PSX extends slide with 87 more points


Pakistan Stock Exchange (PSX) extended the slide on Friday that began two weeks earlier, with the benchmark KSE-100 Index losing 86.73 points (-0.22 percent) to close at 40,065.32 points.
The market has fallen for nine out of 10 sessions during the last two weeks since the presentation of the budget for fiscal year 2023-24 as hopes for revival of the International Monetary Fund (IMF) loan programme are fading with each passing day. The benchmark index lost 1,236.29 points during this week. The investors remained cautious amid uncertainty over the resumption of the IMF loan programme. Moreover, the budget for fiscal year 2024 proposed a host of taxes which discouraged investors.
The meeting between Prime Minister Shehbaz Sharif and Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva in Paris a day earlier concluded without any indications of Pakistan securing the IMF tranche. “We had a fruitful discussion on how the IMF can continue to work closely with Pakistan on policies to maintain macroeconomic stability and advance inclusive growth for the Pakistani people,” Kristalina tweeted right after the meeting.
The market opened on a positive note and remained more or less stable during the first half of the session. However, the selling spree gripped the market in the second half, which continued for the rest of the session.
The KSE-100 Index moved in a range of 341.15 points showing an intraday high of 40,235.57 points and a low of 39,894.42 points. Among other indices, the KSE All Share Index shed 31.01 points (-0.11 percent) to close at 27,202.30 points, while KMI All Share Islamic Index shed 0.09 points (-0.00 percent) to close at 19,924.11 points.
Total volumes traded for the KSE-100 Index remained 59.55 million against 65.61 million a session earlier, showing a decrease of 6.06 million shares. The overall market volumes increased by 20.42 million to 136.9 million shares against 116.48 million shares a session earlier.
Among scrips, WTL topped the volumes with 23.26 million shares, followed by UNITY (7.47 million) and TRG (5.33 million). Stocks that contributed significantly to the volumes included WTL, UNITY, TRG, PTL, and WAVES, which formed around 33 percent of total volumes.
A total of 311 companies traded shares in the stock exchange as compared to 307 a session earlier. Out of traded companies, shares of 109 closed up, shares of 175 closed down while shares of 27 companies remained unchanged. A total of 90 companies traded shares in the KSE-100 Index against 96 companies a session earlier, out of which shares of 33 companies closed up, 54 closed down and three remained unchanged.
The number of total trades increased by 7,120 to 62,328 against 55,208 a session earlier, while the value traded increased by Rs0.82 billion to Rs3.38 billion.
In terms of rupee, BATA remained the top gainer and witnessed an increase of Rs60.13 (+3.55 percent) per share, closing at Rs1,753.13. The runner-up remained SFL, the share price of which climbed up by Rs49.15 (+4.64 percent) to Rs1,108. AABS remained the top loser in terms of rupee and witnessed a decrease of Rs34 (-7.39 percent) per share, closing at Rs426, followed by COLG, the share price of which fell by Rs25.04 (-2.23 percent) to close at Rs1,097.67 per share.
The sectors taking the index towards south were technology & communication (44 points), commercial banks (23 points), power generation & distribution (17 points), investment banks/ investment companies/ securities companies (16 points), and automobile assembler (16 points). The major companies depriving the index of points remained MCB (19 points), TRG (19 points), COLG (17 points), SYS (17 points), and DAWH (14 points).
The sectors taking the index towards north were oil & gas exploration companies (24 points), pharmaceuticals (10 points), and oil & gas marketing companies, textile Composite and synthetic & rayon (7 points each). The major companies adding points to the index remained HMB (19 points), MARI (18 points), ABOT (9 points), SHEL (9 points), and HBL (7 points).