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KARACHI: The Pakistan Stock Exchange (PSX) closed sharply lower on Monday as the KSE-100 index fell 2,541.2 points, or 1.49 per cent, to settle at 167,970.66, against the previous close of 170,511.86, as widespread selling pressure dragged the market down.
The market remained under pressure as there was no progress on diplomatic front to end the Middle East crisis. The index touched an intraday high of 170,437.73 and a low of 167,441.64. The KSE-30 index dropped 750.85 points to close at 50,088.38.
Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed a negative session. Investor sentiment remained cautious amid the escalating US-Iran conflict and attacks on shipping through the Strait of Hormuz, while oil prices stayed above $100/bbl, raising concerns over higher fuel prices, renewed inflationary pressures, a widening import bill, and potential implications for monetary policy.
“Going forward, market activity is likely to remain volatile, with selective profit-taking and stock-specific moves expected amid the ongoing result season. Geopolitical developments, elevated oil prices and SBP monetary policy decision will remain key drivers of market direction,” he said.
Ready market turnover fell 17.02 per cent to 570.47 million shares from 687.47 million shares in the previous session. Traded value declined 26.79 per cent to Rs24.67 billion from Rs33.7 billion, while market capitalisation slipped 1.51 per cent to Rs18.73 trillion from Rs19.02 trillion.
Market breadth was negative, with 83 stocks advancing against 373 declining and 36 unchanged out of 492 companies traded. Among the top gainers, Pakistan Services Limited rose Rs108.75 to close at Rs1,196.22, while Nestle Pakistan Limited added Rs84.53 to close at Rs7,508.75. On the downside, Unilever Pakistan Foods Limited shed Rs688.55 to close at Rs24,109.22, and Buxly Paints Limited declined Rs83.46 to close at Rs751.13.
According to Topline Sales Desk, the local bourse was battered by aggressive selling, as investor confidence took a sharp hit following Oman’s announcement of the postponement of a scheduled meeting between Iran and Gulf countries concerning the Strait of Hormuz. The delay in diplomatic talks renewed concerns over regional stability and the possibility of prolonged disruption along the Strait of Hormuz, a key global oil-transit route.
Meanwhile, international oil prices surged following the delay news, raising concerns over global energy supplies, Pakistan’s import bill, inflation, and external account. The development further weighed on investor sentiment.
The decline reflected broad-based selling and risk aversion, as geopolitical uncertainty and rising oil prices continued to pressure the market. On the negative side, UBL, FFC, LUCK, OGDC and MCB were among the major contributors to the index decline, collectively dragging the KSE-100 by approximately 930 points.
Cnergyico PK led ready market turnover with 97.17 million shares, declining 12 paisas to close at Rs12.81, followed by Waves Home Appliances with 72.9 million shares, declining 11 paisas to close at Rs0.06. Other most-traded stocks were Media Times, Pak Refinery, Bank of Punjab, First National Equities, WorldCall Telecom, K-Electric, Bank Alfalah and Aisha Steel Mills.In the futures market, 311 companies were traded, with 29 increasing in value, 280 declining and 2 unchanged.
