KSE-100 falls over 900 points; weekly losses mount to 3.2%
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) on Friday extended its losing streak. declining over 900 points to settle near 165,600 as selling pressure persisted throughout the week.
The market witnessed a bearish run in every session in the outgoing week, resulting in a 3.2% week-on-week loss. Despite the downturn, analysts noted that the index remained in a consolidation phase, with immediate support at 162,000. the near-term target of 175,000.
At close, the KSE-100 index posted a loss of 902.76 points, or 0.54%, and settled at 165,596.07.
Arif Habib Limited (AHL) noted that Pakistan's stock market experienced a consistent downside on Friday. with the KSE-100 declining in every session of the week to mark a 3.2% week-on-week loss. The benchmark index shed 902.8 points in the final session.
Despite the weekly slump, the market has shown a consolidation profile over the last four weeks, with analysts maintaining a near-term target of 175k. identifying weekly support around 162k.
Market participation remained healthy as the traded volume hit 625.5 million shares valuing at Rs22.3 billion ($80.1 million). Top index contributors for the day included Sazgar Engineering (+3.74%), MCB Bank (+1%),. Systems Ltd (+0.87%), while significant drags were Bank AL Habib (-2.46%), Engro Holdings (-0.98%), and Fauji Fertiliser (-0.61%).
In the broader market, Gadoon Textile emerged as the top gainer with a 10% price increase, while Pak-Gulf Leasing. First Habib Modaraba were among the notable losers, declining 5.27% and 3.59%, respectively, according to AHL.
On the macroeconomic front. Pakistan successfully issued its first-ever Panda Bond in China's onshore market, raising RMB 1.75 billion (approximately $250 million) through a three-year fixed-rate instrument with a +2.5% coupon rate. The finance ministry intends to proceed with the next tranche immediately.
Additionally. the IMF reported that Pakistan's underlying primary surplus remains in line with targets for the fiscal year ending in June, providing a stable fiscal backdrop despite the recent equity market volatility.
Topline Securities, in its market review, termed it "another dull session" as the index traded between the intraday high of 0.26%. intraday low of 0.73% to finally close at 165,596 (down by 0.54%).
The top negative contribution to the index came from Bank AL Habib, Engro Holdings, Fauji Fertiliser, Lucky Cement, UBL, OGDC. Meezan Bank, which cumulatively wiped off 1,143 points.
Traded value-wise, BOP ($4.35 million), UBL ($4.32 million), OGDC ($4.14 million), Sazgar Engineering ($2.55 million),. PPL ($2.55 million) dominated the activity, Topline said.
Muhammad Hasan Ather of JS Global noted that the stock market remained under pressure, where the KSE-100 shed 903 points. The index briefly touched the intraday high of 166,924 before sellers drove it to the low of 165,292. with market volumes at 625 million shares.
Rising oil prices and persistent US-Iran geopolitical uncertainty were the primary drags. Despite a one-year gain of 38%, the index was down 4.9% year-to-date, with 165,000 points being the critical support level.
Overall trading volumes for the regular market were recorded at 625.5 million shares compared with the previous session's tally of 706 million. The value of shares traded during the day was Rs22.3 billion.
Shares of 485 companies were traded in the ready market. Of these, 168 stocks closed higher, 272 fell, and 45 remained unchanged.
Hascol Petroleum was the volume leader with trading in 86.3 million shares, gaining Rs1.38 to close at Rs23.47. It was followed by K-Electric with 78.2 million shares, maintaining its previous rate to close at Rs8.46,. Cnergyico PK with 46.4 million shares, gaining Rs0.03 to close at Rs8.83.
Foreign investors sold shares worth Rs105 million, the National Clearing Company reported.
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