PSX sheds 159.38 points to end another day in red

KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index closed lower on Wednesday, ending the trading session at 72,601.82, down 159.38 points or 0.22 per cent.

Despite this dip, the index showed significant intraday movement, trading within a range of 720.99 points, with a high of 73,079.18 and a low of 72,358.19.

The session saw a total volume of 254.87 million shares. Out of the 100 companies in the index, 35 finished higher, 60 closed lower, 4 remained unchanged, and 1 was untraded.

Key sectors that contributed to the decline included Investment Banks / Investment Companies / Securities Companies (-95.22 points), Cement (-67.69 points), Commercial Banks (-28.06 points), Food & Personal Care Products (-25.9 points), and Automobile Assemblers (-19.46 points).

Conversely, some sectors provided support to the index, with Pharmaceuticals adding 42.72 points, Power Generation & Distribution 41.72 points, Leather & Tanneries 36.94 points, Oil & Gas Exploration Companies 16.88 points, and Automobile Parts & Accessories 13.04 points.

Leading the decline among individual companies were Dawood Hercules Corporation (DAWH) with a loss of 92.17 points, Engro Fertilizers (EFERT) 35.05 points, Lucky Cement (LUCK) 32.27 points, MCB Bank (MCB) 28.27 points, and United Bank Limited (UBL) 22.66 points.

On the positive side, Service Industries (SRVI) added 36.94 points, Fauji Fertilizer Company (FFC) 35.49 points, K-Electric (KEL) 24.51 points, Hinopak Motors (HINOON) 20.28 points, and Oil & Gas Development Company (OGDC) 16.77 points.

Despite the dip on Wednesday, the KSE-100 has gained 31,149 points or 75.14 per cent during the fiscal year, and the ongoing calendar year has seen an increase of 10,151 points, equivalent to 16.25 per cent, indicating continued strength in the broader market.

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