PSX falls below 149k as market turns negative

KARACHI: The Pakistan Stock Exchange (PSX) began the second trading day of the week on a positive note, holding steady above the 149,000 level as investors cautiously awaited fresh triggers to push the index past the psychological 150,000 mark.

The benchmark KSE-100 index opened Tuesday’s session with an immediate jump of 281.04 points, starting the day at 149,096.34. Within minutes, momentum picked up and the index climbed as high as 149,247.73, up 432.43 points around 9:34am, supported by volumes of nearly 2.8 million shares.

By 10:00am, the market had moved within a day’s range of 149,044.68 to 149,247.73, showing resilience despite failing to breach the 150,000 barrier.

Market backdrop

Tuesday’s cautious gains followed a volatile session on Monday, when the KSE-100 ended at 148,815.30, shedding 677.75 points or 0.45 percent.

The PSX had swung wildly during the day, hitting an intraday high of 150,079.75 before slipping to a low of 148,757.13. Sector-wise pressure had come from commercial banks, technology, oil and gas exploration, and cement, while limited support was seen from pharmaceuticals and textile spinning.

On a broader scale, the PSX remains one of the best-performing markets. As of this morning, the index was still up 89.57 percent on a one-year basis and had risen 29.37 percent in year-to-date terms.

Over the past 52 weeks, the KSE-100 has traded between a low of 77,990.35 and a high of 151,261.67, highlighting the extraordinary rally that lifted it into uncharted territory earlier this year.

Top gainers and losers

Among individual performers in the wider market, several stocks posted double-digit percentage gains. FuelCell Energy Ltd (FCEL) surged 15.5 percent to Rs7.45 with 370,087 shares changing hands. Crescent Steel and Allied Products (CSIL) added 11.3 percent to Rs4.63 on strong volumes of more than 5.4 million shares.

Other major gainers included Ansari Sugar Mills (ANSM) up 10 percent at Rs14.29, Elahi Cotton Mills (ELCM) at Rs237.66, and Artistic Denim Mills (ASC) which advanced 10 percent to Rs21.68 on over 5.7 million shares.

On the losing side, BAFS fell 10 percent to Rs220.86, SHCM dropped 10 percent to Rs45.73, and Nishat Sialkot Motors (NSRM) lost 9.99 percent to Rs103.06. Other notable decliners were PMRS down 9.47 percent at Rs291.03 and FIBLM which slid 8.55 percent to Rs7.91.

KSE-100 movers

Within the KSE-100 companies, losers included GADT down 2.06 percent to Rs440.00, Kohat Cement (KOHC) slipping 2.04 percent to Rs105.97, and Bank Al Habib (BAHL) easing 1.39 percent to Rs198.90.

On the other hand, Standard Chartered Bank (SCBPL) gained 4.05 percent to Rs82.29, Bank of New Millennium (BNWM) rose 1.89 percent to Rs77.80, while Hub Power Company (HUBC) advanced 1.82 percent to Rs164.25 on heavy turnover of over 4.1 million shares.

PSX slips into red

By 10:14am, the PSX had slipped into the red as the benchmark KSE-100 index dropped 133.33 points to 148,681.97, with volumes reaching 22.62 million shares. The pressure continued shortly after, and by 10:35am the index was still down 70 points at 148,745.27.

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