Karachi, July 25, 2024 – The Pakistan Stocks experienced a dramatic decline on Thursday, with the benchmark KSE-100 index shedding 928 points amid a late-session selling spree. The index closed at 78,469 points, a sharp drop from the previous day’s closing of 79,397 points.
Analysts at Topline Securities Limited noted that the trading day at Pakistan stocks began on a positive note, with the KSE-100 index initially showing bullish momentum. The index reached an intraday high of 79,777, reflecting a gain of 380 points or 0.48%. However, this positive trend was abruptly reversed in the last hour of trading due to a sudden wave of selling. This late sell-off wiped out earlier gains and pushed the index into negative territory, resulting in a net loss of 928 points, or 1.17%.
The day also marked the beginning of the result season at the Pakistan stocks, with FFBL announcing its financial results for the second quarter of CY24. The company reported an earnings per share (EPS) of Rs 4.84 for 2Q2024, a significant increase from Rs 0.37 in 2Q2023 and Rs 3.33 in 1Q2024. Despite this positive performance, the results fell short of industry expectations due to lower-than-anticipated payouts and other factors. The announcement did not include any payouts for the reporting period.
Blue-chip stocks had a negative impact on the Pakistan stocks. Major names such as BAHL, HUBC, SYS, MCB, and MEBL collectively contributed to a loss of 396 points. In contrast, some buying interest was observed in PSO, POL, and APL, which collectively added 40 points to the index.
Trading volume was substantial at Pakistan stocks, with over 327 million shares changing hands. The total value of shares traded amounted to Rs 15.2 billion. FFBL led the volume charts with the trading of over 28.4 million shares, highlighting its significant role in the day’s trading activity.
Overall, the late-day downturn at Pakistan stocks overshadowed the earlier gains and highlighted the volatility and unpredictable nature of trading in the current economic environment. Investors and market participants will be closely watching upcoming results and economic indicators for further direction.