PSX dips after early gains but remains above 114,000

KARACHI: The Pakistan Stock Exchange (PSX) opened on a positive note on Wednesday, as the benchmark KSE-100 index was trading up by 130.77 points at 114,658.85 around 9:32 AM, with a recorded volume of 3,252,741 shares.

However, the PSX could not maintain the gains and soon fell into negative territory, with the KSE-100 index dipping by 165.61 points to 114,362.47 by 9:39 AM, when the volume was recorded at 12,313,233 shares.

The stock market witnessed fluctuations in the initial trading hour but soon recovered from losses, rising by 234.84 points to 114,762.92 at 9:48 AM, with a volume of 21,276,265 shares.

Despite this recovery, the PSX faced a deeper decline, dropping by 308.13 points to 114,219.95 at 10:36 AM, which marked the lowest level for the KSE-100 index at that time. This remained the day’s low until 12:00 PM.

Among the KSE-100 index companies, those trading in red with losses in percentage terms included Pak-Gulf Leasing Company Limited (PGLC), which was down by 4.81 per cent, or Rs1.01, to Rs19.99. Kohinoor Textile Mills Limited (KTML) dropped by 2.89 per cent, or Rs5.06, to Rs170.05, while Nishat Power Limited (NPL) fell by 2.75 per cent, or Rs1.08, to Rs38.21. FrieslandCampina Engro Pakistan Limited (FCEPL) was down by 2.50 per cent, or Rs2.27, to Rs88.35, and Adamjee Insurance Company Limited (AICL) declined by 1.96 per cent, or Rs1.00, to Rs50.

On the flip side, companies trading in the green included Pakgen Power Limited (PKGP), which surged by 8.05 per cent, or Rs8.49, to Rs114. Yousaf Weaving Mills Limited (YOUW) gained 5.37 per cent, or Rs0.21, to Rs4.12, while Interloop Limited (ILP) increased by 5.33 per cent, or Rs3.13, to Rs61.85. Kohinoor Spinning Mills Limited (KOSM) rose by 5.31 per cent, or Rs0.33, to Rs6.54, and National Foods Limited (NATF) was up by 5.25 per cent, or Rs10.62, to Rs212.96.

It is worth noting that the PSX wrapped up the previous trading session at 114,528.08, showing an increase of 197.98 points, or 0.17 per cent, after trading in a range of 1,711.05 points. The intraday high was 115,889.60 (up 1,559.50 points) and the low was 114,178.55 (down 151.55 points).

Moreover, considering the PSX’s performance, the KSE-100 index has seen a gain of 80.63 per cent over the past year. However, the stock market is down by 0.68 per cent in year-to-date (YTD) terms. Speaking of the 52-week range, the PSX has traded between 62,915.40 and 118,735.10.

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