Karachi, January 29, 2025 – The Pakistan Stock Exchange (PSX) experienced a significant downturn on Wednesday as the benchmark KSE-100 index shed 543 points, primarily due to a lack of market-moving triggers and institutional selling pressure. The index closed at 111,487 points, retreating from the previous day’s close of 112,030 points, marking a decline of 0.48%.
Market analysts at Topline Securities Limited noted that the KSE-100 index largely traded in negative territory throughout the session, weighed down by a combination of weak investor sentiment, lack of fresh economic or corporate triggers, and the ongoing futures rollover week. Additionally, selling pressure from institutions further exacerbated the downward momentum.
A key development during the session was the announcement of fourth-quarter (4Q2024) financial results by Fauji Fertilizer Company (FFC) in the fertilizer sector. FFC reported an earnings per share (EPS) of Rs. 9.94 for the quarter, reflecting a 42% quarter-on-quarter (QoQ) decline but an impressive 90% year-on-year (YoY) increase. The company’s cumulative EPS for the calendar year 2024 stood at Rs. 45.49, up by 118% YoY. However, the results fell short of market expectations due to a recorded impairment loss of Rs. 4 billion and increased distribution costs.
Despite the lower-than-expected earnings, FFC announced a final cash dividend of Rs. 21 per share, bringing its total payout for CY24 to Rs. 34.86 per share. Nonetheless, the stock remained under pressure, contributing significantly to the negative movement of the KSE-100 index.
Other major contributors to the index’s decline included EFERT, PSO, MCB, HUBC, and BAFL, which collectively dragged the KSE-100 down by 508 points.
In terms of trading activity, Fauji Fertilizer Company (FFC) led in traded value with Rs. 3.64 billion, followed by Mari Petroleum (MARI) at Rs. 2.42 billion. Other actively traded stocks included SEARL (Rs. 823 million), PSO (Rs. 775 million), OGDC (Rs. 774 million), ENGROH (Rs. 614 million), and PPL (Rs. 596 million).
Overall, the market recorded a total trading volume of 448 million shares, with the day’s traded value amounting to Rs. 28 billion. With investors awaiting fresh economic indicators and corporate developments, sentiment around KSE-100 remains cautious, and the market’s direction in the coming sessions will likely depend on macroeconomic cues and earnings announcements.