Bulls continued their stampede on the trade floor on Friday as shares at the Pakistan Stock Exchange (PSX) surged more than 1,800 points in an all-time high in intraday trade.<\/p>\n
The benchmark KSE-100 index surged 1,855.30, or 1.56 per cent, to stand at 120,793.41 from the previous close of 118,938.11 at 9:59am.<\/p>\n
However, by the end of the session, the index reversed its gains and traded in the red. The index declined by 146.45 points, or 0.12pc, to close at 118,938.11.<\/p>\n
Mohammed Sohail, chief executive of Topline Securities, told Dawn.com that despite falling global markets, the index crossed the 120,000 barrier in intraday trade \u201camid expectations of better earnings after government cut power rates\u201d as well as the promise to resolve circular debt.<\/p>\n
Topline Securities Ltd said that optimism could be attributed to yesterday`s announcement related to cuts in electricity tariffs.<\/p>\n
It said that investor interest was observed in the banking sector, as it cumulatively contributed 1,020 points to the index.<\/p>\n
\u201cTop negative contribution to the index came from ENGROH, OGDC, HUBC, MARI and PPL, as they cumulatively contributed 778 points to the index,\u201d it said.<\/p>\n
\u201cTraded volume and value for the day stood at 547mn shares and PKR.35.4bn respectively,\u201d it added.<\/p>\n
Yousuf M. Farooq, director research at Chase Securities, noted that the market had largely shrugged off US-imposed tariffs and instead celebrated the decline in electricity prices.<\/p>\n
Yesterday, Prime Minister Shehbaz Sharif announced a Rs7.41 per unit cut in power rates across the country in a \u201cmajor\u201d relief package to reduce the burden on citizens facing exorbitant electricity bills.<\/p>\n
For industries, he declared that electricity prices would be cut by Rs7.69.<\/p>\n
Farooq said: \u201cAdditionally, lower crude and coal prices have further buoyed sentiment around equities\u201d, adding that inflation expectations had eased further in response to falling energy costs.<\/p>\n
\u201cAs these expectations decline, the market is likely to anticipate a gradual re-rating driven by the potential for lower interest rates in the future,\u201d he highlighted.<\/p>\n
Regarding US tariffs, he noted, \u201cWhile Pakistan is not as directly exposed to the US as other countries, it remains important to monitor the second-round effects of these tariffs \u2014 particularly the potential slowdown in key trading partners and a possible dip in remittance inflows.\u201d<\/p>\n
US President Donald Trump on Thursday imposed a 29pc tariff on goods the United States imports from Pakistan, along with duties on dozens of countries from rivals to allies, intensifying a global trade war.<\/p>\n
According to Topline Securities, Pakistan\u2019s exports accounted for 0.16pc of total US imports of $3.36 trillion in 2024.<\/p>\n
It highlighted that countries such as Vietnam, Bangladesh, Sri Lanka and India had shares of 4.2pc, 0.26pc, 0.09pc and 2.7pc.<\/p>\n
\u201cAlthough imports from Pakistan in US makes only 0.16pc of total US Imports, however, the number is quite significant from Pakistan\u2019s perspective,\u201d it stated. \u201cPakistan exports to US are $6bn annually, 18pc of total exports of the country.\u201d<\/p>\n
Additionally, it said that textile comprises 75 to 80pc of Pakistan\u2019s exports to US.<\/p>\n
While other exported commodities include leather, surgical goods, rice, cement, steel products, and salt.<\/p>\n
Earlier, shares had reached an all-time high of 118,000 points following the prime minister\u2019s announcement of a \u201cmajor\u201d power relief package to reduce the burden on citizens.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bulls continued their stampede on the trade floor on Friday as shares at the Pakistan Stock Exchange (PSX) surged more than 1,800 points in an all-time high in intraday trade. The benchmark KSE-100 index surged 1,855.30, or 1.56 per cent, to stand at 120,793.41 from the previous close of 118,938.11 at 9:59am. However, by the […]<\/p>\n","protected":false},"author":1,"featured_media":7815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/7814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7814"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/7814\/revisions"}],"predecessor-version":[{"id":7816,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/7814\/revisions\/7816"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/7815"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}