Business
PSX climbs 1.3K points amid tax relief optimism | The Express Tribune
The Pakistan Stock Exchange (PSX) wrapped up Friday, November 28, 2025, with robust gains, as the KSE-100 Index rose 1,304 points, or 0.99%, to close at 166,678. The session began on a positive note and held steady, propelled by significant institutional purchases amid reports of the Prime Minister ordering the Federal Board of Revenue to slash super tax rates for big companies, which lifted market morale.
“The market opened firmly and sustained its positive trajectory throughout the session. The rally was fueled largely by institutional buying following media reports that the Prime Minister has directed the FBR to reduce the super tax rate on large corporations, boosting investor sentiment,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd.
Read: Business leaders demand policy stability away from short-term fixes
Economic indicators revealed the Sensitive Price Index increasing 4.32% year-over-year and 0.73% from the prior week ending November 27. In company developments, Ghandhara Industries (GHNI) unveiled a collaboration with China’s Zhongtong Bus Holding to launch and distribute upscale buses locally, contributing to the upbeat atmosphere.
Top-performing sectors on Friday included technology, exploration and production, power, and cement, with key contributors like Systems Limited (SYS), Pakistan Petroleum (PPL), Hub Power Company (HUBC), Oil and Gas Development Company (OGDC), and Lucky Cement (LUCK) adding a combined 609 points. Trading activity was vigorous, with 589.7 million shares exchanged, worth Rs41.9 billion; Sui Southern Gas Company (SSGC) led volumes at 39.1 million shares.
This Friday’s performance capped a solid week, with the index up 4,575 points overall (2.82%). Analysts foresee continued momentum, possibly testing fresh peaks, though 165,000 could provide initial support in any pullback.
Sign at the main entrance to a Best Buy store in Venice, Florida.
Erik McGregor | Lightrocket | Getty Images
Best Buy posted mixed results on Tuesday as the retailer’s holiday-quarter sales declined and missed Wall Street’s expectations, but its earnings topped estimates as it showed improved profitability.
For the current fiscal year, the consumer electronics retailer expects revenue to range between $41.2 billion and $42.1 billion, compared with $41.69 billion in the most recent fiscal year. It expects adjusted earnings per share to range from $6.30 to $6.60, after it reported adjusted earnings per share of $6.43 for the previous fiscal year.
Best Buy anticipates that comparable sales, a metric that tracks sales online and in stores open at least 14 months, will range from a decline of 1% to an increase of 1%.
In a news release, CEO Corie Barry said demand for consumer electronics remained lackluster during the gift-giving season, but the company’s internal data indicates that Best Buy’s market share in the industry “was at least flat.”
Chief Financial Officer Matt Bilunas said in his own statement that the company is “excited about the momentum in our business.” But he added that company leaders “expect to continue to navigate a mixed macro environment.”
Shares jumped more than 10% in premarket trading.
Here’s how the retailer did for the fiscal fourth quarter compared with what Wall Street was expecting, according to a survey of analysts by LSEG:
- Earnings per share: $2.61 adjusted vs. $2.47 expected
- Revenue: $13.81 billion vs. $13.88 billion expected
In the three-month period that ended Jan. 31, Best Buy’s net income jumped to $541 million, or $2.56 per share, from $117 million, or 54 cents per share, in the year-ago quarter. Excluding one-time expenses, including charges for its health business, Best Buy reported adjusted earnings per share of $2.61.
Revenue decreased from $13.95 billion in the year-ago quarter. Yet on an annual basis, revenue rose to $41.69 billion from $41.53 billion in the prior fiscal year. Best Buy’s annual revenue declined in the three previous fiscal years.
For about four years, Best Buy has pinned its slower sales on more price-sensitive U.S. consumers, a slower housing market and less tech innovation. All of those factors have caused some shoppers to delay tech purchases, particularly big-ticket items like new refrigerators. Higher tariffs have also added costs for Best Buy, since many consumer electronics are imported.
Comparable sales dropped 0.8% in the fourth quarter as the company saw softer sales of appliances and home theaters. Those declines were partially offset by sales growth in computing and mobile phones, the company said.
Best Buy has leaned into more profitable businesses, including selling ads and offering more merchandise through its third-party marketplace, which launched in August. Barry said in the company’s news release that Best Buy’s advertising partners nearly doubled compared to the prior year and she said the retailer has significantly increased the number of available products on the marketplace.
The company has a scheduled earnings call at 9 a.m. ET.
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Wall Street futures fell up to 2% Tuesday amid West Asia tensions and rising oil prices. Asian markets also declined, with Japan down 3.06% and South Korea’s KOSPI down 7.24%.
Wall Street Futures Sink as Oil Rally Clouds Rate Outlook
Wall Street futures tumbled up to 2 per cent on Tuesday morning, pointing to a weak start for US markets as rising tensions in West Asia unsettled global investors. The spike in crude oil prices has renewed concerns over inflation at a time when markets were hoping for stability in interest rates. The risk-off mood was visible across equity futures, with traders cutting exposure to technology and broader market indices.
E-mini Nasdaq-100 Futures dropped more than 2 percent to 24,519.50 USD, down 505.75 points from the previous close of 25,025.25. The contract touched a low of 24,370.00 after opening at 25,002.75, indicating sharp early selling pressure. Volumes remained elevated at over 1.63 lakh contracts, suggesting active repositioning by investors amid heightened volatility.
Meanwhile, E-mini S&P 500 Futures declined 1.48 percent, or 102 points, to 6,786.25 USD. The index futures slipped from a previous close of 6,888.25 and hit an intraday low of 6,742.75.
Asian markets witnessed sharp selling pressure on Tuesday as escalating tensions in West Asia and rising oil prices rattled investor sentiment across the region.
Oil Futures Spike
Crude oil prices surged sharply, with Crude Oil rising by 4.777 dollars, or 6.71 percent, to trade at 76.007 dollars per barrel.
Meanwhile, Brent crude jumped 5.482 dollars, or 7.05 percent, to 83.222 dollars per barrel, reflecting strong upward momentum in global energy markets.
Asian Markets Bleed
Japan’s benchmark index plunged 3.06 percent to close at 56,279.05, down 1,778.19 points from the previous close of 58,057.24. The index opened at 57,729.80 and slid to an intraday low of 56,091.54, reflecting broad-based weakness.
Meanwhile, South Korea’s KOSPI saw an even steeper decline, tumbling 7.24 percent to 5,791.91. The index opened at 6,165.15 and dropped to a low of 5,791.65, marking one of its sharpest single-day falls in recent months.
Early signals for Indian markets remained weak, with GIFT Nifty (earlier known as SGX Nifty) pointing to a sharp gap-down opening. As of 5:52 PM IST on March 3, the index was trading at 24,461.0, down 531.5 points or 2.13 percent.
The contract opened at 25,375.0 but quickly came under pressure, slipping to a low of 24,247.0 during the session. The steep decline mirrors the broader global sell-off triggered by rising tensions in West Asia and a spike in crude oil prices, which have heightened concerns over inflation and foreign fund outflows in emerging markets like India.
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March 03, 2026, 17:58 IST
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The Indian government has over 50 days of crude oil stocks and is in a ‘comfortable position’. They remain cautiously optimistic about diversification.
Crude Oil
US-Iran War: The Indian government has confirmed that the country has over 50 days of crude oil stocks and is in a ‘comfortable position’, according to a Moneycontrol report.
The MC report added that the government continues to be cautiously optimistic that it is capable of taking domestic steps and diversifying as the need arises.
The government’s comment plays down any concern arising over India’s energy security in crude oil amid the rising tension in the Middle East and complete closure of the Strait of Hormuz.
Global crude shipments moving through the Strait of Hormuz have nearly ground to a halt, disrupting close to 86% of the usual east–west oil traffic and rattling energy markets worldwide.
According to maritime intelligence firms Windward and Kpler, the strategic chokepoint remains technically open, but vessel movement has slowed to a fraction of normal levels. On March 1, just three oil tankers transporting a combined 2.8 million barrels transited the strait — a steep 86% drop compared to the 2026 daily average of 19.8 million barrels.
By early March 2, activity had thinned further, with only one small tanker and a single cargo vessel recorded moving through the primary shipping lanes, underscoring the scale of the disruption.
Brent curde oil futures were also trading over USD 80 per barrel for the past two days, with anticipation to rise in three digit soon.
India is highly dependent on other countries for its crude oil requirements, with imports accounting for around 88–90 per cent of total demand. In 2024, India surpassed China as the world’s largest oil demand driver, driven by rising fuel consumption, particularly in transportation.
So, what happens if there is a large-scale disruption in crude oil supply? Is India prepared to handle such a situation, and for how long?
India has a dedicated special purpose vehicle called Indian Strategic Petroleum Reserves Limited (ISPRL), which is responsible for maintaining petroleum reserves for such emergencies.
The Government of India decided to establish 5 million metric tonnes (MMT) of strategic crude oil storage across three locations.
ISPRL functions under the Ministry of Petroleum and Natural Gas, and the project was executed by Engineers India Limited (EIL). The strategic reserves are situated in Visakhapatnam, Mangalore, and Padur (near Udupi).
These crude oil storages are built in underground rock caverns along both the eastern and western coasts of India. Crude oil from these caverns can be supplied to Indian refineries through pipelines or a combination of pipelines and coastal transport.
Underground rock caverns are considered one of the safest methods for storing hydrocarbons.
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March 03, 2026, 16:14 IST
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