PSX closes negative, loses 198 points

KARACHI: The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) ended Tuesday’s trading session at 78,628.80, marking a decline of 198.94 points or 0.25 per cent.

The KSE-100 index fluctuated within a range of 808.81 points, peaking at 79,327.04 (+499.30) and hitting a low of 78,518.23 (-309.51) during the day.

Total trading volume for the KSE-100 Index was 143.37 million shares. Of the 100 companies listed on the index, 30 saw gains, 68 experienced losses, and 2 remained unchanged.

The most significant decliners were FCCL, down by 3.95 per cent, DGKC, which fell by 3.41 per cent, MLCF, down 2.99 per cent, DAWH, which decreased by 2.94 per cent, and TRG, which saw a 2.85 per cent drop.

Conversely, the top gainers included FFC, with a rise of 5.03 per cent, PSEL, up by 4.94 per cent, HABSM, increasing by 4.75 per cent, AKBL, which gained 4.15 per cent, and KTML, rising by 3.54 per cent.

Fauji Fertilizer Company Limited (PSX: FFC) reported a remarkable threefold increase in earnings for the quarter ending June 2024, reaching Rs15.55 billion, equivalent to an EPS of Rs12.22. The company also declared an interim cash dividend of Rs10 per share to its shareholders.

In terms of index-point contributions, the major negative impacts came from EFERT (-63.91 points), DAWH (-47.78 points), HBL (-46.06 points), FCCL (-24.19 points), and DGKC (-21.70 points). Engro Fertilizers Limited (PSX: EFERT) was the largest drag on the KSE-100 Index, closing down by 1.96 per cent.

A total of 213,748 trades were executed across 447 companies, with 152 closing higher, 239 closing lower, and 56 remaining unchanged.

Additionally, the State Bank of Pakistan (SBP) announced a reduction in its key policy rate by 100 basis points to 19.5 per cent on Monday.

This cut, the second consecutive reduction, brings the total decrease to 250 basis points since June 2024, aligning with market expectations.