PSX in red at market open, KSE-100 sinks over 700 points

KARACHI: The Pakistan Stock Exchange (PSX) opened in the negative on the second trading day of the week, with the benchmark KSE-100 index dropping by 176.25 points to 114,180.09 as trading commenced around 9:15 AM, with a volume of 380,101 shares. By 9:18 AM, the market had fallen further, shedding 375.69 points to 113,980.65.

Following this dip, the market exhibited minor fluctuations and attempted to reverse its losses, briefly rising by 87.71 points to reach 114,444.05. However, by 10:08 AM, the PSX experienced a more significant decline, dropping 489.31 points to 113,867.03.

Several KSE-100 companies traded in the red during this period. Pakgen Power Limited (PKGP) fell by 4.75 per cent, or Rs5.99, to Rs120. Pioneer Cement Limited (PIOC) was down by 2.49 per cent, or Rs5.22, to Rs204. Ghani Glass Limited (GHGL) dropped by 2.36 per cent, or Rs0.83, to Rs34.26. International Industries Limited (INIL) decreased by 2.25 per cent, or Rs3.77, to Rs164, while International Steels Limited (ISL) fell by 2.15 per cent, or Rs1.85, to Rs83.98.

On the positive side, EFU General Insurance Limited (EFUG) gained 2.95 per cent, or Rs3.82, to Rs133.20. HBL Growth Fund (HGFA) rose by 2.81 per cent, or Rs0.27, to Rs9.89. Javedan Corporation Limited (JVDC) climbed 1.67 per cent, or Rs1, to Rs61, while Yousaf Weaving Mills Limited (YOUW) edged up by 0.27 per cent, or Rs0.01, to Rs3.78. Rafhan Maize Products Company Limited (RMPL) increased by 1.57 per cent, or Rs142.99, to Rs9,276.98.

By 10:19 AM, the PSX had dropped further by 746.03 points, standing at 113,610.31.

Previous close

At the close of Monday’s trading session, the KSE-100 index stood at 114,356.34, reflecting a decline of 42.35 points, or 0.04 per cent. The index traded within a range of 896.10 points, reaching an intraday high of 115,048.41 (+649.72) and a low of 114,152.31 (-246.38).

Out of the 100 index companies, 43 closed in positive territory, 54 closed in the red, while 3 remained unchanged.

Looking at the 52-week range, the stock market has fluctuated between 63,856.51 and 118,735.10 points. Year-to-date, the PSX is down by 1.04 per cent, but it has risen by 73.27 per cent over the past year.

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