KARACHI — The Pakistan Stock Exchange (PSX) experienced a decline on Thursday as profit-taking in various stocks influenced the benchmark KSE-100 index.
The market closed at 40,507 points, showing a decrease of 37 points from the previous day’s closing at 40,544 points.
Analysts at Arif Habib Limited noted that the KSE-100 index faced continued pressure, attributing the decline to profit-taking activities. Notably, the previous day’s positive momentum in the Cement Sector, driven by blue chips like MLCF, FCCL, and DGKC, gave way to profit-taking, leading these stocks to end the session at lower circuits.
The Chemical sector took the lead in trading volumes with 33 million shares, primarily driven by LOTCHEM. Although the result announcement for LOTCHEM triggered profit booking, buying interest at a slight discount sustained overall market interest. The Cement Sector also witnessed significant trading activity, with a volume of 23 million shares concentrated in DGKC, FCCL, and MLCF.
Banking sector blue chips, HBL and UBL, experienced a rebound after a brief stint in the red. Sectors contributing to the market’s performance included Pharma (+36 points), E&P (+33 points), Banks (+27 points), Chemical (+11 points), Cement (-74 points), Fertilizer (-27 points), and O&GMCs (-20 points).
Market volumes saw a decline from 160 million shares to 123 million shares (-23 percent DoD). The average traded value also dipped by 14 percent, reaching US$45 million compared to the previous day’s US$52 million.
Key stocks significantly contributing to trading volumes included LOTCHEM, DGKC, FCCL, SNBL, and MLCF, collectively forming 41 percent of the total volumes.
Stocks making positive contributions to the index included UBL (+39 points), SEARL (+26 points), POL (+12 points), PPL (+11 points), and COLG (+10 points). On the flip side, stocks contributing negatively included DGKC (-23 points), PSO (-21 points), LUCK (-15 points), PAKT (-15 points), and MLCF (-14 points).
Market observers and investors will be closely monitoring these developments, as the PSX continues to navigate the dynamic landscape of the financial market, with factors such as profit-taking and sectoral shifts playing a crucial role in shaping daily outcomes.
