PSX ends day with modest 4.50 points gain

WEB DESK: In a day marked by fluctuating fortunes, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index closed at 60,464, experiencing minimal changes after erasing an earlier gain of 1.3 per cent.

At the time of the close, the PSX gained only 4.50 points.

Pakistan Stock Exchange closing February 20, 2024

The energy sector, led by oil and gas companies, exerted downward pressure on the market, countering the positive momentum.

Pharmaceutical stocks, on the other hand, witnessed a notable surge of 7.5 per cent, with all KSE-100 index-listed companies hitting their upper circuit.

This boost followed the government’s relaxation of drug pricing policies. Despite this pharmaceutical rally, the overall market struggled to gain traction as the energy sector remained unmoved.

The KSE-100 index exhibited intraday fluctuations, trading in a range of 816.68 points. It reached an intraday high of 61,237.51 (+777.76) and a low of 60,420.84 (-38.91) points. The total volume of the KSE-100 index reached 234.891 million shares.

Arif Habib Limited highlighted the fluid political situation, anticipating continued market volatility. Yesterday’s 1 per cent gain in the index, though significant, was deemed insufficient to suggest a sustainable upward trend, according to the brokerage house.

Fitch Ratings expressed concern that near-term political uncertainty could complicate Pakistan’s efforts to secure a financing agreement with the International Monetary Fund (IMF), succeeding the expiring Stand-By Arrangement in March 2024.

Advancers and decliners were evenly distributed in today’s session, with 47 companies closing up and 43 closing down.

The KSE-100 index found support from pharmaceuticals, power generation and distribution, technology and communication, oil and gas marketing companies, and food and personal care products.

Conversely, the index faced downward pressure from oil and gas exploration companies, commercial banks, textile composites, miscellaneous, and cement.

Notable contributors to the index were HUBC, SYS, PSO, HINOON, and SEARL, while OGDC, PPL, MARI, ILP, and PSEL exerted a drag.

To note, the KSE-100 has exhibited a robust performance, gaining 19,012 points, or 45.86 per cent, during the fiscal year.

However, the ongoing calendar year has witnessed a cumulative decrease of 1,987 points, equivalent to 3.18 per cent.

Read next: PKR loses 21 paisa against US dollar