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After hitting record highs last week, the Pakistan Stock Exchange (PSX) witnessed some consolidation on Monday as the benchmark KSE-100 closed lower by 258 points.

The KSE-100 started the session positive, hitting an intra-day high of 75,618.49.

However, profit-taking kicked in in the latter hours and pushed the index into the negative territory.

At close, the benchmark index settled at 75,084.00, down by 258.34 points or 0.34%.

“Pakistan’s equity market experienced a consolidation day today,” brokerage house Topline Securities said in its post-market report.

The fertiliser, banking, and IT sectors made positive contributions, with SYS, MEBL, TRG, and FFBL collectively adding 122 points. Conversely, ENGRO, MCB, and HBL collectively lost 143 points.

“Over 375 million shares were traded at the bourse today, with a total value of Rs16.2 billion. Notably, HUMNL led the volumes chart with just over 31 million shares traded,” it said.

On Friday, the KSE-100 hit a fresh peak as it closed above 75,000 for the first time in history, continuing a buying spree for the seventh consecutive session.

The State Bank of Pakistan (SBP) has granted its approval to Bank Alfalah Limited (BAFL) to commence due diligence of Samba Bank Limited. BAFL, which is eyeing a majority stake in Samba, shared the development in its notice to the PSX.

Meanwhile, Asian shares started the week by rallying two-year highs on Monday, buoyed by China’s strongest measures yet to address its property crisis and by expectations for global rate cuts within weeks, while the dollar steadied after a weekly drop.

Brent crude futures touched a one-week high of $84.14 a barrel in early trade, with the crash, in heavy fog, of a helicopter carrying Iran’s president drawing traders’ attention to the Middle East.

The Pakistani rupee registered a marginal decline against the US dollar, depreciating 0.03% in the inter-bank market on Monday. At close, the local unit settled at 278.30, a loss of Re0.09 against the greenback, as per the State Bank of Pakistan.

Volume on the all-share index decreased to 375.36 million from 496.7 million a session ago.

The value of shares declined to Rs16.30 billion from Rs17.63 billion in the previous session.

Hum Network was the volume leader with 30.92 million shares, followed by K-Electric Ltd with 18.32 million shares, and Dewan Motors with 17.86 million shares.

Shares of 380 companies were traded on Monday, of which 137 registered an increase, 223 recorded a fall, while 20 remained unchanged.

Comments

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Aamir May 21, 2024 12:56am
Waiting for this bubble to burst. With high taxation in coming budget demand is going to be suppressed in many sectors
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