KARACHI: The Pakistan Stock Exchange (PSX) witnessed a broad-based decline on Friday as the KSE-100 index shed 902.76 points, or 0.54 per cent, to close at 165,596.07 against the previous session’s close of 166,498.84. The index touched an intraday high of 166,924.48 and a low of 165,291.53 during the session. The market remained dull amid investor concerns about geopolitical uncertainty and rising oil prices.
The KSE-30 index fell 299.08 points, or 0.6 per cent, to settle at 49,464.92.Muhammad Hasan Ather, an analyst at JS Global, said the Pakistan stock market remained under pressure.
Rising oil prices and persistent US-Iran geopolitical uncertainty remained the primary drag, he said. “Despite a 38 per cent one-year gain, the index is down 4.9 per cent YTD, with 165,000 points serving as the critical support level to watch.”
The ready market recorded turnover of 625.45 million shares, down 11.41 per cent from 706.02 million shares in the preceding session. Traded value rose 11.99 per cent to Rs22.31 billion from Rs19.92 billion, while market capitalisation edged down 0.46 per cent to Rs18.39 trillion from Rs18.48 trillion.
Market breadth remained negative, with 168 companies advancing against 272 declining and 45 finishing unchanged out of 485 traded.Among the top gainers, Khairpur Sugar Mills Limited rose Rs130.95 to close at Rs1,440.42, while Sazgar Engineering Works Limited gained Rs88.76 to end at Rs2,210.37. On the losing side, PIA Holding Company Limited (B) declined Rs591 to close at Rs18,206, and Khyber Textile Mills Limited fell Rs42.58 to settle at Rs1,521.45.
Nabeel Haroon, vice president international equity sales at Topline Securities Ltd, said another dull session was observed at the exchange as the index traded between its intraday high of 0.26 per cent and intraday low of 0.73 per cent.
The top negative contribution to the index came from BAHL, ENGROH, FFC, LUCK, UBL, OGDC and MEBL, as they cumulatively weighed down on the index by 1,143 points. Traded value-wise BOP ($4.35 million), UBL ($4.32 million), OGDC ($4.14 million), SAZEW ($2.55 million) and PPL ($2.55 million) dominated the trading activity.
Hascol Petroleum led the turnover board with 86.25 million shares, rising 138 paisas to close at Rs23.47. K-Electric Limited followed with 78.24 million shares changing hands, unchanged at Rs8.46. Cnergyico PK, BO Punjab, Crescent Star Insurance, Bunnys Limited, WorldCall Telecom, Oilboy Energy, F Nat Equities and Treet Battery Limited were also among the top 10 companies by turnover.In the futures market, 318 companies were traded, with 105 recording gains, 203 declining and 10 finishing unchanged.
