Thursday, November 21 2024

PSX remains volatile amid political noise
Pakistan Stock Exchange (PSX) on Wednesday saw volatile trading as the benchmark KSE-100 index initially surged on strong buying interest but ultimately closed lower by more than 300 points due to profit-taking and political uncertainty. Additionally, the bourse felt pressure from above-average foreign corporate selling, which pushed the index into the red zone. After commencing proceedings on a positive note, the index climbed to the intra-day high of 96,711.33 points, rising significantly during the early morning trading. However, profit-taking set in around midday, driven by political noise, which pulled the index to the intra-day low of 95,311.97. Despite a brief rally that saw the index make some recovery, the market closed down by 310 points. "Stocks closed bearish on political uncertainty and security concerns in the country," said Arif Habib Corp MD Ahsan Mehanti.
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PSX sees profit-taking on political noise after record-high bull run in intraday trade
Shares at the Pakistan Stock Exchange (PSX) saw profit-taking around mid-day on political noise after climbing more than 800 points in early morning trade on Wednesday in its historic bull run. The benchmark KSE-100 index climbed 847.17 points, or 0.88 per cent, to stand at 96,703.83 from the previous close of 95,856.66 points at 10:57am. However, the index closed in the red, decreasing by 310.21 points to stand at 95,546.45 points from the last close. Yousuf M. Farooq, director research at Chase Securities, stated regarding the initial bull run, “There is significant interest in retail-driven stocks today, particularly in K-Electric Limited (KEL) and Kohinoor Spinning Mills (KOSM). “KEL is buoyed by rumours of an imminent multi-year tariff approval, a development that could enable a potential transaction and further boost investor confidence,” he explained.
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Wednesday, November 20 2024

Historic bull run at PSX continues unabated as KSE-100 Index nears 96,000
Bulls maintained their control over the trade floor as shares at the Pakistan Stock Exchange(PSX) surged more than 800 points on Tuesday, briefly touching the 96,000 barrier for the first time. The benchmark KSE-100 index climbed 812.70 points, or 0.86 per cent, to stand at 95,808.37 points from the previous close of 94,995.67 points at 11:08am. At 2:44pm, the index crossed the 96,000 threshold for the first time, increasing by 1006.33 points. Finally, the index closed at 95,856.66 points, up by 860.99 points or 0.91pc, from the last close. Yousuf M Farooq, director research at Chase securities, said, “Media reports indicating the absence of a mini-budget and a positive signal from the IMF have boosted market sentiment, fuelling the continuation of the rally.”
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NA panel questions PTCL authority to sell assets
The National Assembly Standing Committee on IT & Telecom questioned the authority of the Pakistan Telecommunication Company Ltd (PTCL) to sell its properties since the board of directors was not the owner of the company. The committee meeting in the Parliament House sought answers to several queries from the state-owned largest telecom company, including the board’s powers under the sale purchase agreement (SPA) between the Government of Pakistan and Etisalat. Committee chair Syed Aminul Haque showed an advertisement to the Ministry of IT & Telecom officials and the executive representing the PTCL. The advertisement sought bids to purchase several properties of the PTCL, but in response, the PTCL executive said that no property had been sold as the required price was not offered.
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Tuesday, November 19 2024

Stocks rise on robust economic data
The inflow of positive economic numbers helped the stock market maintain its bullish momentum as the KSE 100 index settled at a record peak near 95,000 on Monday. Despite falling by 143.20 at 94,620.45 in early trade on profit-taking, the index bounced back with a 544.27-point rally to hit an intraday high of 95,307.92 after the country posted a third straight monthly current account surplus. However, the index settled at 94,995.67, up by 232.03 points or 0.24pc day-on-day. Topline Securities Ltd said Chief Executive Moh­ammed Sohail said the market maintained a positive trajectory as the enco­uraging IMF statement lifted investor confidence. He said local mutual funds were actively buying at PSX, with net purchases of Rs40bn in the past two and a half months. This has made them a major driving force behind the 20pc surge in the benchmark index since Sept 1.
Related news categories: business economic-indicators psx stock-exchanges