PSX closes in red as KSE-100 sheds over 1,000 points

KARACHI: The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) maintained its bearish trend on Thursday amid profit-taking.

The KSE-100 shed 1,319.8 points, or 1.46 percent to settle at 88,966.77 at the closing of the stock market, as against 90,286.57 points during the previous trading day.

A total of 546.27 million shares were traded during the day, from the previous day’s turnover of 614.56 million in the last trading session.

The value of shares stood at Rs24.11 billion as against Rs27.34 billion on the last trading day at the Pakistan Stock Exchange.

As many as 437 scrips were active in the PSX, out of which, 137 recorded gains, 240 witnessed losses, while the share price of 60 companies remained unchanged.

The three top trading companies were K-Electric Limited with 73.61 million shares at Rs4.44 per share, Bank of Punjab with 42.66 million shares at Rs5.82 per share and WorldCall Telecom with 25.89 million shares at Rs1.22 per share.

Analysts at Topline Securities attributed the downward rally at the KSE-100 to the expectations of a decline in policy rate cut coupled with profit-taking on the back of a decline in T-Bill auction a day earlier.

“Point wise major contribution came from bank and fertilizer companies, as MCB PA, HBL PA, MEBL PA, ENGRO PA and EFERT PA lost value to weigh down on the index by -551 points,” they stated.

Hoechst Pakistan Limited witnessed an increase of Rs140.46 per share price, closing at Rs2,257.58, followed by Unilever Pakistan Foods Limited with Rs112.49 rise in its per share price to Rs19,100.

On the flip side, PIA Holding Company Limited witnessed a decline of Rs91.28 per share closing at Rs831.24 followed by Nestle Pakistan Limited with Rs75.73 decline to close at Rs6,552.02.