PSX closes in red zone as KSE-100 sheds 1,073 points

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) turned bearish as it lost over 1,000 points on Tuesday, ARY News reported.

KSE-100 shed 1,073.74 points, or 0.98 percent to settle at 108,896.65 points at the closing of the stock market, as compared with 109,970.39 points on the last trading day.

A total of 1.54 billion shares were traded during the day at the PSX, from the previous turnover of 1.59 billion the previous trading day.

The price of shares stood at Rs68.8 billion, compared with Rs60.25 billion on the last trading day at the PSX.

Analysts at Topline Securities said that the KSE-100 experienced a volatile trading session amid profit booking.

“The session began on a bullish note, driven by robust buying interest in key sectors following encouraging macroeconomic developments. However, the gains were short-lived as investors opted to lock in profits, especially in heavyweight sectors, leading to a sharp intraday decline. Despite the turbulence, the market managed to close off its lows, signalling underlying investor confidence,” they added.

As many as 469 scrips were active in the stock market, out of which, 106 recorded gains and 329 sustained losses while 34 companies remained unchanged.

The three top trading companies at the Pakistan Stock Exchange (PSX) were WorldCall Telecom with 200.87 million shares at Rs1.66 per share, followed by Cnergyico PK with 150.68 million shares at Rs6.94 per share.

K-Electric remained the third with 73.03 million shares at Rs5.91 per share.

Khyber Textile Mills Limited was the top gainer, having increased by Rs51.61 per share price, closing at Rs631.88, followed by Attock Refinery Limited with Rs46.97 rise in its per share price toRs 588.20.

Unilerver Pakistan Foods Limited declined by Rs362.95 per share closing at Rs20,330.55 followed by Hoechst Pakistan Limited with Rs123.13 decline to close at Rs2,653.09.