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PSX succumbs to profit-taking as index loses 483 points | The Express Tribune

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PSX succumbs to profit-taking as index loses 483 points | The Express Tribune



KARACHI:

The Pakistan Stock Exchange (PSX) kicked off the new trading week on Monday with a volatile performance as the benchmark KSE-100 index ended the day in the red.

Following late-session selling pressure owing to profit-taking and futures contract rollover, the benchmark KSE-100 index closed down by 482.71 points, or 0.31%, at 157,554.66.

The bourse opened the day on a positive note, climbing to the intra-day high of 158,850.34 points around midday as optimistic investors bought attractive stocks. However, the momentum faded as the session progressed, with investors opting to book profits, particularly in key sectors such as banking, cement and technology, pulling the index down to the low of 157,245.73.

Analysts attributed the downturn to a mix of caution ahead of key economic data and concerns over global market trends. Market participants awaited policy signals and corporate earnings announcements that could set direction for the coming sessions.

KTrade Securities, in its market wrap, wrote that the PSX experienced a volatile session, primarily driven by futures rollover pressure and profit-taking. The KSE-100 index dipped 483 points to close at 157,555.
Major laggards that contributed to the index’s decline were United Bank, Meezan Bank, Fauji Fertiliser and Lucky Cement. Despite the selling pressure, Pakistan State Oil, Hub Power, Oil and Gas Development Company and GlaxoSmithKline provided some support, it said.

Trading activity remained strong, where total volumes reached 1.67 billion shares. Though there was short-term consolidation pressure due to futures rollover, the PSX remained resilient, underpinned by investor confidence in the country’s long-term economic outlook and improving corporate earnings, KTrade added.

Arif Habib Limited (AHL) noted that the bourse started the new week with a loss of 0.31% in the KSE-100 index. Some 41 shares rose while 58 fell with Pakistan State Oil (+4.22%), Hub Power (+1.87%) and Oil and Gas Development Company (+1.22%) contributing the most to the index gains. In contrast, UBL (-2.5%), Engro Holdings (-1.68%) and Meezan Bank (-1.5%) were the biggest drags, it said.

In major news, Pakistan and Saudi Arabia initiated urgent efforts to elevate bilateral trade and economic cooperation to unprecedented levels. According to well-placed sources, a high-powered delegation comprising some of Saudi Arabia’s most prominent businessmen and industrialists was scheduled to visit Pakistan next month, AHL said.

In addition, the Federal Board of Revenue chairman ruled out the possibility of a mini-budget, stating that no proposal for additional taxes through a supplementary finance bill was under consideration.
AHL viewed it as an important week in terms of determining the future price action for the KSE-100 with the nearest support at 157k.

Overall trading volumes decreased to 1.67 billion shares compared to the previous session’s tally of 2.05 billion. The value of shares traded was Rs60.9 billion. K-Electric topped the volumes chart with trading in 236 million shares, rising Rs0.35 to close at Rs6.11.



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Jaguar Land Rover shutdown extended again after cyber attack

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Jaguar Land Rover shutdown extended again after cyber attack


Jaguar Land Rover (JLR) has confirmed that production in its factories will remain suspended until next month at the earliest.

The business secretary and industry minister are visiting JLR on Tuesday for the first time since the cyber attack to meet with the company and firms in the beleaguered carmaker’s supply chain.

The company has been unable to produce cars since the cyber attack at the end of August forced it to shut down its IT networks, and fears are growing that the company’s suppliers could go bust without support.

JLR has confirmed that its factories – including its UK facilities in Solihull, Halewood and Wolverhampton – won’t resume operations until at least October 1.

“Our focus remains on supporting our customers, suppliers, colleagues, and our retailers who remain open,” JLR said in a statement confirming the shutdown extension.

“We fully recognise this is a difficult time for all connected with JLR and we thank everyone for their continued support and patience.”

Sources previously told the BBC the disruption could last into November.

Industry minister Chris McDonald said he was visiting JLR alongside Business Secretary Peter Kyle to “host companies in the supply chain, to listen to workers and hear how we can support them and help get production back online.”

He said in a statement: “We have two priorities, helping Jaguar Land Rover get back up and running as soon as possible and the long-term health of the supply chain.

“We are acutely aware of the difficulties the stoppage is causing for those suppliers and their staff, many of whom are already taking a financial hit through no fault of their own – and we will do everything we can to reassure them that the government is on their side.”

Suppliers are anxious to be heard, according to Johnathan Dudley, the head of manufacturing for accounting and consulting firm Crowe UK. The firm is based in the West Midlands, which is where the Solihull and Wolverhampton plants are.

“Obviously, they’re being very, very cautious because they don’t want to create panic, and equally, they don’t want to be seen to be criticising people further up the chain,” he told BBC Radio 4’s Today programme.

“It’s not a blame game, but it is a cry for help, because there are businesses now seeing people not paying [staff].”

The halt in production had hit profits by about £120m already, and £1.7bn in lost revenue, according to David Bailey, Professor of Business Economics at the University of Birmingham.

JLR is currently taking the lead on support for its own supply chain, rather than any state intervention.

One of the country’s largest trade unions, Unite, called for a furlough scheme for staff of JLR suppliers, after reporting that some workers were being told to apply for Universal Credit.

Unite said staff were being laid off with “reduced or zero pay” following the hack, which has forced the carmaker to shut down its IT networks and halt production.



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25 Lakh Additional LPG Connections To Be Given Under Ujjwala Scheme; Govt Sanctions Rs 676 Crore

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25 Lakh Additional LPG Connections To Be Given Under Ujjwala Scheme; Govt Sanctions Rs 676 Crore


New Delhi: Government has approved the release of 25 lakh additional LPG connections under the Pradhan Mantri Ujjwala Yojana (PMUY) during the Financial Year 2025-26. 

Extending his greetings to women beneficiaries on this occasion, Prime Minister Shri Narendra Modi stated in a post on X, “On the auspicious occasion of Navratri, I extend my best wishes to all mothers and sisters joining the Ujjwala family. This step not only brings them joy during this sacred festival but also strengthens our resolve towards women empowerment.”

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With this expansion, the total number of PMUY connections will rise to 10.58 crore. The Government has approved an expenditure of  Rs 676 crore for the release of these connections, which includes  Rs 512.5 crore for providing 25 lakh deposit-free connections at the rate of  Rs 2,050 per connection,  Rs 160 crore for targeted subsidy of  Rs 300 per 14.2 kg domestic LPG cylinder (for up to nine refills per year, proportionately pro-rated for 5 kg cylinders), and  Rs 3.5 crore towards project management expenses, transaction and SMS charges, Information, Education & Communication (IEC) activities, and administrative expenditure.

Under PMUY, beneficiaries receive a deposit-free LPG connection that covers the security deposit of cylinder, pressure regulator, suraksha hose, Domestic Gas Consumer Card (DGCC) booklet, and installation charges. In addition, the first refill and stove are also provided free of cost. 

Beneficiaries are not required to make any payment for the LPG connection, the first refill, or the stove, as these costs are borne by the Government of India and the Oil Marketing Companies (OMCs). Beneficiaries have the flexibility to choose from a 14.2 kg single bottle connection, a 5 kg single bottle connection, or a 5 kg double bottle connection.

Launched in May 2016, PMUY initially targeted 8 crore deposit-free LPG connections, which was achieved in September 2019. To cover the remaining poor households, Ujjwala 2.0 was launched in August 2021 with a target of 1 crore additional connections, achieved by January 2022. Subsequently, the Government approved 60 lakh additional connections under Ujjwala 2.0, achieved in December 2022, and another 75 lakh connections, achieved by July 2024. 

As of July 2025, over 10.33 crore PMUY connections have been released across the country, making it one of the largest clean energy initiatives globally.





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TCS Set To Announce Q2 Earnings On Oct 9, Board To Consider FY26 Second Interim Dividend

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TCS Set To Announce Q2 Earnings On Oct 9, Board To Consider FY26 Second Interim Dividend


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IT major TCS on September 22 announced that its board will declare the September quarter results on October 9.

TCS Q2 Results

TCS Q2 Results

TCS Q2 Results, Dividend Record Date 2025: IT major Tata Consultancy Services (TCS) on September 22 announced that its board will declare the September quarter results on October 9.

In a stock exchange filing, TCS said, “A meeting of the Board of Directors of Tata Consultancy Services Limited is scheduled to be held on Thursday, October 9, 2025, to approve and take on record the audited standalone financial results of the Company under Indian Accounting Standards (Ind AS) for the quarter and six-month period ending September 30, 2025.”

The board is also expected to consider a second interim dividend for FY26. TCS added, “The second interim dividend, if declared, shall be paid to the equity shareholders of the Company whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Wednesday, October 15, 2025, which is the Record Date fixed for the purpose.”

In the June quarter, TCS reported a 6% rise in net profit at Rs 12,760 crore, up from Rs 12,040 crore in the same period last year. The company’s revenue increased by 1.3% to Rs 63,437 crore from Rs 62,613 crore a year ago, though it declined 3% on a constant currency basis.

For Q1FY26, the board had declared an interim dividend of Rs 11 per share.

On September 22, TCS shares on the NSE closed 3% lower at Rs 3,075.5 each. The same day, key IT stocks collectively lost around Rs 85,400 crore in market capitalization following the US announcement of a steep fee on new H-1B visa applications.

Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Aparna Deb

Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More

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