KSE-100 closes in red amid selling pressure at PSX

The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) closed in a red zone on Monday amid late-session selling, ARY News reported.

The benchmark Index shed 222.02 points or 0.26 percent to settle at 85,261.39 levels at the closing of the trading session.

Following the opening on a positive note, the KSE-100 Index added 621 points to hit the high of 86,105.03 during intra-day trading.

An analyst at Topline Securities said that the positive momentum was short-lived as investors opted to book profits.

“The KSE-100 Index opened on a positive note, reaching a high of 621 points. However, this momentum was short-lived as investors opted to book profits, resulting in an intraday low of 327 points,” the analyst added.

“This profit-taking was influenced by an expected downward revision of earnings for HUBC, which declined by 9.15% following the early termination of a contract, as well as EFERT’s corporate results, which fell by 4.1% as the company declared 3Q2024 EPS of Rs13.47 and dividend of Rs2.50 per share, which was lower than industry expectation,” as per the market analyst.

According to market experts, the decline in the Pakistan Stock Exchange’s benchmark Index was largely attributed to Hub Power Company (HUBC), Engro Fertilizers (EFERT), Oil & Gas Development Company (OGDC), Bank Al Habib Limited (BAHL), and Engro Corporation, which collectively subtracted a total of 532 points.

On the flip side Fauji Fertilizer Company (FFC), National Bank of Pakistan (NBP), Attock Refinery Limited (ATRL), and International Steels Limited (ISL), provided some relief to the PSX, collectively adding 326 points to KSE-100.