KSE-100 extends losses amid lack of positive triggers

The benchmark KSE-100 Index endured another bearish session with a fall of 0.83% on Tuesday as investors resorted to profit-taking amid lack of positive triggers.

The KSE-100 succumbed to profit-taking in the first half of the session and remained range-bound till end of the day.

At close, the benchmark index settled at 63,737.46, down by 531.91 points or 0.83%.

The slump comes after the index had also retreated on Monday, settling at 64,269.38, down by 368.26 points or 0.57%.

Analysts said investors have been seeking positive triggers that have been found wanting after the KSE-100 had a stellar 2023 in which it outperformed almost all major asset classes.

On Tuesday, the wider market was in the red with Pak Suzuki Motor Company (PSMC) leading the fall in the auto sector over news of the Voluntary Delisting Committee (VDC) offering a price at 50% premium to the sponsor’s original offer. Honda Car and other shares in the space were also deep in the negative zone.

Cement, chemicals and index-heavy oil and gas exploration companies also saw selling pressure.

Meanwhile, the rupee fell marginally against the US dollar on Tuesday, depreciating Re0.01 in the inter-bank market. As per the State Bank of Pakistan, the local unit closed at 280.25 against the greenback. The minor fall, however, brought an end to its appreciation run that lasted nine sessions.

Volume on the all-share index increased to 407.5 million from 382 million a session before.

The value of shares declined to Rs12.6 billion from Rs14 billion in the previous session.

K-Electric Ltd was the volume leader with 50.8 million shares, followed by P.T.C.L with 48.5 million shares, and WorldCall Telecom at 32.1 million shares.

Shares of 338 companies were traded on Tuesday, of which 92 registered an increase, 219 recorded a fall, while 27 remained unchanged.