KARACHI: Pakistan Stock Exchange witnessed a bearish trend and closed in deep red with heavy losses due to selling on rollover pressure and below expectation financial results.
The benchmark KSE-100 Index plunged by 1,489.96 points or 1.31 percent and closed at 112,030.36 points. During the session, the index hit 111,434.95 points intra-day low level, however closed slightly up due to some buying in last hours.
The daily volumes on ready counter increased to 517.804 million shares as compared to 494.003 million shares traded on Monday while total daily traded value on the ready counter increased to Rs 29.209 billion against previous session’s Rs 25.940 billion.
BRIndex100 decreased by 141.86 points or 1.18 percent to close at 11,888.21 points with total daily turnover of 472.620 million shares.
BRIndex30 declined by 592.88 points or 1.66 percent to close at 35,219.14 points with total daily turnover of 313.526 million shares.
Foreign investors however remained net buyers of shares worth $1.209 million. Total market capitalization declined by Rs 158 billion to Rs 13.770 trillion. Out of total 438 active scrips, 280 closed in negative and 95 in positive while the value of 63 stocks remained unchanged.
WorldCall Telecom was the volume leader with 67.917 million shares however inched down by Rs 0.04 to close at Rs 1.69 followed by SSGC that declined by Rs 1.39 to close at Rs 38.14 with 29.454 million shares. Cnergyico PK lost Rs 0.21 to close at Rs 7.36 with 28.426 million shares.
Rafhan Maize Products Company and Lucky Core Industries were the top gainers increasing by Rs 99.99 and Rs 29.85 respectively to close at Rs 9,299.99 and Rs 1,175.22 while Hoechst Pakistan and Pakistan Engineering Company were the top losers declining by Rs 66.70 and Rs 53.44 respectively to close at Rs 3,000.00 and Rs 707.83.
An analyst at Topline Securities said that the market saw a decline in the trading session, with the index dropping to an intraday low of 111,435 points before closing at 112,030, reflecting a loss of 1,490 points or 1.31 percent.
The negative sentiment was driven by the January rollover and weaker-than-expected results, putting additional pressure on the market.
Key stocks contributing to the decline included FFC, ENGROH, SYS, MARI, and OGDC, which together caused a drop of 826 points in the index.
BR Automobile Assembler Index lost 68.16 points or 0.32 percent to close at 21,149.19 points with total turnover of 17.979 million shares.
BR Cement Index declined by 166.09 points or 1.52 percen to close at 10,761.04 points with 40.407 million shares.
BR Commercial Banks Index fell by 78.09 points or 0.26 percent to close at 29,838.23 points with 28.641 million shares.
BR Power Generation and Distribution Index decreased by 125.91 points or 0.69 percent to close at 18,107.13 points with 23.035 million shares.
BR Oil and Gas Index plunged by 228.1 points or 1.96 percent to close at 11,421.61 points with 64.461 million shares.
BR Tech. & Comm. Index eroded 139.72 points or 2.52 percent to close at 5,396.66 points with 100.411 million shares.
Ali Najib at Insight Securities said that the PSX had a bloodbath day as the KSE-100 index closed the day at 112,030 levels (down 1,490 points or 1.31 percent).
Rollover week conversion, Dec’24 Capital Gain Tax payment related selling, below than expected cut in interest rates all put weigh on investor sentiment. The benchmark index initiated the day on a positive note. However, the positive momentum proved short lived as panic selling grabbed the bull by its horn.
During the trading hours, Tech, E&P and Fertilizer stocks witnessed major selling as FFC, ENGROH, SYS, MARI and OGDC contributed 826 points, negatively.
Copyright Business Recorder, 2025
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