Shares came under the sales pressure at Pakistan Stock Exchange (PSX) on Thursday, when the Benchmark KSE-100 index abandoned early winnings and closed with a drop over 700 points in the middle of profit.
At the beginning of trade, the market expanded its healthy momentum in the last two days and hit Intra Day high at 123,418 within the very first hour.
However, profits appeared shortly after, which gradually took the index to the Intra-Day low on 122,142 before the end of trade. At close to the decisive KSE-100 index of 122,046.46, down 715.18 points or 0.58%.
“After a win of almost 6.6,000 points (up to 5.7%) in the last two sessions after Iran-Israel ceasefire, PSX had a merit of today (Thursday). Result of the KSE-100 index wrapped the Session 122,046 by throwing 715 points,” said Ali Najib, deputy for trade at ARIF Habib Limited (AHL).
During the trading times, the benchmark index saw some sales where the FY25 settlement fell Monday (June 30). There are some institutional investors who follow the settlement date accounting and need to squeeze their positions if necessary, he said.
“Early winnings were expanded up to 123,400 before the market closed 0.58% lower day to day of 122,046,” AHL wrote in his daily report. While 71 shares fell, it was only 27 advanced, reflecting a broad negative mood.
Engro -Fertilizer (+2.22%), National Foods (+8.07%) and Pakistan Petroleum (+0.79%) were the top contributors to index gains.
On the other hand, Bank Al Habib (-2.84%), Lucky Cement (-1.86%) and Habib Bank (-2.59%) were the biggest features, it says.
In a key event, the Supreme Court delivered a boost to the cement sector by suspending Lahore High Court’s Directive, which required Punjab-based manufacturers to pay 6% royalty at the ex-factory price.
In addition, the organic meat company 5.64% after announcing plans to start exporting beef houses to Europe rose, a significant step seen by investors as a step towards diversification and growth, AHL said.
“On the way into the last session of the week, KSE-100 has risen 1.69% week to date,” it said, expected the 120,000 level to serve as a key support and potential base for push against 130,000.
Total trading volumes rose to 758.5 million shares compared to Wednesday’s figures of 749.8 million. The value of traded shares was RS30 billion. Shares of 473 companies were traded. Of these closed 200 shares higher, 237 fell and 36 remained unchanged.
Pakistan International Bulk Terminal was the volume leader with trading in 37.5 million shares and lost RS0.06 to close on RS8.52. It was followed by Worldcall Telecom with 33.3 million shares, falling RS0.04 to close on RS1.45 and Perez Ahmed Consultancy with 33 million shares, and get RS0.25 to close on RS3.29.
