PSX stays depressed

KARACHI: Pakistan Stock Exchange on Monday remained depressed and closed in red zone due to selling pressure as investors opted to offload their holdings on available margins.

The benchmark KSE-100 Index declined by 341.76 points or 0.30 percent and closed at 111,743.53 points. The index hit 112,524.81 points intraday high and 111,513.67 points intraday low.

The daily volumes on ready counter increased to 511.194 million shares as compared to 457.049 million shares traded on last Friday. The daily traded value on the ready counter declined to Rs 19.635 billion against previous session’s Rs 23.215 billion.

BRIndex100 decreased by 70.24 points or 0.59 percent to close at 11,749.09 points with daily turnover of 463.993 million shares

BRIndex30 plunged by 498.22 points or 1.42 percent to close at 34,501.51 points with total daily trading volumes of 368.429 million shares.

Foreign investors also remained on the selling side and withdrew $1.406 million from the local equity market. Total market capitalization declined by Rs 64 billion to Rs 13.787 trillion. Out of total 435 active scrips, 235 closed in negative and 130 in positive while the value of 70 stocks remained unchanged.

Bank of Punjab was the volume leader with 184.433 million shares and increased by Rs 1.07 to close at Rs 12.17 followed by Power Cement that gained Rs 0.90 to close at Rs 10.76 with 38.642 million shares. WorldCall Telecom lost Rs 0.05 to close at Rs 1.47 with 33.028 million shares.

Service Industries Limited and Sapphire Textile Mills were the top gainers increasing by Rs 48.94 and Rs 43.00 respectively to close at Rs 1,400.00 and Rs 1,243.00 while Nestle Pakistan and Rafhan Maize Products Company were the top losers declining by Rs 123.09 and Rs 106.53 respectively to close at Rs 7,250.30 and Rs 9,389.33.

An analyst at Topline Securities said the local bourse experienced a volatile session, oscillating between gains and losses. The KSE-100 Index reached an intraday high of plus 439 points before plunging to a low of minus 571 points, ultimately closing at 111,743, down 341 points or 0.30 percent.

Initial optimism faded as the lack of positive triggers dampened investor sentiment, triggering a sell-off in the latter half of the session. With no major catalysts to sustain momentum, the market drifted into negative territory by the close.

The upward movement was primarily driven by LUCK, BAHL, BOP, UBL, and FATIMA, collectively contributing plus 296 points to the index. Conversely, MARI, PPL, TRG, SEARL, and OGDC dragged the index down by 301 points.

BOP, from the banking sector, attracted investor interest after announcing its financial results for the fourth quarter of FY24. The bank reported an EPS of Rs. 1.67 for the quarter, bringing the total EPS for FY24 to Rs. 4.09 per share. Additionally, it declared a cash dividend of Rs. 1.80 per share.

BR Automobile Assembler Index plunged by 285.14 points or 1.33 percent to close at 21,234.63 points with total turnover of 7.840 million shares.

BR Cement Index increased by 124.9 points or 1.06 percent to close at 11,921.28 points with 61.613 million shares.

BR Commercial Banks Index gained 63.46 points or 0.21 percent to close at 30,375.53 points with 199.903 million shares.

BR Power Generation and Distribution Index lost 68.8 points or 0.37 percent to close at 18,448.20 points with 29.476 million shares.

BR Oil and Gas Index decreased by 187.58 points or 1.68 percent to close at 10,947.28 points with 38.056 million shares.

BR Tech. & Comm. Index declined by 110.74 points or 2.12 percent to close at 5,103.19 points with 51.458 million shares.

Ali Najib at Insight Securities said the PSX continued it consolidation phase as the KSE-100 Index witnessed mixed sentiments during the trading hours. A rangebound move of 1,000 points was witnessed with the intraday high and low levels of 112,523 and 111,514, respectively.

During the trading hours, LUCK, BAHL, BOP, UBL and FATIMA saw some buying interest as they added 296 points, collectively. On the flip side, MARI, PPL, TRG, SEARL and OGDC lost 301 points, cumulatively, as they witnessed selling interest in them.

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