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PSX slumps further, shedding 663 points by close

PSX slumps further, shedding 663 points by close

Web Desk
Jun 11, 2024

KARACHI: Despite an initial surge in response to an interest rate cut, the Pakistan Stock Exchange (PSX) experienced a downturn on Tuesday as concerns over potential stringent budgetary measures dampened investor sentiment.

The KSE-100 index closed the trading session at 72,589.49 points, marking a decline of 663.07 points or 0.91 per cent. Throughout the day, the index fluctuated within a range of 1,390.40 points, reaching an intraday high of 73,866.45 points and a low of 72,476.05 points.

Trading volume for the KSE-100 index totaled 142.28 million shares. Of the 100 companies in the index, 23 saw their share prices rise, 68 recorded losses, 5 remained unchanged, and 4 did not trade.

The primary sectors that dragged the index down included Oil & Gas Exploration Companies (151.02 points), Commercial Banks (136.11 points), Technology & Communication (110.47 points), Cement (101.1 points), and Fertilizer (68.23 points).

Conversely, sectors that offered support included Leather & Tanneries (24.33 points), Textile Composite (11.97 points), Food & Personal Care Products (9.69 points), Automobile Parts & Accessories (5.16 points), and Real Estate Investment Trust (3.54 points).

Among individual companies, the biggest detractors were Systems Limited (SYS) with a 76.04-point loss, Meezan Bank Limited (MEBL) down by 64.99 points, Mari Petroleum Company Limited (MARI) losing 51.9 points, Oil and Gas Development Company (OGDC) dropping 49.28 points, and Engro Corporation (ENGRO) declining by 37.32 points.

On the positive side, United Bank Limited (UBL) contributed 41.92 points, Servis Industries (SRVI) added 24.33 points, Hinopak Motors Limited (HINOON) gained 9.27 points, Interloop Limited (ILP) rose by 8.03 points, and National Foods Limited (NATF) increased by 7.68 points.

In the broader market, the All-Share index also saw a decline, closing at 46,677.02 points with a net loss of 476.82 points.

The market’s reaction highlights the ongoing tension between the optimism from monetary easing and the apprehension surrounding potential fiscal tightening measures in the upcoming budget.