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Investors take profit after two days of gains | The Express Tribune
Benchmark KSE-100 index closes up 30 points at 36,265.12. PHOTO: AFP/FILE
KARACHI:
The Pakistan Stock Exchange (PSX) on Tuesday reversed course after two days of notable gains as investors resorted to profit-booking at higher valuations, pulling the benchmark KSE-100 index down by over 1,500 points.
The market’s downturn was primarily triggered by selling in blue-chip shares from fertiliser, energy, banking and technology sectors. The battle for control between bulls and bears continued for almost throughout the day and eventually the latter prevailed.
In the morning, the market got off to a positive start, when it hit the intra-day high of 163,385 points. It remained in the black for only a brief period and dropped quickly. Following continuous fluctuations, the index reached its intra-day low of 161,159 more than an hour before the end of trading.
At close, the KSE-100 index registered a significant fall of 1,521.39 points, or 0.93%, and settled at 161,281.77.
In its review, Topline Securities said bears returned to the stock market as investors booked profits after a two-day rally. “The local bourse witnessed renewed bearish sentiment where investors opted for profit-taking. The KSE-100 index remained under pressure for most of the day, touching the intra-day low of 1,643 points before settling at 161,282, down 1,521 points (0.93%),” it said.
Blue-chip counters including Engro, Mari Petroleum, Bank AL Habib, MCB Bank and TRG Pakistan led the decline, which collectively eroded 543 points from the benchmark index.
Despite the negative close, the overall market activity stayed vibrant, with trading volumes rising to 899 million shares and traded value reaching Rs37 billion, Topline added.
Arif Habib Limited (AHL) reported that Tuesday saw a consolidation phase following two sessions of strong gains. On the KSE-100 index, 17 shares rose while 81 fell with Fauji Fertiliser Company (+1.77%), Pakistan Services (+9.62%) and DH Partners (+10%) contributing the most to index gains. Engro Holdings (-1.6%), Mari Petroleum (-2.06%) and Bank AL Habib (-2.32%) were the biggest index drags, it said.
AHL pointed out that Finance Minister Muhammad Aurangzeb in a virtual speech at the Pakistan International Maritime Expo & Conference said that seafood exports could cross $2 billion in the next three to four years compared to the current exports of $500 million.
Among corporate news, Fauji Cement (-1.75%) and Kapco (-1.44%) will jointly acquire 84.06% of the total issued and paid-up capital of Attock Cement. “The upside is anticipated to resume from the current support zone, which is 160-162k,” AHL remarked.
Overall trading volumes decreased to 899.4 million shares compared with the previous tally of 949.4 million. The traded value of shares stood at Rs37.3 billion.
Shares of 479 companies were traded on the ready market, out of which 133 closed higher, 314 declined and 32 remained unchanged.
WorldCall Telecom led the volumes chart with trading in 78.9 million shares, losing Rs0.04 to close at Rs1.81. It was followed by Telecard Limited with 76.9 million shares, rising Rs0.81 to close at Rs12.68 and K-Electric with 71.6 million shares, gaining Rs0.23 to close at Rs5.52. Foreign investors were sellers of shares worth Rs717.8 million, according to NCCPL.
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Hetero rolls out generic semaglutide exports to over 75 countries – The Times of India
Hyderabad: Pharma player Hetero on Friday said it has rolled out exports of its generic semaglutide injection portfolio as part of a multi-year plan to widen access to treatments for type 2 diabetes and obesity in more than 75 countries.The Hyderabad-based pharmaceutical company said initial rollouts are under way in Africa, Asia and the Middle East, with additional launches planned in other markets subject to regulatory approvals.The injectable therapies will be sold under the brand names Truglyx, Rolmodl and Moto G. Semaglutide belongs to the GLP-1 class of medicines, which are used in diabetes care and weight management.Hetero said the export launch is part of its broader strategy to improve access to advanced cardio-metabolic therapies, particularly in emerging markets.The company said the products will be offered in multi-dose disposable pen devices designed in line with innovator formats and will be available in several strengths, including 0.25 mg, 0.5 mg, 1 mg, 2 mg, 1.7 mg and 2.4 mg, allowing dosing flexibility for both diabetes and obesity treatment.Hetero said it is also awaiting approval from India’s Central Drugs Standard Control Organisation (CDSCO) after completing clinical trials in type 2 diabetes and obesity and plans an India launch after regulatory clearance.Hetero managing director Dr Vamsi Krishna Bandi said the company aims to provide high-quality, affordable generic semaglutide through a single global product platform backed by its manufacturing and development capabilities.He said Hetero would use its commercial networks across Asia, the Middle East, Africa and Latin America to support supply and access. The Hyderabad-headquartered Hetero operates in more than 145 countries and employs over 30,000 people.
Business
India-US trade deal update: Piyush Goyal meets USTR Jamieson Greer, discusses next steps in BTA talks – The Times of India
Commerce and industry minister Piyush Goyal on Friday met US Trade Representative Jamieson Greer and reviewed the next steps in negotiations for the proposed India-US bilateral trade agreement (BTA).The meeting took place on the sidelines of the 14th ministerial conference (MC14) of the World Trade Organisation in Yaounde, Cameroon, where both sides also exchanged views on issues related to the WTO agenda.“Had a very productive discussion with @USTradeRep Jamieson Greer on the sidelines of the WTO Ministerial Conference. Exchanged views on the #WTOMC14 agenda, next steps in the India-US BTA negotiations and explored ways to further deepen our economic cooperation and bilateral trade ties,” Goyal said in a social media post.The development comes amid ongoing efforts by both countries to finalise an interim trade pact. Last month, India and the US announced that they had finalised a framework for the first phase of the agreement, though it is yet to be signed.The two sides had earlier announced a trade deal on February 2, followed by a joint statement on February 7 outlining the contours of the agreement.As part of the framework, the US had agreed to reduce tariffs on Indian goods to 18%. However, the tariff structure has since undergone changes after the US Supreme Court struck down sweeping tariffs imposed under earlier measures.Following the ruling, US President Donald Trump introduced a 10% tariff on all countries for a period of 150 days starting February 24.In view of these developments, a planned meeting between chief negotiators of India and the US — aimed at finalising the legal text of the agreement — has been postponed. The pact was earlier expected to be signed this month.An official had earlier said that the interim trade agreement would be signed once the new global tariff framework of the US is fully in place.
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