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Tag: Pakistan Stock Exchange

  • Gold price in Pakistan experiences massive single-day gain of Rs5,700 per tola

    Gold price in Pakistan experiences massive single-day gain of Rs5,700 per tola

    In a significant development, gold staged a recovery from its recent five-session decline in Pakistan on Thursday, driven by a surge in the global market.

    The domestic market witnessed a notable upswing in gold prices today, surging to Rs218,300 per tola after a massive single-day gain of Rs5,700 per tola.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold price in Pakistan experienced a surge, reaching Rs187,157 after a significant uptick of Rs4,887.

    This marks a considerable shift from Wednesday’s scenario, when gold prices in Pakistan witnessed a decline of Rs1,000 per tola.

    Internationally, the gold market reflected this positive momentum, setting the rate at $2,052 per ounce with a $20 premium on Thursday. This uptick translated into a $54 increase in the international market, as reported by APGJSA.

    Simultaneously, silver rates observed an upward trend, climbing by Rs70 and settling at Rs2,650 per tola.

    While these developments unfolded in the precious metal markets, the Pakistan Stock Exchange experienced a tumultuous Wednesday, initially plummeting by over 1,900 points.

    Despite the initial setback, the market rebounded, ultimately concluding the business day with a loss of over 1,100 points.

    The benchmark KSE-100 index kicked off Thursday’s session on a pessimistic note, extending its downward trajectory to revisit the previous day’s lows of approximately 64,400.

    However, buyers intervened, successfully defending this level once again.

    The index maintained a rangebound pattern for the remainder of the session, closing at 65,450.19, marking an increase of 170 points or 0.26 per cent day-over-day.

  • PSX bounces back with gain of nearly 500 points

    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.

  • Pakistan Stock Exchange surges 2.33% to reach 66,223.63 points

    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.

  • 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.”

  • PSX hits historic high: KSE-100 index surpasses 59,000 mark for the first time

    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.

  • Pakistan Stock Exchange achieves record high, crossing 58,000 points

    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.”

  • Pakistan Stock Exchange sets record at 56,665 points following strong buying activity

    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.

  • PSX hits new record high, crossing 55,000 mark

    PSX hits new record high, crossing 55,000 mark

    The Pakistan Stock Exchange (PSX) maintained its bullish trend as the KSE-100 Index surged over 2 per cent, surpassing the 55,000 level and establishing a new record high at 55,391.36.

    This marked a notable gain of 1129.94 points, or 2.08 per cent, by the end of Friday’s trading session. The intra-day peak of 55,506.32 now stands as the highest level achieved by the KSE-100.

    Friday’s trading saw widespread buying activity, particularly in key sectors like automobile assemblers, cement, chemicals, fertilisers, power generation, distribution, refineries, and oil and gas exploration companies.

    The positive momentum was attributed to the results of a PIB auction, as noted by Mohammed Sohail, CEO at Topline Securities.

    Macro-economic factors also contributed to the positive market sentiment, including a reduction in the country’s current account deficit to $8 million in September 2023 compared to $360 million in the same month last year.

    Additionally, a decline in CPI-based inflation added to the favourable market conditions.

    Simultaneously, the Pakistani rupee continued its 14-session decline against the US dollar, settling at 287.03, a 0.05 per cent depreciation on Friday.

    In another development, overseas workers’ remittances reached $2.5 billion in October 2023, showing an 11.5 per cent increase compared to September 2023.

    Trading activity on Friday saw increased volume on the all-share index, rising to 640.8 million shares, with a total share value of Rs21.1 billion.

    Notable performers included Cnergyico PK and Pak Refinery in terms of traded volume.
    In summary, the PSX’s bullish momentum, driven by positive economic indicators and significant sectoral gains, propelled the KSE-100 Index to a historic high, supported by increased trading activity and positive developments in the currency and remittance sectors.

  • Honda Atlas extends production suspension amid an ongoing parts shortage

    Honda Atlas extends production suspension amid an ongoing parts shortage

    Honda Atlas Cars (Pakistan) Limited, a subsidiary of Honda Motor Co., Ltd. of Japan, has officially announced a temporary plant shutdown due to supply chain disruptions.

    In line with their communication dated October 30, 2023, the company has made the decision to extend the plant closure from November 8, 2023, to November 9, 2023, as disclosed in their notice to the Pakistan Stock Exchange (PSX).

    The automaker further said that any updates to this plan will be duly communicated.

    The automaker had previously communicated the shutdown of its plant from October 24, 2023, to October 31, 2023, and later extended it to November 7, 2023.

    This decision was attributed to significant inventory levels and disruptions in the supply chain, which have severely affected the company’s production capabilities.

    Earlier this year, Honda Atlas Cars also suspended its production activities from March 9 to May 15, citing adverse economic conditions in the country and government-imposed restrictions on Letters of Credit (LC) issuance.

  • Record-breaking bullish streak: PSX surpasses 54,000 mark for the first time in history

    Record-breaking bullish streak: PSX surpasses 54,000 mark for the first time in history

    The Pakistan Stock Exchange (PSX) continued its bullish momentum, with the KSE-100 Index surpassing the historic 54,000 level during intra-day trading on Tuesday.

    At 11:25 am, the benchmark index stood at 54,247.74, marking a 0.72 per cent increase of 387.38 points.

    On the preceding day, the KSE-100 index gained 737 points, closing at 53,860.37, marking a record-high closing level.

    On Tuesday, various sectors demonstrated mixed performance. Commercial banks, oil and gas exploration companies, and OMCs traded positively, while automobile assemblers, chemical, and fertiliser sectors faced losses.

    Financial experts attribute this bullish trend to improved macroeconomic indicators. Notably, Pakistan’s current account deficit shrank to $8 million in September 2023, compared to $360 million in the same month in 2022, due to reduced imports.

    Additionally, the Consumer Price Index (CPI)-based inflation in Pakistan decreased to 26.9 per cent in October.

    Market sentiment is optimistic as the International Monetary Fund (IMF) is currently reviewing the stand-by arrangement (SBA), which is expected to result in additional financial inflows into the country.

    According to experts, KSE-100 shows no signs of slowing down, with expectations of a successful IMF review and potential monetary easing in upcoming Monetary Policy Committee (MPC) meetings.

    While occasional profit-taking may occur, a significant increase in valuation is anticipated over the next 12 months.