PSX extends losses by 531 points, falls below 64,000 level

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KARACHI
Pakistan Stock Exchange (PSX) extended losses for the second straight day in a low-volume session on Tuesday, with the benchmark KSE-100 Index losing 531.91 points (-0.83 percent) to close at 63,737.46 points.
The market opened on a negative note and remained in the red territory throughout the session. The bears dominated till the end of the session as there was no let-up in selling pressure. Overall, the benchmark index has shed 900.17 points during the last two sessions.
According to market experts, the investors resorted to profit-taking amid lack of positive triggers. They added that investors have been seeking positive triggers that have been found wanting after the KSE-100 had a stellar 2023 in which it outperformed almost all major asset classes. They said that the wider market was in the red with Pak Suzuki Motor Company (PSMC) leading the fall in the auto sector over news of the Voluntary Delisting Committee (VDC) offering a price at 50 percent premium to the sponsor’s original offer. Honda Car and other shares in the space were also deep in the negative zone. Cement, chemicals and index-heavy oil and gas exploration companies also saw selling pressure.
The benchmark index traded in a range of 848.73 points, showing an intraday high of 64,246.67 points and an intraday low of 63,397.94 points. Among other indices, the KSE All Share Index shed 269.78 points (-0.62 percent) to close at 43,173.71 points. Similarly, the KMI All Share Islamic Index shed 339.78 points (-1.08 percent) to close at 31,501.11 points.
Total volumes traded for the KSE-100 Index decreased by 1.04 million shares to 234.39 million shares against 235.43 million traded in the previous session. However, the overall market volumes increased by 25.53 million shares to 407.54 million shares against 382.01 million shares traded a session earlier.
Among scrips, KEL topped the volumes with 50.78 million shares, followed by PTC (48.57 million) and WTL (32.11 million). Stocks that contributed significantly to the volumes included KEL, PTC, WTL, PIAA, and PIBTL, which formed around 44 percent of total volumes.
A total of 336 companies traded shares in the stock exchange against 360 in the previous session, out of which shares of 91 closed up, shares of 218 companies closed down while shares of 27 companies remained unchanged. A total of 97 companies traded shares in the KSE-100 Index against 96 companies in the previous session, out of which share prices of 23 companies closed up, 72 companies closed down and two remained unchanged.
The number of total trades increased to 168,191 from 167,266 recorded in the previous session, while the value traded decreased by Rs1.43 billion to Rs12.65 against Rs14.08 billion in the previous session.
In terms of rupee, NESTLE remained the top gainer with an increase of Rs200 (+2.5 percent) per share, closing at Rs8,200. The runner-up remained PMPK, the share price of which climbed up by Rs47.67 (+7.5 percent) to Rs683.26. RMPL remained the top loser with a decrease of R197.5 (-2.1 percent) per share, closing at Rs9,202.5, followed by PSEL, the share price of which fell by Rs68 (-6.87 percent) to close at Rs922 per share.
The major sectors taking the index towards south were oil & gas exploration companies (165 points), power generation and distribution (63 points), fertilizer (53 points), cement (48 points), oil and gas marketing companies (42 points), miscellaneous (41 points), commercial banks (40 points), chemicals (20 points), automobile assemblers (18 points), and pharmaceuticals (13 points).
Ten major companies depriving the index of points remained PPL (60 points), OGDC (42 points), HUBC (35 points), PSEL (21 points), PSMC (20 points), ENGRO (17 points), PSO (14 points), MTL (12 points), and HBL and LUCK (11 points each).
The major sectors taking the index towards north remained technology & communication (37 points), refinery (13 points), and food and personal care products and transport (4 points each).

Ten major companies adding points to the index remained PTC (11 points), NESTLE and SYS (8 points each), MARI and BAFL (7 points each), BIPL, ATRL, AIRLINK and PIAA (4 points each), and TRG (3 points). TLTP