PSX tumbles at open, KSE-100 sheds nearly 1,000 points

KARACHI: The Pakistan Stock Exchange (PSX) opened on a negative note on the last trading day of the week, Friday, as the benchmark KSE-100 index dropped sharply in early trade. Within the first few minutes of the session, the index fell by 479.62 points and was recorded at 115,709.59 around 9:17 AM, with a trading volume of 752,864 shares.

The downtrend persisted as the market came under further pressure. By around 9:21 AM, the index had declined by 732.31 points to 115,456.90. The steepest fall, as of the time of reporting, occurred around 9:33 AM when the index plunged by 951.86 points to reach an intraday low of 115,237.35. Trading volume at that point had surged to 17,287,636 shares.

The highest level recorded during the session was at the start of trading, around 9:15 AM, when the index stood at 115,937.38. This marked a decline of 251.83 points compared to Thursday’s closing figure of 116,189.21. The lowest point so far remained 115,237.35, seen around 9:33 AM.

Despite the morning’s negative performance, the KSE-100 index still reflects strong annual growth. On a one-year basis, the index is up by 63.49 per cent, while the year-to-date change shows a slight gain of 0.18 per cent. Over the past 52 weeks, the index has traded in a wide range, from a low of 69,783.32 to a high of 120,796.67.

In terms of individual company performance, several stocks were seen trading in the red. Kohinoor Textile Mills Limited (KTML) dropped by 4.63 per cent or Rs6.80, trading at Rs140.10. Mehmood Textile Mills Limited (MEHT) fell by 4.19 per cent or Rs14.46, standing at Rs330.54. Javedan Corporation Limited (JVDC) also declined, losing 2.99 per cent or Rs1.88 to trade at Rs61.08.

On the other hand, some companies managed to stay in the positive territory. Pak-Gulf Leasing Company Limited (PGLC) gained 10.01 per cent or Rs1.78, reaching Rs19.57. Ghani Glass Limited (GHGL) rose by 3.04 per cent or Rs1.01 to Rs34.26, while Gadoon Textile Mills Limited (GADT) increased by 3.38 per cent or Rs9.32, trading at Rs284.80.

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