Business

Bears rule stocks as KSE-100 plunges over 1,700 points

Published

1 year ago

Farwa

KARACHI: The Pakistan Stock Exchange (PSX) started the day on a negative note as the benchmark index witnessed a sharp decline of over 1,700 points on Tuesday.

The KSE-100 index dipped to a low of 59,907.70 points during the intraday trading, down by 1,797.39 points or 2.91%, according to the PSX website.

Head of Equities at Intermarket Securities Raza Jafri told Geo.tv that leveraged positions may possibly still be unwinding, however, volumes are on the thinner side.

“It is possible the corrective phase runs its course out this week, and that January opens on a more positive note,” he added.

Head of Research at Pakistan-Kuwait Investment, Samiullah Tariq, said that there were several factors affecting the market including year-end correction and profit taking.

Stocks ended the previous week on a low note as investors cashed in their profits while the next week was expected to see subdued trading activity due to the rollover period and the long holidays, The News reported citing dealers.

“We expect subdued interest from foreign investors in the market owing to long holidays,” brokerage Arif Habib Ltd said in a note. “Additionally, the upcoming week marks a rollover period that investors will closely monitor.”

“Moreover, we observe that stocks persistently offer attractive valuations, possibly enticing investors.”

The market closed at 61,705 points, declining by 4,425 points or 6.7 percent week on week.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

1 day ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.