PSX Bearish KSE-100 Index Falls 721 Points

The Pakistan Stock Exchange ended trading on Monday, August 31, with a negative trend. The benchmark KSE-100 index closed at 176,975.67 points after a decline of 720.83 points or 0.41 percent.

The KSE-100 index started the trading day at 177,616.96 points. During the day, the index reached a high of 178,138.68 points, but selling pressure increased later. The index’s low remained at 176,944.91 points.

Of the 100 companies included in the KSE-100, 38 shares rose while 62 declined. The trading volume in the index stood at 493.82 million shares.

The highest pressure on the market came from shares of commercial banks, technology and cement companies. UBL contributed 246.57 points to the index. SYS contributed 213.09 points, HBL contributed 160.90 points, LUCK contributed 73.50 points and PPL contributed 61.20 points.

On the other hand, ATRL was the biggest contributor to the index. Its shares contributed 141.14 points. OGDC contributed 80 points, FFC contributed 74.87 points, MEBL contributed 60.76 points and CNERGY contributed 51.09 points.

In terms of sector-wise performance, commercial banks contributed the most to the KSE-100. The sector contributed 410.13 points to the index. Cement sector contributed 192.75 points while technology and communication sector contributed 188.83 points.

On the other hand, refinery sector contributed significantly to the market. The sector contributed 192.23 points. Textile composites and fertilizer sectors also helped limit the index’s decline.

The broader market was also in a negative trend. The All Share Index closed at 107,431.86 points, down 273.31 points or 0.25 percent. The overall market saw a turnover of 937.27 million shares.

A total of 503 companies were traded in the market. Of these, 169 companies advanced, 302 declined while 32 companies remained unchanged.

The other major market, the KMI-30 index, also closed with a slight decline. The index closed at 251,656.83 points, down 141.76 points or 0.06 percent.

ATRL, OGDC, PRL, MEBL and FFC were prominent positive stocks in the KMI-30. On the other hand, SYS, LUCK, PPL, HUBC and ENGROH weighed negatively on the index.

Concerns over global and regional developments also contributed to investors’ cautious behaviour during the trading session. The rise in oil prices also weighed on market sentiment as investors are eyeing potential supply risks in the region.

The KSE-100 index is still 1.68% positive in the current calendar year. However, the index has performed 1.84% negative during the fiscal year.

Overall, Monday’s session was negative due to selling pressure in major banking, technology and cement stocks. Buying in refinery, energy and some fertilizer companies limited the decline to some extent.