PSX ends week in red despite surpassing 119,000 mark

KARACHI: The Pakistan Stock Exchange (PSX) began the final trading day of the week on a strong note, with the benchmark KSE-100 index initially trading in positive territory during the opening hour.

By 9:25 AM, the KSE-100 index had surged by 636.14 points to reach 119,405.91, with a trading volume of 13,218,362 shares.

However, after crossing the 119,000 mark, the market suddenly reversed direction. By 10:09 AM, the KSE-100 index had dropped by 131 points to 118,638.05, with the trading volume rising to 61,764,671 shares.

Here is a summary of the top gainers and losers as of 11:15 AM:

Top gainers

First Capital Securities Corporation (FCSC) saw an 18.92 per cent increase in price, rising by Rs0.28 to Rs1.76, with a volume of 264,679 shares.

Bunnys Limited (BNL) gained 10.02 per cent, rising by Rs2.11 to Rs23.16, with a volume of 3,998,971 shares.

(Lalpir Power Limited) LPL rose by 10.02 per cent, with an increase of Rs2.67 to Rs29.32, trading 2,071,689 shares.

Nishat Mills Limited (NML) saw a gain of 10.01 per cent, rising by Rs10.71 to Rs117.76, with 2,234,080 shares traded.

S.S.Oil Mills Limited (SSOM) gained 10.01 per cent, rising by Rs11.11 to Rs122.16, with a volume of 50,640 shares.

Top decliners

Elahi Cotton Mills Limited (ELCM) saw a 9.99 per cent decrease, falling by Rs13.99 to Rs126.06, with only 28 shares traded.

Khyber Textile Mills Limited (KHYT) dropped by 9.85 per cent, losing Rs47.57 to Rs435.56, with just one share traded.

Hafiz Limited (HAFL) declined by 9.84 per cent, losing Rs27.73 to Rs253.95, with two shares traded.

Suhail Jute Mills Limited (SUHJ) NC dropped by 9.71 per cent, losing Rs8.93 to Rs83.07, with one share traded.

Noon Sugar Mills Limited (NONS) fell by 8.26 per cent, dropping Rs6.57 to Rs73.00, with 10 shares traded.

After 11:30 AM, the PSX began to decline, slipping into negative territory. The benchmark KSE-100 Index ended Friday’s trading session at 118,442.17, marking a drop of 327.60 points or 0.28 per cent.

During the day, the index fluctuated within a range of 1,071.51 points, reaching an intraday high of 119,405.91 (+636.14) and a low of 118,334.40 (-435.37).

Previous close

The KSE-100 Index closed Thursday’s session at a record high of 118,769.77, gaining 795.75 points or 0.67 per cent. The index reached an intraday high of 119,421.81 (+1,447.79 points), the highest level ever recorded at the PSX.

This bullish trend is largely attributed to investor optimism regarding progress on the International Monetary Fund (IMF) programme. The government’s engagement with the IMF is expected to unlock additional financial support and policy reforms.

Furthermore, the government’s commitment to addressing circular debt has bolstered investor confidence, particularly in the energy and banking sectors, driving the market to new highs.

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