Daily Times

The 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Tuesday, losing 956.42 points, a negative change of 1.98 per cent, closing at 47,429.83 points against 48,386.25 points the previous trading day.

According to a report by Arif Habib Limited, the 48,000 mark proved to be pivotal and trade below saw downside momentum accelerate. “The correction that we had been anticipating since the market hit 49,000 is here but will soon subside,” it added.

However, there are several factors that weighed on the market sentiments including political uncertainty and the ambiguity surrounding the upcoming elections and caretaker set-up. Pakistan-Kuwait Investment Company’s Head of Research Samiullah Tariq said that the stocks plunged as political jitters sparked a massive profit-taking spree with investors shedding risky assets in an overbought market amid economic headwinds that are far from losing strength – much less changing course in the near to medium term.

Head of Equities at Intermarket Securities Raza Jafri told Geo.tv that selling was witnessed in profit-taking in state-owned oil explorers which have yet to see an improvement in circular debt.

“In addition, it is possible that some redemptions may have come through given the KSE-100’s sharp Fiscal Year To Date (FYTD) rise in the backdrop of sustained high inflation. On the whole, it is not surprising to see episodic profit taking came through. Across FY24 however, Pakistan remains an excellent macro trade, with valuations likely to rerate when the interest rate cycle turns,” he added. A total of 336,078,121 shares were traded during the day as compared to 381,855,144 shares the previous day, whereas the price of shares stood at Rs12.547 billion against Rs 14.528 billion on the last trading day.

As many as 338 companies transacted their shares in the stock market; 47 of them recorded gains and 275 sustained losses, whereas the share price of 16 companies remained unchanged.

The three top-trading companies were Cnergyico Pk with 28,316,392 shares at Rs 3.47 per share; Oil and Gas Dev with 27,785,286 shares at Rs.97.85 per share and K-Electric Ltd with 24,628,760 shares at Rs.2.10 per share.

Khyber Textile witnessed a maximum increase of Rs 55.00 per share price, closing at Rs 949.00, whereas the runner-up was Gatron Ind. with an Rs 8.81 rise in its per share price to Rs 228.99.

Sapphire Tex. witnessed a maximum decrease of Rs 87.31 per share closing at Rs 1077.56; followed by Nestle Pakistan XD with Rs 70.01 decline to close at Rs 6999.99.