PSX witnesses bearish trend, loses 282.72 points
- By Web Desk -
- Sep 09, 2024
KARACHI: On the first business day of the week, the KSE 100-Index of the Pakistan Stock Exchange (PSX) witnessed a bearish trend, losing 282.72 points, a negative change of 0.36 percent before closing at 78,615.00 points against 78,897.73 points on the last working day, ARY News reported on Monday.
A total of 491,124,197 shares were traded during the day as compared to 743,072,057 shares the previous day, whereas the price of shares stood at Rs 10.124 billion against Rs 12.900 billion on the last trading day.
As many as 443 companies transacted their shares in the stock market, 155 of them recorded gains, and 228 sustained losses, whereas the share price of 60 companies remained unchanged.
Last week, the benchmark of the PSX, KSE-100, gained 0.45% this week compared to last week’s session but remained below 79,000, according to an AHL report.
On Friday, the PSX rose and 52 fell with KOHC (+10.0%), MARI (+1.31%), and BAFL (+2.11%) providing the biggest upside index contributions, according to AHL.
Financial Times Stock Exchange (FTSE) rebalancing on September 20 should now start to come into focus where Pakistan will be moving from a secondary emerging market (EM) to a frontier market (FM) and the quantum of sell-side flows that can materialize. The outlook remains positive above 78,000 with expectations for moves towards 80,000 in the coming week, AHL said.
The Pakistan Stock Exchange (PSX) KSE 100 Index week-on-week gain can be attributed to the consumer price index CPI inflation number for August 2024 that clocked in at 9.6% year-on-year as compared to 11.1% in July 2024, according to Topline Securities.
Other major developments during the week were Pakistan’s trade deficit for August 2024 clocking in at US$1.68 billion (down by 12% month-on-month) and the T-Bill auction where participation of Rs1.618 trillion was observed with the government raising Rs835 billion against a target of Rs700 billion and maturity of Rs385 billion; yields remained largely same, according to Topline Securities.