PSX slips by nearly 700 points despite positive open 

KARACHI: The Pakistan Stock Exchange (PSX) opened in the green on Tuesday but slipped into negative territory within just 30 minutes of trading. The benchmark KSE-100 index began the day at 133,809.25, gaining 439.11 points at the open.  

However, this early momentum faded quickly, and the index dropped by 673 points to 132,696.28 within 20 minutes of the session. At the time of the decline, the trading volume stood at 28.25 million shares. 

As of 10:58 AM on July 8, the KSE-100 index had risen by 65.67 per cent over the past year and was up 15.93 per cent on a year-to-date basis. The index has moved within a 52-week range of 76,943.24 to 133,862.01 points. 

On Monday, the benchmark index had closed at a record high of 133,370.14 after gaining 1,421.08 points, or 1.08 per cent. It remained in positive territory throughout the day, reaching an intraday high of 133,862.01 and a low of 132,467.12. The total volume traded in the index was 344.01 million shares.  

The bullish sentiment was fuelled by a favourable taxation regime for equities introduced in the federal budget, prompting investors to shift funds from fixed income to stocks. 

Top advancers 

Among the top-performing stocks on Tuesday were Ghandhara Chemicals (GCWL), which surged 10.04 per cent to Rs14.36, and Fateh Textile Mills Modaraba (FTMM), up 10.03 per cent to Rs17.66. First Credit & Investment Bank (FCIBL) gained 10.03 per cent to Rs19.86, while Zal Limited (ZAL) rose 10.02 per cent to Rs23.82. Hightech Wires & Cables (HWQS) also jumped 10.02 per cent to Rs24.92.  

Other notable gainers included Kohinoor Mills (KML) at Rs74.55, Kohat Cement (KCL) at Rs190.04, Tata Textile Mills (TATM) at Rs213.37, Fauji Cement (FZCM) at Rs292.59, and Pakistan Aluminium (PAKD) at Rs329.35 – each gaining exactly 10 per cent. 

Top decliners 

On the losing side, Pakistan International Airlines Class B (PIAHCLB) led the decline, falling 10 per cent to Rs19,608.83. GEMNETS slipped 9.93 per cent to Rs27.02, followed by Redco Textiles (REDCO) which dropped 8.26 per cent to Rs25.66. ADAMS tumbled 7.94 per cent to Rs60.15, and FTSM was down 7.82 per cent to Rs13.08.  

Other major losers included ALNRS at Rs80.25, down 7.68 per cent; OLPL at Rs37.70, down 7.35 per cent; STJT at Rs76.09, down 7.21 per cent; CLCPS at Rs3.07, down 6.97 per cent; and ECOP at Rs54.75, down 6.73 per cent. 

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