KARACHI: The Pakistan Stock Exchange (PSX) closed lower after a positive start on Friday. The benchmark KSE-100 index surged in the earlier session but closed lower by 146 points amid a record fall in global equities.
The KSE-100 index decreased by 146.45 points, or 0.12 per cent, to 118,791.66 points, up from 118,938.11 points recorded in the last session. The highest index of the day remained at 120,796.67 points, while the lowest level was recorded at 118,718.26 points.
Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Stocks closed under pressure amid a record fall in global equities on recession fears and Trump tariff worries.”
He said a slump in global crude oil prices, worries over the outcome of the US tariff on Pakistan exports, higher Kibor, and rupee instability played a catalyst role in the bearish close.
The KSE-30 index increased by 22.57 points 0.06 per cent to 36,778.81 points against 36,756.23 points.
Traded shares rose by 121 million shares to 553.668 million shares against 422.702 million shares. The trading value increased to Rs35.492 billion from Rs28.211 billion. Market capital narrowed to Rs14.475 trillion from Rs14.491 trillion. Of the 457 companies active in the session, 151 closed in green, 258 in red and 48 remained unchanged.
Analyst Nabeel Haroon at Topline Securities said that despite pressure in regional and international markets, the KSE-100 index opened on a positive note and gained to make an intraday high of 1,859 (up by 1.56 per cent), this optimism can be attributed to Thursday’s government announcement to cut electricity tariffs by 12 per cent to 17 per cent for domestic and industrial consumers and the prime minister’s statement that the government intends to end circular debt in the energy sector in the next five years.
However, during the closing hours of trade jittery investors came in to book their profit before the weekend as the KSE-100 Index declined to close at 118,792 (down by -0.12 per cent).
Investor interest was observed in the bank sector, as the top positive contributions to the index came from UBL, MEBL, MCB, HBL and BAHL, as they cumulatively contributed 1,020 points. On the other hand, the top negative contributions to the index came from ENGROH, OGDC, HUBC, MARI and PPL, as they cumulatively contributed - 778 points to the index.
The highest increase was recorded in Philip Morris (Pakistan) Limited, which rose by Rs89.27 to Rs981.98 per share, followed by Ismail Industries Limited, which increased by Rs52.25 to Rs1,852.50 per share. A significant decline was noted in Rafhan Maize Products Company Limited, which fell by Rs100 to Rs9,000 per share; Siemens (Pakistan) Engineering followed it, which closed lower by Rs66 to Rs1,517.82 per share.
Analyst Muhammad Hasan Ather at JS Global said the KSE-100 closed lower as global trade tensions and tariff disputes weighed on earlier positive sentiment. “Looking ahead, market performance will depend on global economic stability and domestic policy measures to sustain investor confidence,” he said.
Cnergyico PK remained the volume leader with 61.333 million shares, which closed higher by 12 paisas to Rs8.29 per share. Bank Al-Falah, with 43.523 million shares, followed it, which closed lower by 11 paisas to Rs74.37 per share.
Other significant turnover stocks included BO Punjab XD, Fauji Cement, Fauji Foods Ltd, Power Ceemnt, Pak Refinery, Dewan Motors, Pak Elektron and National Bank XD.
In the futures market, 317 companies recorded trading, 95 of which increased, 218 decreased, and 4 remained unchanged.