KARACHI: The Pakistan Stock Exchange (PSX) extended its losing streak into a second straight session on Friday, as selling pressure persisted across most sectors.
The benchmark KSE-100 Index fell by 1,612.55 points, or 1.06 per cent, to close at 150,398.71 points, compared with the previous session’s close of 152,011.26 points. The decline was considerably more modest than Thursday’s steep drop of 3,500 points. The market sentiment was dampened with a rise in petroleum prices as the government ended subsidies.
The index touched an intraday high of 152,103.63 points, with the session low recorded at 148,796.55 points. The KSE-30 Index also weakened, shedding 522.5 points, or 1.14 per cent, to close at 45,453.36 points, against 45,975.85 points in the previous session.
Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed another negative session. Following the government’s decision to withdraw the fuel subsidy, under which diesel prices were increased by 55 per cent and petrol prices by 43 per cent, dampened investors’ sentiment in anticipation of hike in inflation and interest rates going forward.
Market breadth remained weak, with 21 advancing stocks against 79 decliners. Gains were led by ATRL, MEBL and POL while major drags included UBL, ENGROH and FFC. Overall, UBL, ENGROH, FFC, SYS and LUCK collectively eroded approximately 1,101 points from the index.
“Going forward, Middle East developments will remain the key driver for the KSE-100 index, with escalating tensions likely to dampen sentiment and trigger volatility, while any de-escalation could support a recovery,” said Najib. “With Easter holidays and Western market closures, an eventful weekend is expected; rising rhetoric between the United States and Iran suggests fear-driven sentiment may be nearing a peak, with 150,000 remaining a critical support level.”
Trading activity picked up noticeably compared with the previous session. Shares traded in the ready market rose by 33.97 per cent to 471.943 million from 352.272 million in the prior session. Traded value climbed by 26.30 per cent to Rs24.644 billion from Rs19.512 billion. Market capitalisation edged down by 0.94 per cent to Rs16.725 trillion from Rs16.883 trillion.
Of the 483 companies active during the session, 132 closed in positive territory, 279 recorded losses, and 72 remained unchanged. Among the top gainers, Unilever Pakistan Foods Limited advanced by Rs74.01 to close at Rs25,168.06 per share. Attock Refinery Limited followed, gaining Rs48.26 to close at Rs864.56 per share. On the declining side, PIA Holding Company Limited fell by Rs469.69 to close at Rs14,547.81 per share. Bhanero Textile Mills Limited shed Rs61.26 to close at Rs745.47 per share.
Nabeel Haroon, VP - International Equity Sales at Topline Securities, said another negative session was observed at the exchange after government announcement to end fuel subsidy. Traded value wise ATRL (Rs2.7 billion), UBL (Rs2.2 billion), PPL (Rs1.4 billion), OGDC (Rs1.23 billion) and PSO (Rs811 billion) dominated the trading activity.
Cnergyico PK topped the volume table with 97.208 million shares traded, rising 59 paisas to close at Rs7.45 per share. Pak Refinery was another standout, surging Rs2.99 to close at Rs32.9 per share on turnover of 24.216 million shares.
Other significant turnover stocks included WorldCall Telecom, K-Electric Ltd, Telecard Limited, BO Punjab XD, Hascol Petroleum, TRG Pak Ltd, Pervez Ahmed Co and Pak Elektron. In the futures market, 311 companies recorded trading activity, of which 65 advanced, 241 declined, and 5 remained unchanged.
