PSX witnesses bearish trend, loses 1,509 points

KARACHI: The Pakistan Stock Exchange (PSX) turned around to a bearish trend on Tuesday, as the KSE-100 index shed 1,509.61 points to close at 112,414.81 points.

A total of 880.6 million shares were traded during the day as compared to 857.8 million shares the previous trading day.

The price of shares stood at Rs 54.45 billion as compared with Rs50.54 billion on the last trading day at the Pakistan Stock Exchange.

As many as 456 scrips were active in the stock market, out of which, 129 recorded gains and 288 sustained losses while the share price of 39 companies remained unchanged.

WorldCall Telecom remained the top-trading company with 127.4 million shares at Rs1.78 per share, followed by Fauji Foods Limited with 67.14 million shares at Rs14.95 per share.

Analysts at Topline Securities said “The market’s downturn was primarily driven by concerns over rising leverage positions, which heightened risk perceptions. This, combined with increasing borrowing costs, compelled investors to trim their portfolios”.

They added that the approaching last few days of December contract added additional pressure on market participants, resulting in cautious and selective trading behavior.

Sui South Gas remained the third with 33.56 million shares to settle at Rs46.09 per share at the closing of the PSX.

Hoechst Pakistan Limited was the top gainer with an increase of Rs100 per share price to close at Rs2850, followed by Shahmurad Sugar Mills Limited with an Rs31.29 rise in its per share price to Rs474.96.

Unilever Pakistan Foods Limited recorded a decline of Rs99.99 per share closing at Rs21,000.01 followed by Nestle Pakistan Limited with Rs97.35 decline to close at Rs7232.