KARACHI: Pakistan Stock Exchange (PSX) closed marginally higher on Monday as support from select heavyweights was offset by renewed selling pressure in refinery stocks following a government decision to absorb higher petrol import costs through a reduction in the Petroleum Levy.
The benchmark KSE-100 Index gained 154.81 points, or 0.09 percent, to close at 166,564.07 points compared with 166,409.25 points in the previous session. During the day, it moved within a range of 1,404.34 points, touching an intraday high of 166,989.76 points and a low of 165,585.42 points.
Business Recorder’s benchmark indices recorded divergent movements. BRIndex100 closed at 18,263.60 points, gaining 1.19 points, or 0.01 percent, with a total volume of 326.229 million shares. BRIndex30 fell by 744.96 points, or 1.15 percent, to settle at 64,284.37 points, with a total volume of 213.829 million shares.
According to Ali Najib, Deputy Head of Trading at Arif Habib Limited, the market remained volatile and traded in both directions amid cautious sentiment despite easing international oil prices. He noted that renewed selling in the final hour pared gains, leaving the index below the 167,000-point level.
On the sectoral front, the government opted to absorb the Rs. 14.71 per litre increase in petrol import costs by reducing the Petroleum Levy (PL) from Rs. 80 to Rs. 65.29 per litre, keeping consumer prices unchanged, while diesel pricing remained intact. The move effectively shifted the burden to refineries, translating into an estimated PL impact of Rs. 49.02 per litre on refinery-supplied petrol, with no change in government PDL collection. The development triggered panic selling across the refinery sector, with ATRL, PRL, NRL and CNERGY closing at their respective lower circuits.
From the index contribution perspective, ATRL, OGDC, PSO, CNERGY and PPL were the major laggards, collectively eroding approximately 466 points. On the positive side, MARI, FFC, ENGROH, PSEL and HUBC provided support, adding a cumulative 631 points to the index.
Ready-market activity registered a sharp contraction in both share volume and traded value. Total turnover stood at 443.432 million shares compared with 825.467 million shares in the previous session, a decrease of 382.035 million shares, or 46.28 percent. Total traded value declined to Rs. 17.731 billion from Rs. 23.123 billion, falling by Rs. 5.392 billion, or 23.32 percent.
Total market capitalisation contracted by Rs. 95.678 billion to Rs. 18.293 trillion from Rs. 18.389 trillion previously. Market breadth leaned negative, with 319 companies declining, 137 advancing and 40 remaining unchanged out of 496 active issues.
Cnergyico PK led ready-market turnover with 93.110 million shares. The stock closed at Rs. 12.28 against the previous close of Rs. 13.64. Pervez Ahmed Co followed with 45.177 million shares. It settled at Rs. 3.96, unchanged from the previous close. TPL Properties recorded turnover of 30.105 million shares, finishing the day at Rs. 12.16 compared with Rs. 12.60 previously.
Among ready-market price gainers, Pakistan Services Limited recorded the largest increase, rising by Rs. 98.52 to close at Rs. 1,083.71. Pakistan Engineering Company Limited followed, gaining Rs. 38.73 to settle at Rs. 919.02.
On the losing side, Unilever Pakistan Foods Limited recorded the largest decline, shedding Rs. 281.02 to finish at Rs. 25,998.98. PIA Holding Company LimitedB followed, falling by Rs. 250.00 to close at Rs. 13,700.00.
The BR Automobile Assembler Index declined by 33.77 points, or 0.16 percent, to close at 21,636.39 points, with turnover of 1.591 million shares. The BR Cement Index gained 110.96 points, or 0.98 percent, to settle at 11,467.72 points, with 18.191 million shares traded.
The BR Commercial Banks Index edged up by 17.95 points, or 0.03 percent, to close at 57,848.08 points, with turnover of 16.937 million shares. The BR Power Generation and Distribution Index advanced by 110.36 points, or 0.45 percent, to 24,869.86 points, with 17.047 million shares traded.
The BR Oil and Gas Index shed 60.66 points, or 0.41 percent, to close at 14,715.60 points, with turnover of 20.478 million shares. The BR Tech. & Comm. Index declined by 43.42 points, or 1.45 percent, to 2,944.91 points, with 40.399 million shares traded.
Analysts said the market could maintain a positive bias amid diplomatic hopes and strong corporate earnings, while geopolitical uncertainty and volatility in oil prices remained potential sources of near-term volatility.
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