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PSX takes a breather, closes below 80,000

PSX takes a breather, closes below 80,000

Web Desk
Jul 10, 2024

KARACHI: The Pakistan Stock Exchange (PSX) experienced a significant decline on Wednesday, a day after reaching a record high.

The benchmark KSE-100 Index dropped by 830.51 points, or 1.03 per cent, closing at 79,841.55. This marks the index’s largest single-day drop since June 4.

Throughout the trading session, the KSE-100 Index fluctuated within a range of 1,130.63 points, reaching an intraday high of 80,971.95 points (up by 299.89 points) and a low of 79,841.32 points (down by 830.74 points). The total volume traded for the KSE-100 Index stood at 230.91 million shares.

Of the 100 companies listed on the index, 26 saw gains, 71 experienced losses, and 3 remained unchanged.

The decline in the KSE-100 Index was largely driven by sectors such as Commercial Banks (-260.88 points), Oil & Gas Exploration Companies (-101.78 points), Power Generation & Distribution (-94.91 points), Cement (-91.49 points), and Fertilizer (-77.66 points).

Conversely, sectors that provided some support to the index included Food & Personal Care Products (+32.06 points), Technology & Communication (+6.13 points), Insurance (+5.48 points), Synthetic & Rayon (+3.38 points), and Sugar & Allied Industries (+1.84 points).

Major companies that contributed to the decline were Hub Power Company (HUBC) (-115.52 points), Pakistan Petroleum Limited (PPL) (-55.29 points), Dawood Hercules Corporation (DAWH) (-52.87 points), Millat Tractors Limited (MTL) (-49.95 points), and Habib Bank Limited (HBL) (-48.38 points).

On the positive side, companies that added points to the index included Unity Foods Limited (UNITY) (+32.06 points), Pakistan General Insurance Company (PKGP) (+17.82 points), Systems Limited (SYS) (+11.18 points), Pakistan Stock Exchange Limited (PSX) (+9.80 points), and Adamjee Insurance Company Limited (AICL) (+7.24 points).

In the broader market, the All-Share Index closed at 51,114.52, down by 366.74 points or 0.71 per cent. The total market volume was 495.91 million shares, compared to 610.26 million in the previous session, with the traded value recorded at Rs22.12 billion, a decrease of Rs2.20 billion from the prior session.