PSX slips into negative territory after early gains

KARACHI: The Pakistan Stock Exchange (PSX) fell into negative territory on Wednesday, despite a positive start to the trading session, as the benchmark KSE-100 index declined by 442.61 points to 116,332.89 around 11:23 AM. At the time, the trading volume stood at 86,235,809 shares.

This level also marked the intraday low for the session, recorded as of 11:45 AM. The market remained in the red from 11:00 AM onwards, although it recovered some of the early losses and was observed at 116,561.94 points — still down by 213.56 points or 0.18 per cent — at 11:47 AM.

Earlier in the morning, the index had shown strong momentum. Around 10:18 AM, the KSE-100 was recorded at 117,368.52, reflecting a gain of 593.02 points, with a volume of 25,226,794 shares.

As of 11:45 AM, among KSE-100 companies, Punjab Oil Mills Limited (POML) stood out with a gain of 10 per cent or Rs13.90, reaching Rs152.86. Pakistan Stock Exchange Limited (PSX) rose by 5.67 per cent or Rs1.60 to Rs29.80, while Pakgen Power Limited (PKGP) increased by 4.18 per cent or Rs4.41 to Rs110. Atlas Honda Limited (ATLH) was up by 3.42 per cent or Rs35.50 to Rs1075, and JDW Sugar Mills Limited (JDWS) gained 2.20 per cent or Rs18.27, trading at Rs849.30.

Conversely, among the laggards, Pakistan Aluminium Beverage Cans Limited (PABC) dropped by 3.44 per cent or Rs3.88 to Rs109. Pak-Gulf Leasing Company Limited (PKG) edged down by 0.50 per cent or Rs0.09 to Rs18, TPL REIT Fund I (TPLRF1) fell by 2.58 per cent or Rs0.35 to Rs13.22, and Javedan Corporation Limited (JVDC) slipped by 2.10 per cent or Rs1.33 to Rs62.

On a broader scale, the PSX has posted a 65.14 per cent gain over the past year. On a year-to-date basis, it is up by 1.10 per cent. In terms of its 52-week range, the KSE-100 index has traded between a low of 69,783.32 and a high of 120,796.67.

At the time of publishing this report (12:02 PM), the KSE-100 index remained in negative territory, down by 378.38 points or 0.32 per cent, standing at 116,397.13.

Read next: Intraday update: PKR rises by seven paisa against USD