Share market ends down 96 points in mixed trading

Share market ends down 96 points in mixed trading

In a day marked by mixed trading activities, the share market, the Pakistan Stock Exchange (PSX) experienced a decline of 96 points on Thursday, with the benchmark KSE-100 index closing at 33,837 points compared to the previous day’s 33,933 points.

Analysts at Arif Habib Limited noted that the last trading day before the extended Eid weekend brought a sense of nervousness among investors. While international crude prices were trading at higher levels, local investors remained cautious due to the impending holiday break.

Early in the day, the Oil and Gas Development Company Limited (OGDC) showed promise by edging upwards, but it later faced selling pressure, ultimately ending up trading within a narrow range. The cement sector also witnessed price losses due to persistent selling pressure, a trend observed over the past few sessions.

The banking sector was not immune to the selling pressure, especially following a recent notification by Moody’s regarding a potential rating downgrade. The overall index fluctuated within a limited range of +116 points and -175 points throughout the day, opening positively with a gain of 77 points and 1.4 million shares traded at the opening bell.

Technology stocks dominated the market in terms of volume, with 34.2 million shares traded, followed by Oil and Gas Marketing Companies (O&GMCs) with 19.6 million shares and the cement sector with 18.1 million shares.

Among the most actively traded stocks, TRG led with a trading volume of 18.4 million shares, followed by HASCOL with 15.2 million shares and MLCF with 7.1 million shares.

Various sectors played a role in influencing the market performance, with Oil and Gas Marketing Companies (-32 points), Cement (-31 points), Banks (-27 points), Autos (-13 points), Textile (-11 points), Exploration and Production (E&P) (+32 points), and Insurance (+11 points) contributing to the overall outcome.

The total volume of shares declined from 165.1 million to 147.2 million, representing an 11 percent day-on-day decrease. The average traded value also witnessed a 15 percent decline, reaching US$ 36.4 million compared to the previous day’s US$ 42.7 million.

Key stocks that significantly contributed to the day’s volumes included TRG, HASCOL, MLCF, KEL, and HUMNL, collectively forming 37 percent of the total volumes.

In terms of index impact, stocks that contributed positively included OGDC (+18 points), NESTLE (+8 points), POL (+8 points), AICL (+6 points), and EFUG (+5 points). Conversely, stocks that weighed negatively on the index included SNGP (-15 points), LUCK (-13 points), DGKC (-11 points), EFERT (-11 points), and HUBC (-9 points).

As the market closes ahead of the Eid holidays, investors will keenly observe developments when trading resumes after the break, hoping for a more stable and positive trend.