Karachi:
Pakistan Stock Exchange (PSX) closed Friday’s session on a Bearish Note, with the KSE-100 index fell over 1,430 points to settle at almost 163,100.
Persistent profits and increased geopolitical tensions weigh investor mood as reports emerged about alleged strikes of Pakistan’s armed forces aimed at a TTP leader in Afghanistan.
Market activity remained unstable, with 1.40 billion shares traded that rated RS47.79 billion. Major Laggards included Engro Holdings, Systems LTD, MCB Bank, HBL and ENGRO FEED, which collected the index with 732 points.
According to ARIF HABIB LIMITED (AHL), the benchmark index in each session published this week down 3.49% week to the week, in the middle of weak investor confidence.
On the macrofone, inflation measured with the sensitive price indicator (SPI) increased 4.34% year to year (yoy), while car sales increased 20% month to month (MOM) in September. Analysts now eyes support between 160,000 and 162,000 and resistance near 167,000.
Out of the actively traded stocks, AHL said 18 advanced, while 81 fell, with Fauji fertilizer (+1.24%), Maple Leaf cement (+2.84%) and Askari Bank (+3.27%) contribute most to index gains. In contrast, the Engro Holdings (-2.88%), Systems LTD (-3.21%) and MCB Bank (-2.32%) were the biggest features.
Geopolitan accused tensions when Afghanistan’s Taliban government accused Pakistan of bombing a civilian market in Pactica province. Technically, the benchmark index has now fallen 4.5% from its onset of the October summit, with the next support seen around 160,000-162,000 and resistance near 167,000, AHL added.
At the end of trade, the benchmark KSE-100 index fell by 1,432.62 points, or 0.87%, settling at 163,098.19.
Topline Securities emphasized in its market review that KSE-100 expanded losses when the index fell 0.87%. “This pressure can be attributed to alleged strikes of Pakistan’s armed forces on the leader of the forbidden terrorist clothing Tehreek-E-Taliban Pakistan (TTP) in Afghanistan,” wrote Topline.
Top negative contribution to the index came from Engro Holdings, Systems LTD, MCB Bank, HBL and ENGRO FEED when they deleted 732 points. Traded value, PTCL (RS3.1 billion), Bank of Punjab (RS2.96 billion), PSO (RS2.89 billion), NBP (RS2.77 billion) and Hubco (RS1.85 billion) dominated trading activity, added.
Ismail Iqbal Securities mentioned that the KSE-100 index closed on a negative note and showed enormous volatility throughout the session as profitting was lasting in the midst of the absence of larger fresh triggers.
Commercial banks, oil and gas research companies and technology and communication sectors were the largest laggards in Friday’s session, cumulatively throwing 784 points from the index, it says.
The total trading volumes were registered at 1.40 billion shares compared to the previous session figure of 1.57 billion. The value of shares traded during the day was RS47.79 billion.
Shares of 479 companies were traded. Of these closed 145 shares higher, 302 fell and 32 remained unchanged.
K-electric was the volume leader with trading in 199.99 million shares and got RS0.21 to close on RS7.13. It was followed by Worldcall Telecom with 143.93 million shares, losing RS0.04 to close on RS1.73 and Bank of Punjab with 90.24 million shares, losing RS0.80 to close on RS32.07.
During the day, foreign investors sold shares to a value of RS720.4 million, the National Clearing Company of Pakistan reported.
