Pakistan Stock Exchange Archives

Tag: <span>Pakistan Stock Exchange</span>

PSX hits historic milestone, closes above 80,000 points for…

3 July 2024
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The Pakistan Stock Exchange (PSX) achieved a historic milestone on Wednesday as the KSE-100 index closed at 80,233.67 points, marking the first time it has ended a session above the 80,000 mark.

This significant surge follows a continued bullish trend, with the index gaining 680 points from the previous session.

During intra-day trading, the index reached a high of 80,193.76 points at 11:28 AM, driven by rising global crude oil prices, strong dividend expectations from the oil sector, and ongoing positive discussions for an International Monetary Fund (IMF) bailout deal.

The market’s upward momentum has been consistent, with the index crossing the 79,000 points mark on Tuesday.

Earlier in the week, the PSX gained nearly 380 points on the first trading day of the new fiscal year and saw a substantial 892-point increase on Tuesday.

Science & Environment

PSX surges by PSX surges by over 600 points…

1 July 2024
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The Pakistan Stock Exchange (PSX) maintained its last week’s bullish momentum on Monday with the KSE-100 index benchmark rising by 675 points driving the bulls to stand at 79,120.

The KSE-100 index climbed 586.08 points, 0.74 per cent, to stand at 79,031.04 at 11:43am from the previous close of 78,445 points on Friday.

The stocks 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) on Friday when the market closed at an all-time high of 78,445 points.

The robust rally began with the International Monetary Fund (IMF) awarding a $3 billion loan programme in late June 2023.

This was bolstered by successful reviews of the domestic economy by the IMF. Subsequently, the receipt of loan tranches totalling $3 billion during the year, along with the unlocking of new funds, including $3 billion from other multilateral and bilateral creditors, boosted foreign exchange reserves and kept investor morale high throughout the year.

Additionally, the much-awaited parliamentary elections in February 2024 and the return of stability in the rupee-dollar parity encouraged foreign investors to stage a comeback at the national bourse.

This contributed to the market’s consistent highs, while no changes in the capital gains tax (CGT) regime (contrary to speculations of rate hikes) supported the market’s historic gains of over 3,000 points in a single day following the presentation of the 2024-25 budget this month.

Last week on June 29, the stock closed nearly flat on the last trading day of the financial year 2023-24, halting its bull run. The KSE-100 index finished down by 83.29 points, or 0.11%, settling at 78,444.96.

The day began positively, with investors buying significantly in the first half, pushing the index to an intra-day high of 78,784.23. However, profit-taking in the latter hours erased the gains, causing the index to slip into negative territory.

Science & Environment

Bullish spree continues as PSX briefly touches 80,000 barrier…

21 June 2024
by admin

Bulls continued their stampede at the Pakistan Stock Exchange (PSX) on Friday as shares gained more than 1,200 points to briefly cross the 80,000 level — a day after it closed at a now-broken all-time high.

The benchmark KSE-100 index gained 1238.54 points, or 1.57 per cent, to stand at 80,059.87 — a record high — from the previous close of 78,801.53 points at 9:47am.

It, however, then receded to 78,847.57 at 11:36am — a gain of mere 46.04 points, or 0.06pc, from the previous close.

Tahir Abbas, head of research at Arif Habib Limited, said, “The market continues its positive momentum as investors are optimistic about the new IMF programme, downward inflation, interest rates trajectory and flows converting from fixed income to equities.”

Mohammed Sohail, chief executive of Topline Securities, noted that the index had reached “another record high”, climbing by 99pc in a year.

He attributed today’s climb to “positive sentiments led by tax laden budget” which investors feel will help in getting the long-term International Monetary Fund (IMF) loan.

“Investors are optimistic about the macroeconomic stability that will create a favorable environment for monetary easing,” Awais Ashraf, director research at AKD Securities, said, adding that this “subsequently reduces the required rate of return for investors in the equity market”.

“Moreover, the scarcity of other profitable investment opportunities, particularly in real estate and commodities, is also driving the recent KSE-100 rally,” he added.

On Thursday, analysts had attributed the post-Eid bullish momentum to the rating agencies’ recent outlook for Pakistan.

Raza Jafri, chief executive of EFG Hermes Pakistan, had highlighted Fitch’s “dovish view on inflation outlook and the proposed reduction in electricity tariffs for industries”.

Yousuf M Farooq, director of research at Chase Securities, had also mentioned that “comments from Fitch and Moody’s have all contributed to” yesterday’s market rally.

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

Stock market experiences strong bullish trend amid budget announcement…

13 June 2024
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Pakistan Stock Exchange experienced a strong bullish trend following the budget announcement. On the first day post-budget, the market welcomed the new financial measures with notable gains.

The Hundred Index saw an impressive increase of 1,708 points, reaching 74,505 points, as two critical limits of 73,000 and 74,000 points were restored.

Key factors contributing to this positive trend include the decision not to increase capital gain tax on filers and the absence of a tax on dividends, which have been favorable for market sentiment.

The announcement of a Rs1,500 billion development budget has had a positive effect on the market. Earlier in the day, the 100-Index rose by 1,516 points to 74,313 points, reflecting the market’s positive response to the budget.

The business activity began on a positive note with the 100 Index initially increasing by 637 points, reaching 73,435 points, and the market crossing the significant 73,000 points threshold.

Science & Environment

PSX dips below 73,000 barrier ahead of budget announcement…

11 June 2024
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The Pakistan Stock Exchange (PSX) experienced a significant downturn falling by 572 points, causing the index to drop below the 73,000-point barrier.

The KSE-100 Index closed at 72,679 points.

Inflation, current state of global markets, and the country’s political situation were reported as factors contributing to the dip ahead of the announcement for the forthcoming federal budget for 2024-2025.

The coalition government in Islamabad, led by the Pakistan Muslim League-Nawaz (PML-N), plans to set ambitious fiscal targets in the Budget 2024-25 to bolster its case for a new bailout deal with the International Monetary Fund (IMF).

Pakistan narrowly avoided default last summer thanks to a short-term IMF bailout of $3 billion over nine months.

While fiscal and external deficits have been controlled, this has led to a sharp decline in growth and industrial activity, coupled with high inflation, which averaged close to 30% in the last financial year and 24.52% over the last 11 months.

Science & Environment

Bloodbath at PSX as benchmark index plunges over 2,041…

7 June 2024
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Pakistan Stock Exchange (PSX) experienced the worst downturn at the beginning of the last day of the business week as the PSX-100 index plunged and lost two benchmarks of 72,000 and 73,000.

The PSX-100 index reached to 7,1090.

On the instructions of the IMF, the possibility of a new tax of Rs2 trillion in the budget took the market down.

Brokers said there is a report of increasing the capital gain tax on the income of shares in the budget.

Science & Environment

Shares at PSX lose over 400 points – SUCH…

27 May 2024
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Shares at the Pakistan Stock Exchange’s benchmark index lost more than 400 points to settle at 75,517.48 levels on Monday.

According to the PSX website, the KSE-100 index shed 465.55 points to reach 75,517.48 levels, depreciating by 0.61% per cent against the previous closing of 75,983.03.

Shares at the PSX benchmark index scaled a record high and breached the key 76,000 level on May 24 in the intraday trade as the International Monetary Fund and Pakistan make “significant progress” towards reaching a staff-level agreement for an extended fund facility.

But the KSE-100 index had 75,983.03.

Mohammed Sohail, the Topline Securities CEO, has said that although the market appears to be at an all-time high of 76,000 compared to the previous Index peak of 53,000 in 2017, it’s still lower adjusted for dividends.

“The KSE 100, a total return index including dividends but the KSE 30, a price-only index, remains 15% below its 2017 peak,” he said in a long post on X on Sunday.

Science & Environment

PSX reaches new high, crosses 76000 milestone – SUCH…

24 May 2024
by admin

The Pakistan Stock Exchange (PSX) made history today by surpassing the 76,000-point mark for the first time, signaling a significant bullish trend in the market.

The KSE-100 index soared by 888 points during trading, closing at a record high of 76,006 points.

This remarkable surge is attributed to several positive economic developments. Key among them is the progress in Pakistan’s loan program with the International Monetary Fund (IMF), which has bolstered investor confidence and contributed to the market’s upward trajectory.

Additionally, news of a substantial investment from the United Arab Emirates (UAE) has further fuelled market optimism. The UAE has announced a $10 billion investment in Pakistan, which is expected to have a substantial impact on the country’s economic stability and growth prospects.

At the start of business on Friday, the PSX witnessed an extraordinary surge, with the KSE-100 index climbing by 500 points, reaching an unprecedented level of 75,614 points.

Since the beginning of business, the PSX has been booming, demonstrating robust market confidence and strong investor interest. Market analysts attribute this remarkable rise to a combination of favourable economic indicators, positive corporate earnings reports, and investor optimism about the future economic outlook.

In related financial news, the value of the US dollar decreased by 15 paisas in the interbank market. The American currency is now trading at Rs278.15. This slight decrease in the dollar’s value is seen as a positive sign for the local currency and may contribute to further strengthening investor sentiment in the stock market.

The PSX’s impressive performance today is seen as a continuation of the positive trends observed in recent months.

In the interbank market on Thursday, the US dollar depreciated by 17 paisas, settling at Rs278.30. This slight decline comes amid ongoing economic adjustments and market responses to both domestic and international financial dynamics.

Meanwhile, the Karachi Stock Exchange witnessed a day of fluctuations, with the KSE-100 index trading down by 7 points, closing at 74,950 points at the start of business for the day. Market analysts attributed the minor dip to a combination of investor caution and mixed signals from global markets.

Science & Environment

PSX reaches new high, crosses 75,000 milestone – SUCH…

15 May 2024
by admin

An unprecedented boom has been witnessed in the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index crossed the monumental threshold of 75,000 points.

Investors celebrated as the index surged by a remarkable 563 points, reaching an impressive level of 75,094 points during trading sessions.

The remarkable rally in the PSX started at the beginning of trading for the day on Wednesday, with the index showing resilience and strength in the face of economic fluctuations. The day started with an increase of 307 points in the KSE-100 index fuelled optimism, with the index trading at 74,839 points.

Market analysts attributed this surge to a variety of factors, including positive economic indicators, robust corporate earnings, and favorable government policies aimed at stimulating investment and growth. The buoyant mood among investors reflects growing confidence in Pakistan’s economic trajectory and its potential for sustained development.

On Tuesday, the Pakistan Stock Exchange (PSX) closed at an all-time high on the second day of the business week, marking a significant milestone in the country’s financial landscape.

At the close of business on Tuesday, the PSX recorded a staggering increase of 732 points, with the benchmark KSE-100 index reaching an unprecedented level of 74,531 points. This surge reflects the growing optimism and resilience of Pakistan’s economy despite global uncertainties and challenges.

These positive developments in the stock market come as an IMF mission continues its two-week visit to Pakistan to negotiate a bigger, long-term loan agreement with the country. As negotiations between Pakistan and the IMF intensify, the Fund has called for significant changes in the country’s tax regime.

Sources reveal that the IMF has demanded an end to tax exemptions, incentives, and privileges, with a focus on increasing taxes on privileged sectors.

Among the proposals put forward by the IMF are increases in taxes on luxury plots and cars, as well as imposing taxes on the property sector. Specifically, the IMF suggests imposing higher taxes on plots valued at over Rs50 million and abolishing tax exemptions on capital gains from the sale of residential property.

Furthermore, the Federal Investigation Agency (FIA) has proposed changes in tax slabs for the salaried class, with the IMF supporting a hike in taxes on income ranging from Rs300,000 to Rs500,000. Additionally, the IMF has also called for tax increases on luxury car imports and suggested raising the withholding tax on new vehicle purchases.

Furthermore, Pakistan’s macroeconomic conditions improved during H1-FY24, according to the State of Pakistan’s Economy Report released on Tuesday by the State Bank of Pakistan (SBP). The report contains the analysis prepared on data outturns for the July-December FY24.

According to the report, the real economic activities moderately recovered against the contraction last year, while a Stand-By Arrangement (SBA) with the IMF helped reduce stress on external accounts. Meanwhile, the current account deficit narrowed considerably, amid continued contractionary monetary and fiscal policies, better agricultural produce, and ease in global commodity prices.