the intricate relationship between domestic gold prices and the local currency.

As gold is denominated in US dollars, any appreciation of the Pakistani rupee against the greenback tends to result in a decline in the value of gold.

In conclusion, the first week of 2024 has been a mixed bag for the gold market in Pakistan, with fluctuating prices and external factors influencing the dynamics.

Investors are likely to keep a close eye on both international economic developments and local market conditions as they navigate the complexities of the gold trade.

January 7, 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 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