KSE-100 down 490 points amid absence of market triggers

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a range-bound session on Wednesday. The benchmark KSE-100 index decreased by 490 points amid the absence of any triggers.

The KSE-100 decreased by 490.04 points, or 0.43 per cent, to 112,253.76 points, down from the 112,743.8 points recorded in the last session. The highest index of the day remained at 113,327.12 points, while the lowest level was recorded at 112,146.1 points.

Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Stocks fell sharply lower amid selloff in Asian stocks and a slump in global crude oil prices on Trump’s tariff war.”

He said that foreign outflows, a weak rupee and an expected surge in CPI inflation this month played a catalyst role in the bearish close. The KSE-30 index decreased by 183.67 points or 0.53 per cent to 34,783.91 points against 34,967.58 points.

Traded shares rose by 57 million shares to 263.963 million shares against 206.851 million shares. The trading value increased to Rs13.731 billion from Rs11.337 billion. Market capital narrowed to Rs13.88 trillion against Rs13.926 trillion. Of the 431 companies active in the session, 165 closed in green, 197 in red, and 69 remained unchanged.

Analyst Naveed Nadeem at Topline Securities said the local stock market had a range-bound session, with the benchmark index moving between a high of 583 points and a low of 598 points. It ultimately closed at 112,254 points, marking a decline of 490 points (-0.43 per cent). “Investor sentiment remained mixed due to the ongoing Ramazan period,” he said.

The upward movement was mainly driven by ENGROH, TGL, LUCK, PIBTL, and NESTLE, which together contributed 155 points to the index. On the other hand, EFERT, FFC, and PSO combined to reduce the index by 181 points. The highest increase was recorded in Nestle Pakistan Limited, which rose by Rs149.2 to Rs7,499.2 per share, followed by Sapphire Textile Mills Limited, which increased by Rs88.4 to Rs1,288.4 per share. A significant decline was noted in Rafhan Maize Products Company Limited, which fell by Rs115 to Rs9,235 per share; Hoechst Pakistan Limited followed it, which closed lower by Rs80.83 to Rs3,102.44 per share.

Brokerage Arif Habib Ltd stated that the KSE-100 index experienced a slight decline on Wednesday, eroding some of the gains from the previous day and closing just above the 112,000 mark. Despite this, the market remained cautious as investors await developments from the ongoing International Monetary Fund (IMF) review.

The Average Daily Trading Value (ADTV) remained below $50 million, reflecting a cautious market sentiment as investors look towards news from the IMF review as a potential trigger for future market movements. The IMF mission is currently in Pakistan to conduct the first review of the $7 billion Extended Fund Facility (EFF) programme, which is expected to influence economic policies and market trends in the coming weeks.

Pak Int Bulk remained the volume leader with 53.572 million shares, which closed higher by 46 paisas to Rs9.58 per share. WorldCall Telecom, with 23.567 million shares, followed it, which closed lower by 6 paisas at Rs1.34 per share.

Other significant turnover stocks included Power Cement, Fauji Cement, Maple Leaf, K-Electric Ltd, National Bank XD, Lotte Chemical, Citi Pharma Ltd and Sui South Gas.

In the futures market, 328 companies recorded trading, 86 of which increased, 237 decreased and five remained unchanged.