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.
Business
Spirit starts monthslong process of dismantling airline after biggest collapse in a generation
Spirit Airlines‘ more than three-decade run ended over the weekend, but on Tuesday it was just starting the monthslong process of dismantling the company after the biggest U.S. airline collapse in a generation.
Spirit and its stakeholders were in bankruptcy court in White Plains, New York, to start that process, which will take months. The hearing included discussions about airport landing fees, aircraft and staffing.
The carrier filed a cumulative wind-down budget of around $217 million, though that number could change.
The budget went out to February 2028. It included more than $52 million in employee costs through July and another more than $52 million for aircraft-related expenses.
The airline had 59 Airbus A320s in service and 63 in storage, as well as 37 of the larger A321s in service, and 13 of them in storage, according to aviation data firm Cirium. More than three-quarters of its fleet was leased.
Spirit shut down operations after years of struggles, most recently from heavy debt loads and a surge in costs.
Spirit’s lawyer, Marshall Huebner of Davis Polk, told a bankruptcy court on Tuesday that the jump in jet fuel prices following the U.S.-Israel attacks on Iran in February left the carrier with no choice but to shut down. That added $100 million in incremental costs for Spirit in March and April, he said.
U.S. bankruptcy court in White Plains, N.Y.
Leslie Josephs/CNBC
Talks for a potential government bailout in the form of a $500 million loan that could have given the government an up to 90% stake in Spirit fell apart late last week, and the carrier officially shut down at 3 a.m. ET on Saturday.
Spirit passengers scrambled to rebook reservations. American Airlines, JetBlue Airways, Southwest Airlines, United Airlines and others said they have flown tens of thousands of Spirit customers who were stranded by the collapse.
Spirit had flown about 50,000 people in the day leading up to its closure. The airline said about 17,000 direct and indirect employees lost their jobs.
“The closing of Spirit Airlines is a sad and unfortunate event that adversely affects many parties, and that’s particularly true for the thousands of folks who are Spirit employees and families who depend on them,” the presiding judge, Sean Lane, said at Tuesday’s hearing.
“The stress level for these employees and affinities is very high, and they likely have many questions,” he continued. “Hopefully there’ll be some information discussed today to provide some answers to some of those questions, or provides information about where to get those answers. Bankruptcy can be a very difficult process, and today is a sad example of that.”
Business
Lidl’s loyalty card becomes less generous, shoppers say
Under the changed system customers collect points rather than reward coupons, with £1 spent equalling one point.
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Business
UK government long-term borrowing costs reach 28-year high
There have been extra jitters in UK government debt markets ahead of Thursday’s local and national elections.
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