Stocks end week with loss of 313 points

KARACHI: The Pakistan Stock Exchange (PSX) closed the week on a negative note, decreasing by 313 points due to a lack of triggers.

The benchmark KSE-100 index dropped by 312.77 points, or 0.26 per cent, to 119,649.14 points, down from 119,961.91 points recorded in the last session. The highest index of the day remained at 120,506.18 points, while the lowest level was recorded at 119,541.15 points.

Analyst Ahsan Mehanti at Arif Habib Ltd said, “Stocks closed lower amid dismal economic data on RDA inflows falling by 25 per cent MoM to $177 million and lower current account surplus at 12 million for April. Fears over new, IMF-driven tax measures in the federal budget FY26 also impacted the sentiments.”

He said the bearish close was driven by falling global crude oil prices, uncertainty over a lower industrial base tariff despite claimed savings from revised IPP contracts, and the Senate’s approval of an IMF-mandated increase in the grid levy under the CPP Levy Bill 2025.

The KSE-30 index decreased by 171.83 points or 0.47 per cent to 36,601.18 points from 36,773.01 points. Traded shares dropped by 126 million shares to 572.287 million shares from 698.965 million shares. The trading value decreased to Rs29.026 billion from Rs39.089 billion. Market capital expanded to Rs14.389 trillion against Rs14.385 trillion. Of the 465 companies active in the session, 206 closed in green, 209 in red, and 50 remained unchanged.

Nabeel Haroon, an analyst at Topline Securities, said a range-bound session was observed at the exchange as the index traded between its intraday high of +544 points and intraday low of -421 points to finally settle at 119,649 (down by -0.26 per cent). “This lacklustre activity can be attributed to a lack of trigger and investors' preference to remain on the sidelines before the weekend after the index gained to close at its ever-high level,” he said.

Top positive contributions to the index acme from ENGROH, SYS, BAHL, UBL and BAFL, as they cumulatively contributed +271 points to the index. On the other hand, top negative contribution to the index came from FFC, LUCK, MARI, OGDC, PSO and EFERT, as they lost value to weigh down on the index by -476 points to the index.

Traded value wise HUBC (Rs1.24 billion), PSO (Rs1.21 billion), NML (Rs820 million), PAEL (Rs817 million) and UBL (Rs756 million) dominated the trading activity.

The highest increase was recorded in PIA Holding Company Limited B, which rose by Rs1,132.52 to Rs12,457.67 per share, followed by Khyber Textile Mills Limited, which increased by Rs107.59 to Rs1,183.53 per share. A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs156.31 to Rs22,725.50 per share; Nestle Pakistan Limited followed it, which closed lower by Rs88.22 to Rs7,091.78 per share.

Investor interest was observed in the engineering sector in the second half where the heavily import-dependent sector gained largely on news that the prime minister on Friday directed to abolish additional customs duty (ACD), which currently ranges from 2.0 per cent to 7.0 per cent, and regulatory duty (RD), which currently ranges from 5.0 per cent to 90 per cent, over the next four to five years. The prime minister also approved a proposal to cap customs duty (CD) at a maximum of 15 per cent. At present, CD can exceed 100 per cent on some items.

At-Tahur Ltd remained the volume leader with 44.633 million shares, which closed higher by 51 paisas to Rs49.83 per share. Cnergyico PK, with 32.290 million shares, followed it, which closed lower by 17 paisas to Rs7.68 per share.

Other significant turnover stocks included Lotte Chemical, Pak Refinery, K-Electric Ltd, Pak Elektron, WorldCall Telecom, Fauji Foods Ltd, PTCL, and Sui South Gas. In the futures market, 318 companies recorded trading, 138 of which increased, 175 decreased and 5 remained unchanged.