PSX witnessed a powerful trend-reversal session because the KSE-100 Index surged 1,836 factors (+1.01%) to shut at 184,175. Picture: Specific
KARACHI/JOHI:
A spell of heavy promoting continued on the Pakistan Inventory Alternate (PSX) on Monday, which prolonged final Friday’s sharp losses of over 3,700 factors, as investor sentiment remained subdued over home uncertainties and geopolitical considerations.
At shut, the benchmark KSE-100 index recorded a lack of 1,789.20 factors, or 0.97%, and settled at 182,340.38. Earlier, the KSE-100 opened on a constructive notice however promoting strain shortly resurfaced, erasing preliminary beneficial properties. Broad-based promoting was witnessed throughout key sectors, together with energy, cement, industrial banks, oil and fuel exploration and oil advertising and marketing. The index recorded intra-day excessive of 185,651 and low of 180,993.
In main information, Finance Minister Muhammad Aurangzeb pressured that Pakistan remained on observe to higher handle public debt by extending maturities, decreasing servicing prices and making early repayments. On the opposite aspect, Moody’s downgraded its outlook on Pakistan’s banking sector from constructive to secure.
Index-heavy shares reminiscent of Oil & Gasoline Improvement Firm, Pakistan Petroleum, Pakistan State Oil, Sui Southern Gasoline Firm, Habib Financial institution, Meezan Financial institution and Nationwide Financial institution traded within the pink.
Arif Habib Restricted (AHL) reported that inventory promoting continued within the first session of the week following Friday’s sharp sell-off. The KSE-100 recorded a decline, with heavyweights – Oil & Gasoline Improvement Firm and Pakistan Petroleum – performing as main drags. In the meantime, the federal government introduced plans to spice up its intelligence community and deploy a particular drive to guard the mineral-rich Balochistan. Technical evaluation signifies that the index wants to maneuver above 187k to mitigate the specter of a draw back breach, AHL famous.
KTrade Securities wrote that the PSX as soon as once more closed on a adverse notice, the place the KSE-100 settled at 182,340, down 1,789 factors. Market sentiment remained weak as traders have been cautious amid home uncertainties and exterior geopolitical considerations.
Buying and selling exercise stood wholesome at 597 million shares. Nonetheless, promoting strain was broad-based, mirrored in weak spot throughout industrial financial institution, oil & fuel, cement and energy sectors. Key index drags have been OGDC, Meezan Financial institution, PPL, Hub Energy, Askari Financial institution and Fortunate Cement, it mentioned.
On the company entrance, Askari Financial institution hit the decrease restrict (-10%) after asserting a lower-than-expected dividend. Trying forward, US-Iran tensions, safety considerations notably in Balochistan, potential delay within the Reko Diq mission and earnings-related developments are prone to hold the market vary sure within the close to time period, KTrade added.
Topline Securities noticed that the KSE-100 index closed within the pink, marked by heightened volatility. The index oscillated between the intra-day excessive of 185,651 and low of 180,993, earlier than settling at 182,340, down 1,789 factors.
The index was largely pressured by heavyweight decliners, with OGDC, Meezan Financial institution, PPL, UBL and Fortunate Cement collectively erasing 932 factors. The losses have been partially offset by beneficial properties in choose names, together with Sazgar Engineering, MCB Financial institution and Nestle, which added 221 factors, Topline mentioned.
Total buying and selling volumes decreased to 931.4 million shares from earlier tally of 1.27 billion. The worth of shares traded in the course of the day stood at Rs58.9 billion.
Shares of 481 corporations have been traded. Of those, 161 shares closed larger, 278 dropped and 42 remained unchanged.
Okay-Electrical was the quantity chief with buying and selling in 302.4 million shares, gaining Rs0.48 to shut at Rs9.42. It was adopted by The Financial institution of Punjab with 53 million shares, dropping Rs0.39 to shut at Rs39.70 and Agha Metal with 47 million shares, rising Rs0.34 to shut at Rs8.98. International traders offered shares price Rs1.02 billion, the Nationwide Clearing Firm reported.
