KSE-100 Archives - gamemmm12

Bullish trend continues as PSX surges by nearly 900…

2 July 2024
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The Pakistan Stock Exchange (PSX) continued its bullish streak on Tuesday, with the KSE-100 index gaining an impressive 892 points.

This surge propelled the index to stand at an all-time 79,717.31 points high during intra-day as of 2:18 PM, marking a substantial 1.12% increase from the previous 78,825 points.

Earlier on Friday, the PSX reclaimed the title of the world’s best-performing market in the outgoing fiscal year 2023-24, with a remarkable cumulative increase of 89% (or 94% in US dollar terms) after the market closed at an all-time high of 78,445 points.

The market made history multiple times throughout the year, achieving record gains primarily in June 2024. Market capitalization, or the total value of all shares, hit a record high of over Rs10 trillion.

Read PSX continues its record-breaking spree

Yesterday, the PSX opened the new fiscal year on a positive note, gaining nearly 380 points. Initially lackluster with an intra-day low of 78,427.79 points, the market picked up momentum throughout the day with the KSE-100 index benchmark rising by 675 points driving the bulls to stand at 79,120.

The uptrend was primarily driven by a modest Consumer Price Index (CPI)-based inflation of 12.6% year-on-year in June 2024 and expectations of an International Monetary Fund (IMF) loan agreement worth $6-8 billion.

“Stocks closed higher amid thin CPI inflation at 12.6% in June 2024 and the finance minister’s affirmation of a larger and longer bailout agreement with the IMF this month in the wake of positive talks for a $6-8 billion loan,” said Ahsan Mehanti, MD of Arif Habib Corp.

Muhammad Sohail, CEO of Topline Securities noted that the market witnessed five initial public offerings (IPOs) in FY24 compared to only one in FY23. Foreign investors bought T-bills worth over $300 million in FY24 (11 months of data) compared to selling $41 million in FY23.

Science & Environment

KSE-100 index leads as Asia’s best-performing market | The…

25 June 2024
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Despite prevailing economic crises, Pakistan’s stock market has shown resilience by emerging as the best-performing market in Asia in 2024, according to Bloomberg.

The KSE-100 index reflected a 27% increase in dollar terms this year, with experts anticipating further gains.

Strategists attribute the market’s strong performance to its cheap valuations, high positive real rates, and a fairly valued currency.

The recently proposed budget, aimed at securing a new loan from the International Monetary Fund (IMF), has also bolstered investor confidence.

Topline Securities Ltd and Arif Habib Ltd predict the KSE-100 index could see an additional 10% increase by the year’s end.

Despite the economic challenges, foreign buying and other factors are expected to drive the market’s momentum.

Ali Hussain, Head of Research at Dubai-based Frontier Investment Management Partners Ltd, commented: “There’s a lot of juice left in this rally. Cheap valuations, high positive real rates, and a fairly valued currency make a very attractive case right now.”

The KSE-100 index has remained attractive with a one-year forward earning-based valuation of 3.8 times, representing a 50% discount to its lifetime average.

Islamabad has increased taxes on industries like cement, automobile, and steel to meet the IMF’s guidelines, crucial for fulfilling the $24 billion debt payments due in the next fiscal year.

Bloomberg Economics noted the political stability despite concerns that the coalition government could be at risk if the Pakistan Peoples Party (PPP) withdraws due to public pressure.

Investors remain hopeful, with Arif Habib Ltd predicting that foreign buying, earnings growth, and robust local liquidity will sustain the market’s momentum over the next few years.

Bilal Khan, Head of Institutional Equity Sales at Arif Habib Ltd, stated: “With the new IMF programme spanning the next three years, we anticipate a favourable external position, supporting continued bullish market sentiment.”

Science & Environment

PSX hits historic high, surpasses 78,000 milestone | The…

20 June 2024
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The Pakistan Stock Exchange (PSX) surged to an all-time high on Thursday as the KSE-100 Index gained over 2.66 percent, reaching 78,801 points at 4:15 pm. This rise marked a significant increase from the previous 76,706.77 points last week.

The market opened on a positive note following the Eid ul Adha holidays, with the KSE-100 Index crossing the 77,000 mark, up by 730 points by 09:44 am.

Key sectors such as automobile assemblers, commercial banks, fertilizers, oil and gas exploration companies, oil marketing companies (OMCs), and refineries saw strong buying activity. Major stocks like ODGC, POL, SHEL, SNGPL, MEBL, and HBL traded positively.

Fitch Ratings described Pakistan’s budget for the fiscal year 2024-25 as “ambitious,” noting that it could improve the chances of securing a deal with the International Monetary Fund (IMF).

Last week, the PSX saw a bullish trend, driven by investor confidence after no increase in the tax rate on dividends and capital gains for filers. This led to the KSE-100 index rising by 2,952.75 points over the week, closing at a record high of 76,706.77 points.

Science & Environment

Stocks soar to all-time high as KSE-100 index surpasses…

14 June 2024
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Pakistan Stock Exchange (PSX) reached the second day of the budget announcement and reached the highest level in the country’s history.

The 100-index increased by 830 points to reach 77,039 points the first time in the history of trading.

The investors are rallying confidence on the budget policies that are yet to be approved by the parliament amid the PPP objections that they were not included in consultations in the budget perorations.

On Thursday, the Pakistan Stock Exchange (PSX) experienced a significant surge, just a day after the government proposed its budget for FY2024-25. Shares saw a massive gain of over 3,400 points during intraday trade.

The KSE-100 index rose by 2,735.07 points, or 3.75%, reaching 75,579.23 at 12:17 PM, according to the PSX data portal. By the close of trading, the index stood at 76,208.16, marking an increase of 3,410.73 points or 4.69% from the previous close of 72,797.43 points.

The key factors include the government’s decision not to increase the tax on dividends and capital gains for investors.

The market’s positive reaction to the softer changes in capital gains tax (CGT) for tax filers, contrasted sharply with pre-budget concerns.

The measures targeting non-tax filers, as well as some retailers and real estate sectors, were also received positively, though enforceability risks remain.

The market had been under pressure in recent days due to uncertainties over significant tax measures amid IMF guidelines. However, the actual budget dispelled those concerns, leading to overall positive market sentiment.

The PSX’s performance on Thursday underscores investor confidence in the new budget’s measures, setting a hopeful tone for the fiscal year ahead.

Science & Environment

PSX surges to all-time high, crosses 69,000 points |…

8 April 2024
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KARACHI:

The Pakistan Stock Exchange (PSX) hit a new all-time high of 69,711 points on Monday, surging by 1.9% to continue its record-breaking spree on the second working day.

The market has maintained its momentum over economic optimism in the wake of Prime Minister Shehbaz Sharif’s maiden visit to Saudi Arabia and Finance Minister Muhammad Aurangzeb’s preparations to visit Washington next week to formally apply for a new IMF loan program.

The benchmark KSE 100-Index closed at 69,620 points, clipping the intra-day high gains to 1,203 points or 1.76% at the end of the session.

The market has gained 8.5% or 5,476 points since the February 8 elections and the subsequent formation of a coalition government in the Centre.

Investors have continued to buy mainly in the energy and banking sector in the hope that the issues of the energy crisis and the circular debt will be resolved. The surge in buying of banking stocks can be attributed to record-breaking earnings by banks.

While talking to The Express Tribune, Arif Habib Limited Head of Research Tahir Abbas said the market has maintained outstanding performance on expectations that the government of Prime Minister Shehbaz Sharif would sign new investment agreements worth billions of dollars with Saudi Crown Prince Muhammad bin Salman during the ongoing visit.

The new investment treaties may include Reko Diq and refinery projects in Pakistan, potentially boosting foreign investment to new levels in local projects after remaining sluggish for the past many years, anticipated Abbas.

Besides, Finance Minister Muhammad Aurangzeb is scheduled to formally approach the IMF to secure a new loan programme at the Fund’s annual meeting being held in Washington on April 14-15, 2024.

The optimism that the next loan package would ensure repaying maturing foreign debts on time and that the package would allow the nation to gradually ramp up economic activities spurred the investors to pour in new capital at PSX.

Abbas said despite the record-breaking spree in the benchmark KSE-100 Index in recent times, share prices are yet to reach their previous record-high levels, offering extended value buying to investors.

The expert anticipated the market would maintain an upward trend on optimism over the acquisition of the new IMF package and stocks still hovering below their historically high levels.

“We have estimated the PSX benchmark index reaching 81,000 points by the end of December 2024,” he said.

Tag: <span>KSE-100</span>

Bullish trend continues as PSX surges by nearly 900…

KSE-100 index leads as Asia’s best-performing market | The…

PSX hits historic high, surpasses 78,000 milestone | The…

Stocks soar to all-time high as KSE-100 index surpasses…

PSX surges to all-time high, crosses 69,000 points |…