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KARACHI: The Pakistan Stock Exchange (PSX) closed lower on Friday as the KSE-100 index fell 481.36 points, or 0.29 per cent, to settle at 168,155.49, against the previous close of 168,636.85, as selling pressure persisted across the board.
The index touched an intraday high of 168,854.47 and a low of 167,685.43. The KSE-30 index dropped 111.06 points to close at 50,151.61.Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed a negative day. During the trading hours, the benchmark index carried forward yesterday’s fragile momentum as investors opted to remain on the sideline due to uncertainty over the geopolitical front. As per media reports, France has reportedly proposed plans to release 50 million barrels of diesel from Europe and 50 million barrels of crude oil across IEA members. Due to this news, international oil prices came off with over 2.0 per cent during the PSX’s PM session. However, it could not lure bulls back at the PSX, which ultimately led to a negative close.
“Going forward, market sentiment is expected to remain volatile, with selective buying likely if geopolitical tensions continue to ease and oil prices trend lower. However, elevated energy prices, external-sector risks and the ongoing IMF review will remain key factors influencing market direction,” Najib said.
Ready market turnover fell 9.92 per cent to 493.96 million shares from 548.38 million shares in the previous session. Traded value edged up 2.57 per cent to Rs17.49 billion from Rs17.05 billion, while market capitalisation slipped 0.27 per cent to Rs18.73 trillion from Rs18.78 trillion.
Market breadth was negative, with 128 stocks advancing against 321 declining and 45 unchanged out of 494 companies traded.Among the top gainers, First Imrooz Modaraba rose Rs28.69 to close at Rs315.63, while Ellcot Spinning Mills Limited added Rs14.20 to close at Rs210.48. On the downside, Rafhan Maize Products Company Limited shed Rs118.11 to close at Rs8,722.89, and Nestle Pakistan Limited declined Rs93.53 to close at Rs7,014.86.
According to Topline Sales Desk, the KSE-100 Index largely traded in negative territory during the session. Investor participation remained subdued amid a lack of fresh triggers, elevated crude oil prices, and the ongoing stalemate in US-Iran relations.
Top negative contributions to the index came from SYS, MEBL, LUCK, NBP and HBL, as they cumulatively weighed down on the index by 269 points. Traded value-wise, MLCF (Rs648 million), AKBL (Rs638 million), OGDC (Rs577 million), PPL (Rs543 million) and DGKC (Rs372 million) dominated the trading activity.
First National Equities led ready market turnover with 42.51 million shares, rising 1 paisa to close at Rs1.22, followed by WorldCall Telecom with 40.08 million shares, unchanged at Rs1. Other most-traded stocks were D.S. Industries, Punjab Mod, Kohinoor Spinning, K-Electric, Pak International Bulk Terminal, Cnergyico PK, Pak Refinery and Tasdeeq Information.
In the futures market, 295 companies were traded, with 35 increasing in value, 256 declining and 4 unchanged.
