Early gains wiped out as PSX nosedives over 1,100 points

KARACHI: The Pakistan Stock Exchange (PSX) opened on a positive note on the second trading day of the week, with the benchmark KSE-100 index gaining 210.74 points to reach 119,900.37 within the first three minutes of the session at around 9:32 AM.

However, the early gains were short-lived as the index slipped into negative territory just six minutes later, falling by 265.82 points to 119,423.81 at 9:38 AM, with the trading volume standing at 2.2 million shares.

The downward trend intensified as the session progressed. By 10:09 AM, the KSE-100 had dropped by 430.66 points, or 0.36 per cent, to 119,258.97, while volume increased to 17.13 million shares.

A few minutes later, at 10:14 AM, the index had declined further by 599.24 points, or 0.5 per cent, to 119,090.39, with trading volume reaching 18.43 million shares. The losses continued to mount rapidly, and by 10:17 AM, the index had slumped to 118,958.39, reflecting a total fall of 731.24 points or 0.61 per cent since the opening.

Despite the intraday decline, the KSE-100 index remains significantly higher on a longer-term basis, showing a 58.63 per cent gain over the past one year and a 3.46 per cent increase in year-to-date terms. Over the last 52 weeks, the index has moved between a low of 71,781.96 and a high of 120,796.67.

In terms of individual company performance within the KSE-100, several stocks were trading in the red. JDW Sugar Mills Limited (JDWS) was down by 2.74 per cent or Rs26.11, trading at Rs925. Agritech Limited (AGL) dropped 3.69 per cent or Rs2.01 to Rs52.49, while FrieslandCampina Engro Pakistan Limited (FCEPL) saw a fall of 3.95 per cent or Rs4.07, trading at Rs99.

On the other hand, some companies managed to stay in the green. Punjab Oil Mills Limited (POML) was up by 7.47 per cent or Rs16.89, trading at Rs242.94. Pak-Gulf Leasing Company Limited (PGLC) gained 3.61 per cent or Rs0.76 to reach Rs21.80, and Pakistan Aluminium Beverage Cans Limited (PABC) rose by 2.92 per cent or Rs3.29 to Rs115.93.

Intraday high and low

The steepest decline at the PSX was recorded around 1:18 PM, when the benchmark KSE-100 index dropped to 118,527.09, reflecting a fall of 1,162.54 points. This marked the intraday low, which remained unchanged until 3:28 PM.

Previous close

As for the previous session, which concluded on Monday, May 19, the KSE-100 index had closed at 119,689.63, showing a modest gain of 40.49 points or 0.03 per cent. During that session, the index traded within a wide range of 1,034.87 points, touching an intraday high of 120,285.54, up by 636.40 points, and a low of 119,250.67, down by 398.47 points. The total volume for the index was recorded at 119.53 million shares.

Sector-wise, the PSX was supported by gains in investment banks, investment companies and securities firms, which contributed 226.92 points, followed by the textile composite sector with 56.18 points, oil and gas marketing companies with 39.70 points, the engineering sector with 36.84 points, and power generation and distribution with 21.95 points.

In the broader market, the All-Share index closed at 74,188.26 with a marginal loss of 20.99 points or 0.03 per cent. A total of 286,725 trades were executed across 465 companies, out of which 222 closed higher, 199 ended in the red, and 44 remained unchanged.

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