KARACHI: The KSE-100 index declined 1,085.12 points, or 0.64 per cent, to close at 168,412.23 on Tuesday, against the previous session’s close of 169,497.36. The index reached an intraday high of 169,313.91 and a low of 168,170.74. The market kept up pressure following an increase in the interest rate.
The KSE-30 index shed 418.65 points, or 0.81 per cent, to finish at 50,990.49.Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX had a negative day. Following Monday’s 100 bps increase in the benchmark interest rates, the market remained volatile, oscillating in both directions, but ultimately closed the day on a negative note.
“Near-term pressure is likely after the SBP’s unexpected interest rate hike, but any dip may offer a buying opportunity given attractive valuations and supportive medium-term fundamentals,” he said.
Volumes in the ready market rose 52.56 per cent to 1.19 billion shares from 780.23 million in the preceding session. Traded value edged up 3.36 per cent to Rs34.54 billion from Rs33.42 billion. Market capitalisation slipped 0.54 per cent to Rs18.65 trillion from Rs18.75 trillion.
Of the 482 companies traded in the ready market, 168 advanced, 284 declined and 30 remained unchanged.The top gainer was Unilever Pakistan Foods Limited, which rose Rs123.5 to close at Rs26,380, followed by Pakistan Tobacco Company Limited, which added Rs114.23 to end at Rs1,454.79. On the losing side, PIA Holding Company Limited-B fell Rs161.33 to Rs17,602.67, while Sazgar Engineering Works Limited declined Rs58.5 to Rs2,030.45.
According to Topline Sales Desk, the local bourse witnessed a lacklustre session, reeling from the aftershocks of the SBP’s hawkish move, as the central bank raised the policy rate by 100bps to 11.5 per cent. The surprise tightening weighed on investor sentiment, triggering cautious positioning and broad-based profit-taking across key sectors.
The benchmark index remained under pressure throughout the session, as higher rates dampened risk appetite and curtailed near-term equity allure.Key index heavyweights, including FFC, UBL, LUCK, NBP and SAZEW, remained under sustained selling pressure, collectively eroding 733 points from the index.
Cnergyico PK led turnover with 265.58 million shares, gaining 68 paisas to Rs8.73. Yousuf Weaving Mills followed with 92.44 million shares, declining 100 paisas to Rs7.93. The other most-traded stocks were Loads Limited, F. Nat. Equities, Bank of Punjab, Symmetry Group Limited, Clover Pakistan, Nishat ChunPower, TPL REIT Fund I and Pace (Pak) Limited.In the futures market, 328 contracts were traded, with 94 recording gains, 231 recording losses and 3 remaining unchanged.
