PSX closes another day in red, shedding over 900 points

KARACHI: The Pakistan Stock Exchange (PSX) experienced another tumultuous day on Tuesday, with the benchmark KSE-100 index plunging by 908.6 points, or 1.2 per cent, to close at 74,666.66.

Throughout the trading session, the index exhibited a range of 1,077.02 points, reaching an intraday high of 75,669.76 points (+94.51) and a low of 74,592.74 points (-982.51). The total trading volume for the KSE-100 index stood at 179.21 million shares.

The market demonstrated a significant downward trend, with 79 out of the 100 companies on the index ending the day in negative territory. Conversely, 17 companies managed to close in the green, while four remained unchanged.

Several sectors played a pivotal role in the market’s decline. The Oil & Gas Exploration Companies sector led the drop, dragging the index down by 206.42 points. This was followed by Technology & Communication (-151.49 points), Fertilizer (-112.83 points), Commercial Banks (-112.72 points), and Power Generation & Distribution (-91.31 points).

In contrast, a few sectors provided minimal support to the index. Sugar & Allied Industries contributed a modest 0.94 points, Close-End Mutual Funds added 0.25 points, Real Estate Investment Trusts increased by 0.18 points, Woollen by 0.08 points, and Automobile Parts & Accessories by a mere 0.01 points.

Key companies that contributed to the downturn included SYS, which alone shaved off 107.63 points from the index. Other significant decliners were MARI (-70.85 points), HUBC (-64.09 points), OGDC (-54.62 points), and PPL (-43.37 points).

On the brighter side, some companies managed to add points to the index, albeit marginally. LUCK gained 20.7 points, HMB added 6 points, HINOON contributed 4.64 points, SHEL rose by 3.32 points, and NRL increased by 3.24 points.

The continued heavy selling pressure indicates investor concerns and market volatility, reflecting broader economic challenges and sector-specific issues impacting the PSX.

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