Karachi, August 28, 2024 – Pakistan equities experienced a decline on Wednesday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) falling by 91 points. The index closed at 77,993 points, down from the previous day’s close of 78,084 points, reflecting a loss of 0.12%.
According to analysts at Topline Securities Limited, the negative trend in Pakistan equities continued from the previous day. The market opened on a bearish note as investors grappled with ongoing uncertainties, leading to cautious trading and a general lack of buying interest. Despite some intermittent positive momentum, particularly in the latter half of the session, the market failed to maintain its upward trajectory.
The KSE-100 index started the day under pressure, reflecting the prevailing bearish sentiment. However, during the latter half of the trading session, the market saw a brief period of recovery, with the index climbing to an intraday high of 78,335 points, a gain of 250 points. Despite this brief rally, the gains were short-lived, and the index ultimately closed lower at 77,993 points, marking a net decline of 91 points.
The overall performance of Pakistan equities was influenced by several major stocks that weighed heavily on the index. BAHL (Bank Al Habib Limited), HINOON (Highnoon Laboratories Limited), PKGS (Packages Limited), MCB (MCB Bank Limited), and HUBC (Hub Power Company Limited) were among the leading decliners, collectively contributing to a loss of 104 points. These declines at Pakistan equities reflected the cautious sentiment among investors who were concerned about macroeconomic uncertainties and the overall market outlook.
On the positive side, a few stocks showed resilience at Pakistan equities, attracting some buying interest. MARI (Mari Petroleum Company Limited), ENGRO (Engro Corporation Limited), and FFC (Fauji Fertilizer Company Limited) emerged as the top performers, adding a combined total of 162 points to the index. This positive activity, however, was not enough to offset the broader market downturn.
In terms of market activity at Pakistan equities, the PSX saw robust trading volumes with over 635 million shares exchanged, and the total value of the trades reached Rs 16.2 billion. KOSM (Kohinoor Spinning Mills Limited) led the volumes chart, with more than 124 million shares changing hands, indicating active investor participation despite the overall market decline.
Looking ahead, market participants remain cautious, closely watching for any developments that could provide clarity and direction. Analysts suggest that the equity market might continue to exhibit volatility in the short term due to prevailing uncertainties in the economic and political landscape. Investors are advised to remain vigilant and adopt a prudent approach amidst these challenging conditions.
