KARACHI: Stocks fell for the second consecutive session on Thursday, with the benchmark KSE-100 index decreasing by 659 points amid a lack of positive triggers.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index decreased by 658.96 points or 0.58 per cent to 113,836.74 points against 114,495.71 points recorded in the last session. The highest index of the day remained at 114,884.63 points, while the lowest level was recorded at 113,630.45 points.
Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Stocks closed lower amid a weak economic outlook and concerns for dismal data for LSM contraction by 1.3 per cent for July-November 2024.”
He said that expectations over a cautious SBP policy rate cut this month, rupee instability and ongoing political noise played a catalyst role in the bearish activity. The KSE-30 index decreased by 241 points or 0.67 per cent to 35,762.11 points against 36,003.11 points.
Traded shares decreased by 190 million shares to 469.44 million shares from 659.431 million shares. The trading value dropped to Rs24.981 billion from Rs39.64 billion. Market capital narrowed to Rs14.088 trillion against Rs14.197 trillion. Of the 464 companies active in the session, 137 closed in green, 268 in red, and 59 remained unchanged.
Analyst Naveed Nadeem at Topline Securities said Thursday’s trading session led to a decline in the market, with the index settling at 113,837, reflecting a decrease of 659 points or 0.58 per cent. “The decline was primarily driven by a lack of positive triggers, along with uncertainty surrounding the new US government strategy and its impact,” he said.
Major contributors to the negative movement included FFC, PPL, PSO, MARI, and MTL, which together accounted for a loss of 392 points.
The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs135 to Rs21,600 per share, followed by Supernet Technologies Limited, which increased by Rs37 to Rs996.26 per share. A significant decline was noted in Hoechst Pakistan Limited, which fell by Rs116.75 to Rs2,733.38 per share; Bata Pakistan Limited followed it, which closed lower by Rs37.82 to Rs1,931.61 per share.
WorldCall Telecom remained the volume leader with 103.704 million shares, which closed higher by 6 paisas to Rs1.86 per share. Cnergyico PK, with 37.108 million shares, followed it, which closed lower by 18 paisas to Rs6.88 per share.
Other significant turnover stocks included Dewan Motors, Pak Refinery, Fauji Foods Ltd, Pak Int Bulk, Hub Power Co, Engro Holdings, Jah Sidd Co, and TRG Pak Ltd.In the futures market, 298 companies recorded trading, 70 of which increased and 228 decreased.