PSX faces downturn amidst anticipation of key economic events next week

WEB DESK: In today’s trading session, the Pakistan Stock Exchange (PSX) experienced a subdued atmosphere as investors eagerly anticipated significant developments slated for the upcoming week.

The market witnessed a further decline, with the benchmark KSE-100 index concluding the day at 50,943.84 points, reflecting a decrease of 241.45 points or 0.47 per cent compared to the previous day.

PSX Closing

Investors remained vigilant, closely monitoring two key factors expected next week: the central bank’s decision on the policy rate and the release of October’s inflation data.

Additionally, market participants kept a keen eye on the upcoming review of the International Monetary Fund’s (IMF) standby arrangement (SBA), set to commence next week. A successful review could potentially pave the way for a substantial $700 million installment.

Throughout the day, the index exhibited a fluctuating trend, ranging from 435.01 points. It reached an intraday high of 51,269.74 (+84.45 points) and a low of 50,834.72 (-350.56 points).

The total trading volume for the KSE-100 Index amounted to 178.785 million shares. Notably, there was significant trading activity around the intraday lows, indicating investors’ inclination to capitalise on market downturns.

On a weekly basis, the index displayed a modest gain of 211.97 points, or 0.52 per cent week-on-week (WoW). It’s essential to highlight that the index managed to close above the pivotal 50,000 level for two consecutive weeks, underscoring the continued dominance of bullish sentiments.

Among the 100 index companies, 28 ended the day with gains, 59 registered losses, and 13 remained untraded.

Read more: PKR slips for fifth consecutive day, closes at Rs280.57 versus US dollar

The Technology & Communication sector experienced a decline of 168.66 points, followed by Oil & Gas Exploration Companies (-50.92 points), Oil & Gas Marketing Companies (-34.18 points), Pharmaceuticals (-22.84 points), and Food & Personal Care Products (-17.39 points), all contributing to the decrease in the KSE-100 Index.

Specific companies significantly impacted the index’s performance, with SYS leading the decline with 94.39 points, followed by TRG (-59.9 points), PPL (-31.28 points), OGDC (-19.63 points), and PSO (-15.75 points).

Conversely, commercial banks contributed positively with 142.79 points, along with Synthetic & Rayon (5.13 points), Miscellaneous (4.5 points), Textile Composite (2.21 points), and Fertiliser (1.38 points).

In the broader market, the All-Share index concluded at 33,906.14 points, indicating a net loss of 133.70 points. The total market volume stood at 350.835 million shares, a slight decrease from the previous session’s 364.039 million shares.

The total traded value amounted to Rs10.61 billion, reflecting a decrease of Rs0.32 billion. Across 352 companies, there were 147,791 trades, with 110 companies witnessing gains, 225 experiencing losses, and 17 remaining unchanged.