PSX ends record high run, closes with a 70-point loss

KARACHI: The Pakistan Stock Exchange (PSX) saw a slight dip on Friday as the benchmark KSE-100 Index ended the trading session at 80,212.79 points, marking a decrease of 70.01 points or 0.09 per cent.

Throughout the day, the index fluctuated within a range of 547.24 points, reaching an intraday high of 80,627.49 points (up by 344.69 points) and a low of 80,080.25 points (down by 202.55 points). The total trading volume for the KSE-100 Index stood at 211.36 million shares.

Out of the 100 companies listed on the index, 41 saw an increase in their share prices, 56 experienced a decline, and 3 remained unchanged.

The decline in the KSE-100 Index was primarily driven by losses in several sectors, including Oil & Gas Exploration Companies (-92.03 points), Cement (-55.38 points), Fertilizer (-55.12 points), Power Generation & Distribution (-33.69 points), and Oil & Gas Marketing Companies (-24.86 points).

Conversely, the index received support from gains in Commercial Banks (+260.37 points), Refineries (+9.79 points), Miscellaneous sectors (+7.94 points), Investment Banks/Investment Companies/Securities Companies (+3.63 points), and Sugar & Allied Industries (+1.57 points).

Key companies that dragged the index down included OGDC (-47.65 points), HUBC (-44.91 points), MCB (-27.20 points), MEBL (-27.09 points), and BAFL (-25.31 points).

On the positive side, significant contributions came from HBL (+117.49 points), BAHL (+64.40 points), NBP (+62.57 points), HMB (+57.04 points), and AKBL (+31.56 points).

The market’s mixed performance reflects the varying sentiments across different sectors, indicating a cautious trading environment.

Farrukh H. Khan steps down as PSX CEO

In an emergent meeting held today, the Board of Directors of Pakistan Stock Exchange Limited (PSX) formally accepted the resignation of Farrukh H. Khan from his role as Chief Executive Officer.

According to a statement issued by the exchange, the Board acknowledged Khan’s decision to pursue new opportunities, finalising the acceptance of his resignation on July 4, 2024.

The statement further expressed gratitude for Mr. Khan’s dedicated service and contributions to PSX. Looking ahead, PSX intends to collaborate closely with him over the coming weeks to ensure a seamless transition. The transition process is anticipated to be completed by September 2, 2024.

Farrukh H. Khan tendered his resignation from the position in order to explore alternative career prospects.

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