Karachi, August 26, 2024 – Pakistan stocks fell on Monday as the KSE-100 index of the Pakistan Stock Exchange (PSX) lost 230 points, closing at 78,571 points, down from last Friday’s closing of 78,801 points. The decline was largely due to profit-taking by investors, who opted to sell off their holdings as the index neared the 79,000-point psychological level.
Analysts at Topline Securities Limited reported that the KSE-100 index of Pakistan stocks began the week with a wave of profit-taking around the 79,000 level, ultimately closing at 78,571 points, reflecting a decrease of 0.29%. During the trading session, the Pakistan stocks briefly reached an intraday high of 79,160 points, a gain of 359 points, before settling below the 79,000 mark. The trading day was marked by relatively subdued momentum, indicating cautious investor behavior.
Despite the overall decline, several key corporate results helped maintain a degree of optimism among traders. Notably, Hub Power Company (HUBC) reported a fourth-quarter fiscal year 2024 earnings per share (EPS) of Rs12.37, which was a 37% year-over-year (YoY) decline and a 13% quarter-over-quarter (QoQ) decrease. However, for the full fiscal year 2024, HUBC’s EPS rose to Rs53.98, up 13% YoY. The company declared a dividend per share (DPS) of Rs8.50 for the fourth quarter and Rs20.00 for the fiscal year, exceeding market expectations.
Habib Bank Limited (HBL) also released its second-quarter 2024 results, showing an EPS of Rs9.8, up 11% YoY but down 6% QoQ. For the first half of 2024, HBL’s EPS increased to Rs20.18, a 13% YoY rise. The bank announced a DPS of Rs4 for the second quarter and Rs8 for the first half, in line with industry expectations.
During the trading session, the power, pharmaceutical, and fertilizer sectors made positive contributions to the index, with companies like HUBC, GlaxoSmithKline (GLAXO), Highnoon Laboratories (HINOON), Dawood Hercules Corporation Limited (DAWH), and The Searle Company Limited (SEARL) adding a combined 336 points. Conversely, some selling pressure was observed in stocks like HBL, United Bank Limited (UBL), and Abbott Laboratories (ABOT), which collectively lost 203 points.
The Pakistan stocks saw robust trading activity, with over 508 million shares traded and a total trading value of Rs18.8 billion. Symbol Limited (SYM) led the volume chart, with just over 59.3 million shares changing hands.
As the market adjusts to recent profit-taking, analysts anticipate that investor focus will shift towards upcoming economic data releases and corporate earnings reports, which could influence market direction in the days ahead.
