PSX sheds over 1,300 points despite positive start

KARACHI: The Pakistan Stock Exchange (PSX) opened in the green on the last trading day of the week, rebounding after a steep decline of over 2,000 points in the previous session.

The benchmark KSE-100 index surged by 825 points in early trade, reaching 115,844.88 at around 9:23 AM, with a trading volume of 2.61 million shares. However, the index later trimmed some of its gains and was up by 505.92 points, or 0.44 per cent, to 115,525 by 9:36 AM. At that time, trading volume had increased to 10.7 million shares.

The market’s lowest point in the morning came at the opening bell around 9:15 AM, when the index dropped to 115,099.64.

The PSX is up by 60.40 per cent compared to the same period last year. On a year-to-date basis, the KSE-100 index is up by 0.27 per cent. Over the past 52 weeks, the benchmark index has traded between a low of 70,562.12 and a high of 120,796.67.

Among the KSE-100 constituents, several companies were trading lower in percentage terms. Punjab Oil Mills Limited (POM) fell by 2.50 per cent or Rs3.70 to Rs144.50, Pakistan Tobacco Company Limited (PAKT) declined by 1.97 per cent or Rs24.66 to Rs1,225.10, and Murree Brewery Company Limited (MUREB) was down by 1.86 per cent or Rs14.70 to Rs775.

On the positive side, Pakistan Aluminium Beverage Cans Limited (PABC) rose by 2.45 per cent or Rs2.58 to Rs108, Yousaf Weaving Mills Limited (YOUW) gained 2.15 per cent or Rs0.08 to Rs3.80, while Gadoon Textile Mills Limited (GADT) was up by 2.08 per cent or Rs6.29 to Rs309.

The PSX remained in negative territory, following a brief recovery earlier in the day.

After a modest gain of 25 points around 11:40 AM, the market resumed its downward trajectory. The KSE-100 index witnessed its sharpest decline of the session around 2:47 PM, falling by 1,303.21 points to 113,716.60. At that point, trading volume stood at 100.85 million shares.

The market remained under pressure in the final hour of trading, with the index down by 687 points to 114,332 around 3:24 PM.

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