The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) on Thursday witnessed bearish trend and closed sharply lower, shedding 6,042.27 points, a decline of 3.21 percent, to close at 182,338.12 points compared to 188,380.39 points on the previous trading day, according to PSX data as heightened US-Iran tensions weighed on risk appetite.
During the session, the ready market recorded a trading volume of 933.099 million shares with a traded value of Rs 66.413 billion, against 953.917 million shares valuing Rs 48.878 billion in the previous session. Market capitalization declined to Rs 20.618 trillion from Rs 21.186 trillion a day earlier.
Out of 487 active companies in the ready market, 83 advanced, 364 declined, while 40 remained unchanged.
K-Electric Limited topped the volume chart with 104.157 million shares, followed by WorldCall Telecom with 48.363 million shares and Bank of Punjab with 31.347 million shares.
The top gainers included Gillette Pakistan Limited, which rose by Rs 49.52 to close at Rs 544.76, and Blessed Textiles Limited, which gained Rs 46.09 to settle at Rs 506.96.
On the losing side, PIA Holding Company Limited (B) declined by Rs 539.87 to close at Rs 20,039.25, while Unilever Pakistan Foods Limited fell by Rs 435.17 to close at Rs 27,345.83.
In the futures market, turnover stood at 488.956 million shares with a traded value of Rs 30.234 billion, compared to 598.304 million shares worth Rs 37.778 billion in the previous session. Out of 318 futures-market companies, 21 recorded gains, while 297 declined.
Maaz Mulla, vice president equity sales at Topline Securities, noted that “the sharp decline was primarily triggered by Fauji Fertilizer Company Limited’s result, which disappointed the market as earnings came in below industry expectations due to lower-than-anticipated gross margins”.