KARACHI
\nPakistan Stock Exchange (PSX) remained bearish for the second day in a row on Tuesday, with the benchmark KSE-100 Index losing 244.20 points (-0.58 percent) to close at 41,538.72 points.
\nThe market opened on a sharp positive note, with the KSE-100 Index gaining over 240 points and breaching the 42,000 points level within the first half an hour trading. However, the market turned towards profit-taking soon after crossing the psychological level of 42,000 points, as was witnessed many times during the past couple of weeks. The indices landed in the red and remained there till the end of the session, as the sentiment turned negative.
\nThe concerns about the revival of International Monetary Fund (IMF) loan programme and additional taxes imposed on listed companies in the new budget turned the market in the red. Overall, the benchmark index has shed 365.48 points during the two sessions after the presentation of the budget for the fiscal year 2023-24.
\nThe KSE-100 Index moved in a range of 502.9 points, showing an intraday high of 42,025.53 points and a low of 41,522.63 points. Among other indices, the KSE All Share Index shed 209.71 points (-0.75 percent) to close at 28,124.35 points, while KMI All Share Islamic Index shed 224.19 points (-1.09 percent) to close at 20,589.72 points.
\nThe overall market volumes decreased by 34.95 million to 144.17 million shares against 179.12 million shares a session earlier. Total volumes traded for the KSE-100 Index remained 61.68 million against 83.27 million a session earlier, showing a decrease of 21.59 million shares.
\nAmong scrips, HASCOL topped the volumes for the second straight day with 14.36 million shares, followed by TPLP (13.51 million) and WTL (12.98 million). Stocks that contributed significantly to the volumes included HASCOL, TPLP, WTL, BOP, and MDTL, which formed around 39 percent of total volumes.
\nA total of 323 companies traded shares in the stock exchange as compared to 308 a session earlier. Out of traded companies, shares of 90 closed up, shares of 205 closed down while shares of 28 companies remained unchanged. A total of 92 companies traded shares in the KSE-100 Index against 94 companies a session earlier, out of which shares of 29 companies closed up, 59 closed down and four remained unchanged.
\nThe number of total trades decreased by 16,699 to 79,592 against 96,291 a session earlier, while the value traded decreased by Rs1.43 billion to Rs4.11 billion.
\nIn terms of rupee, PSEL remained the top gainer and witnessed an increase of Rs33.29 (3.92 percent) per share, closing at Rs883.29. The runner-up remained PMPK, the share price of which climbed up by Rs31.99 (+7.5 percent) to Rs458.64. UPFL remained the top loser in terms of rupee and witnessed a decrease of Rs889 (-3.87 percent) per share, closing at Rs22,111, followed by RMPL, the share price of which fell by Rs545 (-6.13 percent) to close at Rs8,350 per share.
\nThe sectors taking the index towards south were cement (73 points), technology & communication (54 points), fertilizer (42 points), chemical (35 points), and food & personal care products (25 points). The companies which deprived the index of most of the points included LUCK (46 points), SYS (44 points), COLG (31 points), ENGRO (25 points), and GHGL (20 points).
\nThe sectors taking the index towards north were miscellaneous (19 points), commercial banks and automobile assembler (10 points each), oil & gas marketing companies (8 points), and tobacco (4 points). The major companies adding points to the index remained PSEL (18 points), MTL (13 points), MEBL (13 points), HBL (8 points), and SHEL (6 points).<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Pakistan Stock Exchange (PSX) remained bearish for the second day in a row on Tuesday, with the benchmark KSE-100 Index losing 244.20 points (-0.58 percent) to close at 41,538.72 points. The market opened on a sharp positive note, with the KSE-100 Index gaining over 240 points and breaching the 42,000 points level within the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":{"0":"post-337515","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n