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PSX tops 179,000 as equities extend rally | The Express Tribune
The new flat 15% CGT rate for filers and 20% for non-filers will be applicable to only those shares that are bought and sold on and after July 1, 2017. PHOTO: FILE
KARACHI:
Pakistan equities extended their bullish run at the start of 2026, with the benchmark KSE-100 Index surging 1.52% on Friday to close slightly above 179,000, driven largely by sustained buying from local institutional investors. The rally followed a strong weekly performance marked by gains in banking, fertiliser and energy stocks, while robust fertiliser sales data further boosted investor sentiment. Despite foreign investors remaining net sellers, broad-based participation and heavy trading volumes underscored growing confidence in the market’s near-term outlook.
“The rally was once again driven by domestic institutional buying, with broad-based participation across blue-chip stocks, reinforcing the prevailing positive trend,” said Ali Najib, Deputy Head of Trading at Arif Habib Limited.
At the close of trading, the benchmark KSE-100 Index posted a gain of 2,679.44 points, or 1.52%, to settle at 179,034.93.
According to Arif Habib Limited (AHL), the Pakistan Stock Exchange (PSX) witnessed a strong start to 2026, with the KSE-100 Index gaining 3.85% on a week-on-week basis. On Friday, market breadth remained positive as 64 shares closed higher, while 35 declined. United Bank Limited (UBL), Engro Fertilisers (EFERT) and Engro Holdings (ENGROH) were the major contributors to index gains, rising by 4.73%, 10.0% and 2.89%, respectively. In contrast, Lucky Cement (LUCK), Maple Leaf Cement (MLCF) and DG Khan Cement (DGKC) emerged as the biggest drags on the index, shedding 0.54%, 1.09% and 1.16%, respectively.
On the macroeconomic front, data from the Pakistan Bureau of Statistics (PBS) showed that Pakistan recorded a trade deficit of $3.7 billion in December 2025. Exports during the month stood at $2.3 billion, reflecting a sharp decline of 20.4% year-on-year and 4.3% month-on-month, while imports rose to $6.0 billion, up 2.0% year-on-year and 13.5% month-on-month. Cumulatively, during the first half of FY26, the trade deficit widened by 34.6% year-on-year to $19.2 billion.
Meanwhile, the government is reportedly considering imposing a levy of up to 5% on the import of mobile phones and electronic devices under a proposed policy framework for 202633, a move expected to be positive for Airlink, whose shares gained 1.21%. From a technical perspective, AHL noted that immediate support for the KSE-100 is placed at 175,000 points, while 182,000 points represents the near-term upside target for the coming week.
A Topline Securities market review said the KSE-100 Index continued its bullish momentum, gaining 1.52% to close at 179,039. The rally was attributed to recent buying by local institutions on new allocations. Investor interest was particularly evident in the fertiliser sector, following Topline Securities Limited’s report, “Pakistan Fertiliser – Urea sales for Dec 2025 at an all-time high of 1,356,000 tonnes; inventory at 0.31 million tonnes.” The fertiliser sector closed 2.7% higher.
The top positive contribution to the index came from UBL, EFERT, ENGROH, PPL, OGDC and FFC, which cumulatively added 1,663 points. In terms of traded value, Bank of Punjab (Rs4.28 billion), PSO (Rs3.98 billion), PPL (Rs3.33 billion), OGDC (Rs3.24 billion), MARI (Rs3.16 billion), HUBC (Rs2.56 billion) and MEBL (Rs2.55 billion) dominated trading activity. Traded volume and value for the day stood at 1.1 billion shares and Rs64 billion, respectively.
Overall trading volume in the Ready Market was recorded at approximately 1.11 billion shares, compared with 1.40 billion in the previous session. The value of shares traded stood at Rs64.34 billion.
Shares of 484 companies were traded in the Ready Market. Of these, 253 stocks closed higher, 201 declined and 30 remained unchanged.
Bank of Punjab was the volume leader, with trading in 102.5 million shares, gaining Rs1.89 to close at Rs42.23. It was followed by K-Electric with 100.09 million shares, losing Rs0.12 to close at Rs6.35, and Media Times Limited with 43.63 million shares, gaining Re1 to close at Rs5.84.
Foreign investors sold shares worth Rs7 billion, according to data released by the National Clearing Company.
Last Updated:
RBI Governor Sanjay Malhotra confirmed no systemic risk from the Rs 590 crore fraud at IDFC First Bank’s Chandigarh branch linked to Haryana government accounts.
RBI Monitoring Rs 590 Crore Fraud At IDFC First Bank, Assures No Wider Impact
The Reserve Bank of India (RBI) is closely monitoring developments surrounding the Rs 590 crore fraud reported by IDFC First Bank, with no broader systemic concern arising from the incident, said Governor Sanjay Malhotra told reporters during a press briefing held after the customary post-Budget address by Finance Minister Nirmala Sitharaman to the RBI’s Central Board of Directors.
“We are watching the development, there is no systemic issue,” Malhotra said, after being asked upon IDFC First Bank’s fraud case, in which the private lender has reported a fraud of Rs 590 crore with an account linked with the Haryana government at the Chandigarh branch.
The irregularities were linked to a defined set of Haryana state government accounts handled at that branch. The Haryana government has de-empaneled IDFC First Bank and AU Small Finance Bank with immediate effect.
Following the update, the bank’s shares crashed 20 per cent on Monday, bearing a heavy loss.
Bank Assures Limited Impact
IDFC First Bank clarified in its disclosure that the fraud is “confined to a specific group of government-linked accounts within Haryana government” operated through the Chandigarh branch. The bank emphasized that the issue does not extend to other customers serviced by the same branch.
The lender’s statement sought to reassure stakeholders that the matter is restricted in scope and does not reflect a wider operational breakdown. The RBI’s remarks further underlined that, from a regulatory standpoint, the episode does not pose systemic risks to the banking sector.
The development comes amid heightened regulatory focus on governance standards and internal controls within financial institutions. While investigations and internal reviews are expected to continue, the central bank’s position signals confidence that the broader banking system remains stable.
(With PTI Inputs)
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February 23, 2026, 12:59 IST
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Asian stocks today: Markets trade in green after US SC’s blow to Trump’s tariffs; HSI jumps over 2% – The Times of India
Asian markets inched higher on Monday after the US Supreme Court invalidated a major part of President Donald Trump’s tariff framework, a policy that had shaken the global economy since last year. Hong Kong’s HSI climbed more than 2% or 579 points reaching 26,992 with ecommerce heavyweights Alibaba and JD.com each jumping over three percent. Seoul also scaled a fresh record high to 5,816, buoyed by strong gains in chipmakers Samsung Electronics and SK hynix.Markets in Singapore, Wellington, Taipei and Manila also ended in positive territory, while Sydney slipped. Meanwhile, trading in Tokyo and Shanghai was shut due to holidays.The gains across the region were driven primarily by technology stocks. These companies have powered much of Asia’s market strength this year as investors increasingly shift funds away from Wall Street in search of relatively cheaper valuations. Trump’s trade strategy suffered a significant legal setback on Friday when the nation’s highest court ruled that the International Emergency Economic Powers Act, which the White House relied on in April to introduce broad tariffs, “does not authorise the president to impose tariffs”. In response, the president pledged to introduce a fresh global tariff of 10% using another legal route, which by Saturday, he had increased to 15%. The latest developments have injected a new layer of uncertainty into the trade outlook. There are now also demands for authorities to return funds collected under the earlier tariff scheme, while analysts caution that the administration could still look for alternative mechanisms to enforce duties.The court’s decision has also affected the outlook for trade agreements negotiated by Washington. Even so, investors in Asia largely welcomed the ruling, which is widely viewed as supportive for China and India. Technology counters emerged as the biggest winners.In currency markets, the dollar came under pressure, falling sharply against the yen, pound and euro. Meanwhile, oil prices declined by more than one percent on optimism surrounding a potential Iran nuclear deal.
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