Business
KSE-100 loses 385 points to close at 188,202 in volatile session | The Express Tribune
Macroeconomic uncertainty kept PSX volatile a day after SBP held the policy rate at 10.5%
PSX trading hall. PHOTO: FILE
Macroeconomic uncertainty continued to weigh on the Pakistan Stock Exchange (PSX) on Tuesday, as heightened volatility persisted a day after the State Bank of Pakistan’s (SBP) decision to maintain the key policy rate at 10.5%.
In the morning, trading commenced on a positive note, with the benchmark index gaining momentum in early hours; however, the optimism proved short-lived as selling pressure dominated key sectors. Automobile assemblers, cement, fertiliser, oil and gas exploration companies, oil marketing companies (OMC), power generation, and refinery stocks remained under pressure throughout the session.
Read More: Business community slams SBP for Holding Policy Rate at 10.5%
The benchmark KSE-100 index swung sharply during the session, touching an intra-day high of 189,521.32 before sliding to a low of 187,538.23. Ultimately, the index settled at 188,202.86, down 384.80 points, or 0.20% as investors adopted a cautious stance amid sector-specific profit-taking and subdued institutional participation.
KTrade Securities wrote in its market wrap the session remained largely range-bound, reflecting cautious investor sentiment. Selling pressure emerged following the SBP’s decision to keep the policy rate unchanged, which prompted profit-taking, particularly in cyclical stocks.
However, there came some positivity following the SBP’s move to reduce capital requirements for banks, resulting in strength across the banking sector. Meanwhile, the ongoing results season continued to influence investor behaviour, keeping overall market direction mixed.
On a point contribution basis, Fauji Fertiliser led gains, supported by Meezan Bank, Pakistan Petroleum, Systems Limited, and Bank Al Falah. Conversely, Engro Holdings, Engro Fertiliser, Hub Power, Lucky Cement, MCB Bank, and Maple Leaf Cement dragged the index lower, report added.
Sector-wise, fertilisers, commercial banks, and oil & gas stocks closed in the green, while cements, investment banks, and power stocks remained under pressure. Looking ahead, KTrade expected futures rollover activity to remain cautious, while geopolitical tensions between Iran and the US may continue to cap upside, keeping the market subdued in the near term.
Also Read: Gold surges past Rs532,000 on global rally
Overall trading volume decreased to 749.2 million shares versus Monday’s total of 870.4m. Stocks of 486 companies were traded. Of these, 160 rose, 278 fell and 48 remained unchanged. The value of shares traded during the day was Rs53 billion. K-Electric was the volume leader with trading in 90.2m shares, gaining Rs0.07 to close at Rs7.04.
Business
Australia fuel crisis: Panic buying prompts PM to reassure nation over fuel supply
Anthony Albanese says nation’s supply remains “secure” amid reports of panic buying and shortages.
Source link
Business
Meta and YouTube found liable in social media addiction trial
A woman has been awarded $6m in a verdict that could have implications for hundreds of other cases in the US.
Source link
Business
Target faces a new boycott over ICE response as retailer presses ahead with turnaround
A major teachers’ union is calling for its members to skip Target when buying back-to-school supplies, the latest twist in a series of boycotts that have targeted the big-box retailer as its turnaround shows signs of life, CNBC has learned.
The AFT, or American Federation of Teachers, passed a resolution Thursday that calls on its 1.8 million members and others to shop at local stores and not at Target, saying the company did not respond adequately to the surge of federal immigration enforcement in the retailer’s hometown of Minneapolis this winter. Federal agents shot and killed two U.S. citizens, Renee Good and Alex Pretti, during the operation.
The labor union, which is affiliated with the AFL-CIO, plans to urge a similar resolution at AFL-CIO’s convention in Minneapolis this summer and at conventions held by other organizations, including the NAACP and LULAC, AFT President Randi Weingarten said.
Target declined to comment specifically on the AFT’s resolution but said in a statement that it has “a longstanding commitment to strengthening the communities we serve,” including donating 5% of profits since the company’s founding and offering a discount to educators as part of a teacher appreciation program.
Target’s annual sales have declined for the past three years in a row, but the company’s new CEO Michael Fiddelke laid out an ambitious plan earlier this month to refresh its stores, add more enticing merchandise and return to sales growth. The retailer said it expects net sales to rise about 2% this fiscal year compared with the prior year and anticipates sales will grow every quarter.
It is unclear if and how much the AFT’s call for a back-to-school boycott could hurt Target, which is trying to win back customers. Earlier this month, Atlanta area pastor Jamal Harrison Bryant announced the end of a yearlong boycott of the company, called Target Fast, which had started because of the company’s rollback of major diversity, equity and inclusion initiatives.
At a press conference, Bryant said Target has demonstrated its commitment to the Black community with investments in Black businesses and donations to Historically Black Colleges and Universities. Yet other activists leading a separate boycott, including former Ohio state Sen. Nina Turner, have said they continue to call for shoppers to steer clear of Target.
The AFT previously supported and participated in the Target boycott over its DEI rollback.
The retailer has attributed some of its sales losses to backlash to its DEI decision, along with other factors including company missteps with merchandise, a weaker store experience and softer discretionary spending.
At an investor meeting in Minneapolis in early March, Fiddelke stressed that it’s “a new chapter for Target.” He said the company is “doing the work to build connection with new guests, deepen relationships with existing guests and earn back trust with guests we’ve disappointed.”
In a separate email to Target employees earlier this month, Fiddelke highlighted how the retailer is putting its strategy into action, including through its move to cut prices on more than 3,000 items and the opening of its 2,000th store. He said Target has made progress with winning back trust, too, noting the end of the Target Fast boycott.
He said Target has had “ongoing conversations with the organizers” of the boycott, who have “acknowledged the meaningful contributions Target has made, and will continue to make, to the Black community.”
In an interview with CNBC, Weingarten said the AFT’s boycott is focused on what she called Target’s lack of response to the surge of aggressive and violent immigration enforcement in its own backyard. Weingarten said the AFT sent a letter to Target and met with Target staff to encourage them to speak up before the union moved to pass the resolution.
“Target was negotiating with our colleagues in the civil rights community for weeks and weeks and weeks,” she said. “They could have very easily dealt with both [concerns about DEI and immigration enforcement] and they chose not to.”
She said Target is “more worried about standing with the Trump administration than the communities that made them a profitable company.”
Fiddelke joined dozens of executives from Minnesota-based corporations in co-signing a letter in late January calling for an “immediate de-escalation” in the state after the fatal shooting of Pretti. However, the letter did not name the shooting victims Pretti or Good or call out the president, his immigration policies or federal agents.
Fiddelke also shared a video message with employees that more directly acknowledged current events, but stopped short of calling for ICE agents to leave the city or for accountability in the two shooting deaths.
Weingarten described the CEOs’ letter as “insulting” and said it “basically blamed both sides.”
She said the union, which includes many teachers, can have the greatest financial impact during the back-to-school shopping season this summer and fall. By passing the resolution now, she said, the AFT can get the word out to members and “give Target enough time to come back to its senses.”
-
Fashion1 week agoSales at US apparel, clothing accessories stores up 4% YoY in Jan 2026
-
Entertainment1 week agoVal Kilmer revived 1 year after death through AI
-
Fashion1 week agoUS’ G-III Apparel’s FY26 sales fall 7% to $2.96 bn
-
Sports1 week agoMarch Madness 2026 – How to watch in SA, start time, schedule, TV channel for NCAA championship basketball tournament
-
Business1 week agoBrits cashing in jewellery as gold price hits record high
-
Business1 week agoWorld’s largest mining group names new chief executive
-
Fashion6 days agoChina’s textile & apparel exports surge 17% to $50 bn in Jan-Feb 2026
-
Fashion1 week agoSuez and Hormuz shut together, triggering global supply shock
