Karachi, August 12, 2024 – Pakistan equities on Monday witnessed a significant drop, with the benchmark KSE-100 index shedding 589 points amidst heightened selling pressure.
The index of Pakistan equities, which closed at 78,569 points on Friday, tumbled to 77,980 points by the end of today’s trading session.
Despite a promising start, where the KSE-100 index briefly surged by 316 points, the Pakistan equities took a nosedive in the latter half of the day. According to analysts at Topline Securities, the index hit an intraday high of 316 points before the mood soured, leading to a sharp decline and an intraday low of 629 points. The final close reflected a 0.75% decrease from the previous session.
Among the day’s highlights, MARI Petroleum emerged as the standout performer at the Pakistan equities, showing a remarkable rise of 3.88%. This upswing came on the heels of the company’s announcement of an impressive 800% bonus, which fueled investor optimism. MARI’s strong performance was underscored by its leadership in traded value, with nearly Rs 4.3 billion worth of shares changing hands.
On the flip side, the Pakistan equities saw notable profit-taking in several key stocks. MEBL, SYS, and LUCK were the main contributors to the decline, with their combined losses contributing 176 points to the index’s downturn. These losses overshadowed the gains made by other major players such as HUBC, SRVI, POL, and MCB, which together added 259 points to the index.
Today’s trading volume reached 414 million shares, with a total turnover of Rs 22.2 billion. YOUW led the volume charts with over 38 million shares traded, highlighting a day of high activity despite the overall bearish trend.
Investors and analysts will be closely monitoring the market in the coming days to gauge whether the selling pressure persists or if a recovery is on the horizon. The significant volatility experienced today underscores the uncertain landscape of Pakistan equities and the challenges faced by investors amidst fluctuating market conditions.
