PSX Closing Bell: Crash and Burn

February 16, 2024 (MLN): The benchmark KSE-100 index concluded Friday's trading session at 59,872.96 showing a decrease of 1,147.10 points or 1.88%.

The local bourse remained under pressure amid continued political uncertainty, coupled with the latest large-scale manufacturing data which likely dampened expectations for monetary easing in the near term.

The index traded in a range of 1,433.84 points showing an intraday high of 61,173.31 (+153.25) and a low of 59,739.47 (-1,280.59) points.

The total volume of the KSE-100 index was 163.234 million shares.

"The inconclusive February 08 election means political uncertainty is set to linger, which could hinder fresh investment," said bloomberg.

A weak coalition government, the most likely outcome is likely to face tougher conditions for aid under the new IMF program.

A new IMF program, after the current one ends in April, is needed to avoid a default over the medium term and tougher loan conditions are likely to hit near-term growth.

In today's session, of the 100 index companies 13 closed up, 74 closed down, 2 were unchanged, while 11 remained untraded.

KSE-100 index was let down by Oil & Gas Exploration Companies with 295.02, Cement with 121.84, Power Generation & Distribution with 109.88, Technology & Communication with 100.03, and Commercial Banks with 87.08 points.

On the flip-side, the only sectors that supported the index were Real Estate Investment Trust , Automobile Parts & Accessories, and Leasing Companies, cumulatively adding 1.8 points.

Companies that dragged the index lower were OGDC with 121.55, HUBC with 87.5, PPL with 85.94, SYS with 59.57 and MARI with 56.01 points.

On the other hand, companies that added points to the index were EFERT with 49.46, FATIMA with 23.91, MCB with 11, HBL with 7.51, and NATF with 7.48 points.

In the broader market, the All-Share index closed at 40,386.78 with a net loss of 776.75 points.

Total market volume was 314.901 million shares compared to 345.126 from the previous session while traded value was recorded at Rs12.24 billion showing an increase of Rs0.37bn.

There were 156,744 trades reported in 331 companies with 77 closing up, 238 closing down and 16 remaining unchanged.

To note, the KSE-100 has gained 18,420 points or 44.44% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative decrease of 2,578 points, equivalent to 4.13%.

Yesterday, the KSE-100 index slipped by 1,134 points, or 1.82%, and closed at its lowest level in almost two months.

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