Business
PSX stays steady above 156,000 amid choppy trading | The Express Tribune
The Pakistan Stock Exchange (PSX) witnessed a rollercoaster ride on Wednesday as the benchmark KSE-100 index frequently fluctuated before ending the day largely unchanged.
At the commencement of trading, the index surged to the intra-day high of 157,196.59 points, fuelled by investor interest in selective stocks. However, the enthusiasm died down as profit-taking set in, which pulled the index down to the day’s low at 155,960.36 well before midday.
Despite volatility, the KSE-100 managed to stay above the psychological barrier of 156,000 at the closing bell, reflecting investor caution about economic cues and political developments. Sector-wise, buying interest was noted in attractive stocks of technology, banking and cement sectors.
At close, the benchmark KSE-100 index recorded a meagre loss of 3.12 points at 156,177.82.
Arif Habib Limited (AHL), in its report, observed that the KSE-100 index experienced a flat session, managing to hold steady above the 156,000 mark despite intra-day volatility.
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Some 40 shares rose while 59 fell with Systems Limited (+2.87%), The Bank of Punjab (+9.98%) and Lucky Cement (+1.16%) contributing the most to index gains. On the other side, Hub Power (-1.39%), Meezan Bank (-1.23%) and Pakistan Petroleum (-1.46%) were the biggest drags.
AHL pointed out that Systems Limited was in negotiations for the acquisition of an IT services business. In another corporate report, The Organic Meat Company (+10%) secured a $7.5 million export contract from China.
Meanwhile, Reko Diq Mining Company won financing commitments of over $5.5 billion from international financial institutions, which was above its actual funding requirement of $3.74 billion. In addition to that, the Ministry of Finance was continuing to focus on a reduction in the debt-to-GDP ratio and ensuring early repayments, lower interest costs and a stronger external account.
AHL anticipated that the upside draw would remain at 158k against support at 154k.
Overall trading volumes increased to 1.5 billion shares compared to Tuesday’s tally of 1.4 billion. The value of shares traded was Rs48.9 billion.
Shares of 485 companies were traded. Of these, 235 stocks closed higher, 219 declined and 31 remained unchanged. WorldCall Telecom was the volume leader with trading in 137.8 million shares, gaining Rs0.06 to close at Rs1.72.
New Delhi: The fourth round (November 3-7, 2025) of negotiations for the India-New Zealand Free Trade Agreement (FTA) commenced on Monday in Auckland, New Zealand, marking another step forward in advancing a balanced, comprehensive, and mutually beneficial partnership between the two nations.
According to India’s commerce ministry, this development builds on the shared commitment to deepen economic ties and guidance given by Prime Minister Narendra Modi during the visit of the New Zealand counterpart Christopher Luxon, Prime Minister in March 2025.
The FTA was launched during the meeting between Piyush Goyal, Minister of Commerce and Industry, Todd McClay, Minister for Trade and Investment, New Zealand on March 16, 2025.
Negotiations in this round are focusing on key areas, including Trade in Goods, Trade in Services, and Rules of Origin, the commerce ministry said in a statement today.
“Both sides are working constructively to build on the progress achieved in earlier rounds, to reach convergence on outstanding issues and move towards the early conclusion of the FTA,” the statement added
India and New Zealand reiterated their commitment to developing a forward-looking and inclusive trade framework that supports sustainable growth and shared prosperity for both economies.
India is actively negotiating trade agreements with nearly a dozen countries, including the United States, the European Union, Australia, Sri Lanka, Qatar, and several others, in a bid to expand trade and secure long-term growth opportunities.
The coming months are expected to be critical, when the outcomes of these negotiations could redefine India’s role in the global trade architecture and shape its economic trajectory for the next decade.
India has, over the past 5 years, inked several trade deals, including the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024, and the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in 2025, which is understandably yet to come into force.
Negotiations for a comprehensive trade deal between India and Oman, which commenced in 2023, were recently concluded.
Business
Consumer healthcare mega merger: Kimberly-Clark to acquire Tylenol maker Kenvue in $48.7 billion cash and stock deal; $1.9 billion cost savings targeted post-merger – The Times of India
Kimberly-Clark is set to acquire Tylenol maker Kenvue in a cash-and-stock transaction valued at approximately $48.7 billion, creating one of the world’s largest consumer health goods companies, AP reported.Under the terms of the agreement, Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. Based on Kimberly-Clark’s closing share price on Friday, the deal values Kenvue stock at $21.01 per share.Following the merger, Kimberly-Clark shareholders will own around 54% of the combined entity, while Kenvue shareholders will hold about 46%. The companies said the merger is expected to generate annual net revenues of approximately $32 billion in 2025. They also identified an estimated $1.9 billion in cost savings to be realised within the first three years after the deal closes.“With a shared commitment to developing science and technology to provide extraordinary care, we will serve billions of consumers across every stage of life,” said Kimberly-Clark Chairman and CEO Mike Hsu in a statement.Hsu will lead the merged company as chairman and CEO, while three members of Kenvue’s board will join Kimberly-Clark’s board upon closing. The combined company will retain Kimberly-Clark’s headquarters in Irving, Texas, and maintain a significant presence at Kenvue’s existing locations.The acquisition is expected to close in the second half of next year, pending approval from shareholders of both companies.In early trading, Kimberly-Clark shares dropped more than 15% before the market open, while Kenvue’s stock surged over 20%.
Interest rates: five steady cuts after sharp correction up
It’s sometimes hard to keep pace with everything around interest rates, how much it has all changed and the wider impact it has.
This chart helps display the rate of change, at least: post-Covid we had basically a zero rate for a long period, but the cost of living crisis across 2022 and 2023 saw interest rates shoot higher in quick succession as the BoE tried to stem inflation, which hit 11%.
Since last year the base rate began to decline, we’ve had five cuts in total.
Three this year came in February, May and August.
Karl Matchett3 November 2025 09:20
Economics expert explains why BoE may wait for Budget
Thomas Pugh, chief economist at tax firm RSM UK, is one of those who thinks the MPC will remain prudent for now.
“Financial markets have gone from pricing in less than a 25% chance of another rate cut by the end of the year to a two-thirds chance now, due to a lower inflation peak and rumours of a less-inflationary budget,” he explained.
“We doubt this will be enough to tempt the Monetary Policy Committee (MPC) into a rate cut next week. We expect a 3-6 vote for a hold. But it throws the door wide open to a rate cut in December, especially if the budget is deflationary.”
Karl Matchett3 November 2025 09:00
‘Odds 50-50’ on a December rate cut
Not everyone is immediately convinced, of course.
Plenty still think it’s more likely that the BoE will persist with their cautious approach so far and at least wait for one more monthly set of data to be taken in before opting to cut.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, points to the money market still being split on December at the moment.
“London stocks have a touch higher this morning as investors brace for a pivotal week at the Bank of England. Rates are widely expected to stay at 4% on Thursday, but the real debate is whether policymakers deliver a cut in December, with odds hovering near 50-50. With stubborn inflation and slowing growth, expectations for the year ahead are in the balance.
Karl Matchett3 November 2025 08:40
Barclays join calls for interest rates cut
Last week Goldman Sachs said they think a rate cut is in the offing, and now Barclays have joined them.
Noting that “shop price data point to further disinflation in October”, Barclays analysts have suggested the Bank of England’s MPC members will provide a split vote – they predict 5-4 – but the ultimate outcome will be a cut.
“We acknowledge the decision remains finely balanced, but expect the recent downside inflation and labour market news to tip the vote to a cut,” read the analysis note, from Jack Meaning and Silvia Ardagna.
Food inflation is a key tipping point in the vote, they predict, and it appears to be on the way down (disinflation).
Karl Matchett3 November 2025 08:20
Inflation data behind change of heart on interest rate cuts
Rewind the tape a few weeks and banks, economists and analysts were unified in their belief: no interest rate cut pre-Budget, quite possibly none for the rest of 2025.
However, inflation data for September changed all that.
We didn’t hit 4% as expected, and now the worst is expected to have passed.
On the back of that, jobs data came in weaker again too as companies continued to reign in the hiring and vacancies were down to a multi-year low.
Now, more than one bank has changed its tune.
Karl Matchett3 November 2025 08:14
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