Monday, October 28 2024

PSX sees higher listings, 7 companies raise Rs8bn
Contrary to last year’s gloomy conditions, the booming equity market attracted many initial public offerings (IPOs) and companies raised over Rs8 billion in calendar 2024. Market experts said such a favourable situation emerged after 2021, making it attractive for investors while the Pakistan Stock Exchange set records daily, encouraging companies to tap into the equity market. A total of seven listings have been completed in 2024 so far. Of these, five IPOs were on the main board and two (initial offerings) on the Growth Enterprise Market (GEM) board, which is a separate PSX counter reserved for smaller and riskier companies, said a research report by Arif Habib Ltd.
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Friday, October 25 2024

All-time high: 1,700-point surge takes PSX past 88,000 on hopes of rate cut
Bulls continued their stampede on the trade floor at the Pakistan Stock Exchange (PSX) on Thursday as shares breached the 88,000 milestone. The benchmark KSE-100 index initially gained 851.11 points, or 0.98 per cent, to stand at 88,045.64 points from the previous close of 87,194.53 points at 10:56am. By 1:17pm, it rose further, cumulatively gaining 1.36pc, or 1,189.31 points. Finally, it closed at 88,945.98 points, up by 1751.45 points or 2.01pc, from the previous close. Mohammed Sohail, chief executive of Topline Securities, attributed the bull run to locals buying aggressively on falling bond yields amid expectations of a major cut in monetary policy rate in November. Most analysts believe the State Bank of Pakistan (SBP) will reduce its policy rate by 200 basis points in its upcoming meeting on November 4, marking the fourth consecutive cut since June, thanks to a decline in inflation, a low current account deficit and higher remittances.
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Gas found in Sanghar
ISLAMABAD/KARACHI: Oil and Gas Development Company Ltd (OGDCL) on Thursday announced the commencement of production from its exploratory Baloch-2 well in the Sembar formation, located in Sanghar district of Sindh. The company had announced the gas condensate discovery from the Baloch-2 well on August 30, 2024, and brought its production to the system, a statement said. The well, situated within the Sinjhoro block, is producing 350 barrels per day (BPD) of oil and five million standard cubic feet per day of gas. The production is connected to the Sinjhoro Processing Plant, with the gas being fed into the Sui Southern Gas Company Limited (SSGCL) network, contributing directly to the country’s energy supply. PSO earns Rs16bn in FY24 Pakistan State Oil (PSO) posted a gross revenue of Rs3.8 trillion, with a profit after tax of Rs15.9 billion in FY24, translating into earnings per share of Rs33.79.
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Hearing in PTCL-Telenor merger ends amid rivals’ opposition
Reiterating their concerns over the proposed acquisition of Telenor Pakistan by PTCL, Jazz and Wateen informed a three-member bench of the Competition Commission of Pakistan (CCP) on Thursday that the combined entity would be able to manipulate tariff structures at their discretion. The fifth and the last hearing in the Phase II review of PTCL’s acquisition of Telenor and Orion Towers Ltd was conducted by CCP Chairman Dr Kabir Ahmed Sidhu alongside members Salman Amin and Abdul Rashid Sheikh. While Wateen opposed the proposed merger, Jazz and Zong expressed competition concerns and the fear of abuse of dominance after the merger of Telenor Pakistan with Ufone as the merged entity would be operating under the Pakistan Telecommuni-cation Company Ltd, which is the biggest player in the internet as well as other segments of the telecom sector.
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Tuesday, October 22 2024

Stocks surge following constitutional changes
Pakistan Stock Exchange (PSX) on Monday staged a remarkable recovery, fueled by encouraging economic indicators and some degree of political stability. The KSE-100 index surged past 86,000 with gains of over 800 points, reflecting investor optimism and confidence. The surge was driven by across-the-board buying following approval of constitutional amendments by the National Assembly (NA). Earlier, the bourse began the session with a strong buying spree that persisted throughout the day, leading to a notable recovery across various sectors. As a result, the index advanced to the intra-day high of 86,172.79 points towards the close of trading. At a gong ringing ceremony, the PSX marked the listing of BF Biosciences, a pharmaceutical joint venture between Ferozsons Laboratories and Bago Group of Argentina. On the economic front, Pakistan posted a current account surplus of $119 million for September 2024, the highest since April 2024.
Related news categories: business economic-indicators psx stock-exchanges