PSX turns volatile after early gains, slips into red before midday

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a highly volatile session on Wednesday, August 27, as the benchmark KSE-100 Index opened on a positive note but quickly lost gains before midday.

The index started the day in the green, adding 693.55 points to reach 149,128.61 around 9:36 AM with a trading volume of 3.7 million shares.

Optimism carried forward into the next hour, with the PSX rising as high as 149,237.91 by 10:24 AM, reflecting gains of 802.85 points on a significantly higher volume of 26.05 million shares. This was the highest level recorded in the first half of the session.

However, the momentum shifted just before 11:30 AM, when selling pressure pulled the market sharply lower. By 11:26 AM, the KSE-100 Index had erased all its gains and slipped into negative territory, shedding 121.09 points to trade at 148,313.97 with volumes swelling to 53.50 million shares.

At 11:39 AM, the index was seen at 148,386.16, down by 48.90 points or 0.03 percent. So far, the benchmark has traded between a high of 149,237.91 and a low of 148,313.97 on a volume of 59.05 million shares.

Despite the intraday volatility, the PSX remains well above its longer-term benchmarks, showing a one-year increase of 90.03 percent and a year-to-date gain of 28.89 percent.

Market movers

In terms of individual performances, a number of small and mid-cap stocks stood out on the gainers’ board before midday. These included PACE, which rose 16.50 percent to Rs7.06; TPL, up 15.06 percent at Rs7.64; and FCSC, climbing 12.68 percent to Rs3.11. Other strong performers were MDTL, BOK, ASHT, TPLI, TOMCL, EPCLPS, and ANSM, each posting gains around 10 percent.

On the flip side, some scrips faced sharp losses. Among the top decliners were CCM, down 9.50 percent at Rs48.51; POWERPS, falling 8.26 percent to Rs21.21; and PRWM, slipping 8.18 percent to Rs56.01. SEL, GRYL, JKSM, DIIL, LEUL, FCEL, and ALTN also ranked among the major losers with declines between 6 and 8 percent.

KSE-100 Index companies

From the KSE-100 constituents, AGP led the percentage losers’ chart, falling 5.18 percent to Rs193.70 on a volume of 1.87 million shares. It was followed by ABOT, which shed 3.30 percent to Rs1,135.00, and SRVI, down 3.14 percent to Rs1,290.10. Other significant laggards included SCBPL (-3.01 percent), KOHC (-2.84 percent), and PIOC (-2.12 percent).

Banks also came under mild pressure, with FABL dropping 1.72 percent to Rs78.32, NBP down 1.59 percent to Rs149.96, and BOP slipping 1.57 percent to Rs14.45. Cement sector scrips such as MLCF and DGKC also contributed to the decline.

Previous session snapshot

On Tuesday, the KSE-100 Index had closed at 148,435.06, down 380.24 points or 0.26 percent after trading within a wide intraday range of 1,140 points. The index had touched a high of 149,453.19 and a low of 148,312.57 with a total volume of 161.93 million shares.

In that session, 44 index companies closed higher while 56 ended lower. Major losers included BAHL (-5.08 percent), AGL (-3.93 percent), GLAXO (-3.45 percent), YOUW (-3.42 percent), and KOHC (-3.29 percent). On the other hand, JVDC (+4.37 percent), BWCL (+3.75 percent), SCBPL (+3.05 percent), HUBC (+1.93 percent), and TRG (+1.90 percent) emerged as notable gainers.

In terms of index-point impact, BAHL dragged the benchmark down the most with a negative contribution of 268 points, followed by ENGROH (-82 points), MEBL (-78 points), MCB (-61 points), and HBL (-59 points). Meanwhile, FFC added 148 points, HUBC 95 points, POL 51 points, BWCL 41 points, and LUCK 27 points.

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