KARACHI: The Pakistan Stock Exchange (PSX) experienced a bearish session on Wednesday as the KSE-100 index fell by 634.94 points, closing at 78,651.79, a 0.8% decline.
The PSX witnessed sharp fluctuations, reaching a high of 79,507.17 before settling near its low of 78,612.16. Volume stood at 532.7 million shares, valued at Rs 14.7 billion, with 232,507 trades recorded.
According to a report from AHL Sales, the market’s inability to sustain the 79,000 mark is a concern for its near-term outlook. The report said that 37 stocks saw gains while 59 declined. Key contributors to the upside were OGDC PA (+0.73%), DAWH PA (+1.12%), and PAEL PA (+4.56%), while MARI PA (-2.26%), BAFL PA (-2.65%), and MCB PA (-2.11%) were the major drags on the index.
Read More: Crude oil prices fall lowest since Dec 2021 in global market
In sectoral news, Maple Leaf Cement (MLCF
PA) announced its fiscal year 2024 earnings per share (EPS) of PKR 6.58, marking a 19% year-on-year increase. For the fourth quarter fiscal year 2024, the company reported an EPS of Rs 1.45 compared to a loss per share of Rs 0.39 in the same period last year.
The PSX investor focus is shifting to the State Bank of Pakistan’s upcoming monetary policy, where market consensus points to a 150 basis points cut in interest rates during the September 12 meeting. Analysts warn that failure to regain the 79,000 level could dampen expectations of the index crossing the 80,000 mark.
“Stocks closed sharply lower on political uncertainty and cautious activity ahead of SBP’s policy announcement,” said Ahsan Mehanti, CEO of Arif Habib Commodities. He added that weak global equities and concerns over the IMF program’s impact on Special Economic Zones (SEZs) further fuelled the bearish sentiment.
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