KARACHI: The Pakistan Stock Exchange (PSX) came under selling pressure on Monday, closing lower as investors were engaged in profit-taking in select stocks.
The benchmark KSE-100 Index recorded a decline of 2,002.56 points or 1.69 percent to close at 116,439.62 points on Monday compared to 118,442.18 points on Friday.
The daily volumes at the ready counter also declined to 312 million shares down from 369 million shares in the previous session. Similarly, the total traded value on the ready counter fell to Rs 21 billion, compared to Rs 23.27 billion in the last session.
On Monday, BRIndex100 opened at 12,590.17 points and finally closed at 12,361.57 points, which was 228.6 points or 1.82 percent lower than previous close. Total volume at BRIndex100 was 264.370 million shares. BRIndex30 also lost 919.24 points or 2.35 percent to close at 38,215.97 points with a total volume of 183.673 million shares.
The market capitalization dropped by Rs 217 billion to reach Rs 14.182 trillion. Out of 468 active scrips, 124 closed in positive and 266 in negative while the value of 78 stocks remained unchanged.
Analysts said that stocks closed sharply lower amid institutional profiling in scrips across-the-board amid reports of IMF disapproval on slashing property sector transactions rates and lowering of Mar ’25 tax targets amid revenue collection shortfall. Higher KIBOR, reports of IMF disapproval on reduction in industrial power tariff played a catalyst role in bearish close, they added.
Pak Elektron was the volume leader with 28.6 million shares and closed at Rs 45.87 followed by Cnergyico PK that closed at Rs 7.94 with 19.2 million shares. TRG Pak Ltd ranked third with share trading of 15.74 million shares and it closed at Rs 70.20.
Rafhan Maize Products Company Limited and Hoechst Pakistan Limited were the top gainers increasing by Rs 57.07 and Rs 47.98 respectively to close at Rs 9,157.07 and Rs 3,297.98, while Service Industries Limited and Unilever Pakistan Foods Limited were the top losers declining by Rs 82.56 and Rs 40.05 respectively to close at Rs 1,318.43 and Rs 23,525.50
BR Automobile Assembler Index closed at 21,490.38, recording a net negative change of 288.18 points or 1.32 percent with a total turnover of 4.08 million shares. The BR Cement Index closed at 13,158.14, declining 336.14 points or 2.49 percent and a total turnover of 25.84 million shares.
The BR Commercial Banks Index fell by 165.86 points or 0.54 percent to settle at 30,563.98, points with a total turnover of 15.08 million shares. BR Power Generation & Distribution Index experienced a net negative change of 405.36 points or 2.01 percent to close at 19,743.97 points with a total turnover of 22.20 million shares.
The BR Oil & Gas Index closed down by 359 points or 2.86 percent to close at 12,170.67 points with a total turnover of 38.32 million shares. The BR Technology & Communication Index closed at 5,281.89 points, showing a net negative change of 39.86 points or 0.75 percent with a total turnover of 32.54 million shares.
Analysts at Topline said the market faced downward pressure due to the IMF concerns over the lack of adjustments to electricity tariffs and no reduction in property taxes. Additionally, the proposed increase in royalty for cement manufacturers in KPK contributed to the negative sentiment.
The decline was primarily driven by OGDC, ENGRO, FFC, PPL, and MARI, which exerted downward pressure, pulling the index down by 811 points.
Copyright Business Recorder, 2025
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