Karachi, August 25, 2023 – Pakistan stocks faced a challenging day on Friday as the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) shed 80 points within a tightly constrained trading range. This downturn follows a trend of diminishing investor confidence and participation in the market.
READ MORE: Pakistan Equities Gain 332 Points Amid Positive Sentiments
The KSE-100 index closed at 47,671 points, down from the previous day’s closing of 47,751 points. Analysts from Zafar Securities reported that the market remained trapped in a narrow trading range, fluctuating within a mere 283 points throughout the entire session. However, the day ended with the index slipping into negative territory, losing 80 points, and settling at 47,671 points. This decline was primarily attributed to the dwindling participation of market players.
The stock market’s losing streak has continued into the third consecutive week. Over the past week, the benchmark index has lost 547 points, representing a decline of 1.13 percent. These losses reflect the growing uncertainty and caution among investors in the face of economic challenges and market volatility.
READ MORE: Pakistan Stock Market Sees Stalemate as Bears and Bulls Lock Horns
Total market participation exhibited a significant decline, dropping by 8.27 percent to 424.9 million shares, valued at Rs 14.1 billion. This is in stark contrast to the previous day when 463.2 million shares were traded, amounting to Rs 20.1 billion in trading value.
Of the 327 active stocks in the market, 192 experienced declines, 111 saw gains, and 24 remained unchanged. Leading in terms of trading volumes were WTL, JSBL, BIPL, and UNITY, with 17.9 million, 16.1 million, 12.4 million, 9.9 million, and 7.6 million shares traded, respectively.
READ MORE: Pakistan Stocks Close Down by 30 Points in Rangebound Trading
The major contributors to the upside of the KSE-100 index included companies like MCB, UBL, SYS, POL, MEBL, HUBC, ENGRO, MARI, and BAFL, which collectively added 383 points. Conversely, the downside was driven by companies such as DAWH, FABL, NESTLE, UNITY, PPL, FFC, JVDC, PSX, and GHGL, which collectively subtracted 107 points from the index.
READ MORE: Pakistan Stocks Tumble by 770 Points Amidst Rupee Devaluation
These market dynamics underscore the challenges faced by Pakistan’s stock market in recent weeks, with investor sentiment being influenced by both domestic economic factors and global uncertainties. The upcoming weeks will likely see increased scrutiny and cautious trading as participants assess the evolving economic landscape.
