KSE-100 loses 803 points amid pressure, maintains 115k level

KARACHI: The Pakistan Stock Exchange (PSX) experienced pressure amid the consolidation of the earnings season. The benchmark KSE-100 index closed lower by 803 points, but it maintained the crucial 115,000 level.

The KSE-100 decreased by 802.56 points or 0.69 per cent to 115,042.25 points against 115,844.82 points recorded in the last session. The highest index of the day remained at 116,424.85 points, while the lowest level was recorded at 114,783.72 points.

Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Stocks closed under pressure amid the consolidation of the earnings season and a slump in global crude oil prices.”

He said that investor concerns over dismal growth projections, speculations over government-PTI talks, and expectations over a cautious SBP policy rate cut on January 27 played a catalyst role in the bearish activity.

The KSE-30 index decreased by 276.58 points or 0.76 per cent to 36,199.59 points against 36,476.17 points. Traded shares increased by 92 million shares to 767.27 million shares from 675.046 million shares. The trading value dropped to Rs31.825 billion from Rs37.533 billion. Market capital narrowed to Rs14.215 trillion against Rs14.319 trillion. Of the 450 companies active in the session, 135 closed in green, 266 in red, and 49 remained unchanged.

Analyst Naveed Nadeem at Topline Securities said the trading session resulted in a decline in the market, with the index reaching an intraday high of 116,425 points before settling at 115,042, marking a drop of 803 points or 0.69 per cent.

“Although news surrounding non-filers had an impact, we believe it affects only a small segment of non-filers participating in the stock market,” he said. The highest increase was recorded in Hoechst Pakistan Limited, which rose by Rs121.84 to Rs3,108.52 per share, followed by Rafhan Maize Products Company Limited, which increased by Rs94.94 to Rs9,194.94 per share. A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs299.49 to Rs21,550.01 per share, Khyber Textile Mills Limited followed it, which closed lower by Rs43.88 to Rs526.08 per share.

Brokerage Arif Habib Ltd stated the PSX witnessed selling pressure throughout the trading session, leading the KSE-100 index to decline while managing to hold the key 115,000 level by the close.

Despite the bearish sentiment, FFC (+1.11 per cent), MEBL (+2.2 per cent), and ENGROH (+1.49 per cent) provided some support to the index, while MARI (-2.99 per cent), HUBC (-3.01 per cent), and OGDC (-1.94 per cent) emerged as the biggest drags.

Holding the 115,000 mark on a closing basis remains crucial to sustain the market’s upward trajectory for the rest of the week, with investors eyeing key resistance levels. Cnergyico PK remained the volume leader with 114.034 million shares, which closed higher by 40 paisas to Rs7.29 per share. Bank Makramah, with 69.476 million shares, followed it, which closed higher by 13 paisas to Rs3.53 per share.

Other significant turnover stocks included WorldCall Telecom, Fauji Cement, Citi Pharma Ltd, Lotte Chemical, Ghani Chemical, Power Cement, BO Punjab and Fauji Foods Ltd. In the futures market, 298 companies recorded trading, 78 of which increased, 218 decreased and 2 remained unchanged.