PSX closing: KSE-100 index plunges by over 950 points

KARACHI: In a notable downturn, the Pakistan Stock Exchange’s (PSX) key benchmark, the KSE-100 index, experienced a substantial drop of 953.60 points, or 1.45 per cent, concluding Tuesday’s trading session at 64,801.7.

The index showcased volatility throughout the day, with an intraday high of 65,859.64 (+104.33) and a low of 64,664.67 (-1,090.64) points.

PSX closing March 12, 2024

The trading day witnessed a widespread sell-off, impacting the majority of stocks. Out of the 100 index companies, 80 closed down, with only 8 managing to close up. Additionally, 1 company’s stock remained unchanged, and 11 remained untraded.

The International Monetary Fund (IMF) is scheduled to engage in economic review discussions starting March 14 for the final assessment of the Stand-By Arrangement (SBA).

This has raised concerns about the potential imposition of stringent measures by the IMF. Simultaneously, market expectations for a rate cut have diminished, creating a sense of uncertainty.

Experts are now divided on the appropriate course of action for the State Bank of Pakistan in the upcoming meeting, marking a departure from previous months.

Yesterday, Muhammad Aurangzeb assumed the role of Finance Minister, tasked with navigating the country through one of its most challenging economic crises.

Topline Securities Limited lauded Aurangzeb’s appointment as a “better choice,” citing his extensive experience in the financial sector.

In today’s session, the KSE-100 index faced downward pressure from Oil & Gas Exploration Companies (-184.4), Inv. Banks/IInv. Cos./Securities Cos. (-107.33), Cement (-77.63), Refinery (-67.85), and Fertiliser (-67.76) points.

Conversely, Leather & Tanneries (3.62) and Miscellaneous (2.82) were the only sectors that managed to stay in the green zone.

Notable companies contributing to the index’s decline included DAWH (-101.99), OGDC (-85.12), PPL (-73.31), HUBC (-40.49), and ENGRO (-40.28).

On the positive side, PSEL (7.43), NBP (4.55), SRVI (3.62), MCB (1.53), and MEBL (0.97) points were added to the index.

In the broader market, the All-Share index closed at 43,088.26, experiencing a net loss of 619.65 points.

The total market volume stood at 321.709 million shares, reflecting a decrease from the previous session, while the traded value recorded Rs10.86 billion, indicating a decrease of Rs5.75 billion.

A total of 160,583 trades were reported in 327 companies, with 57 closing up, 253 closing down, and 17 remaining unchanged.

It is noteworthy that the KSE-100 has witnessed a significant gain of 23,349 points, or 56.33 per cent, during the fiscal year.

However, the ongoing calendar year has seen a cumulative increase of 2,351 points, equivalent to 3.76 per cent.

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