PSX Closing Bell: House Always Wins

December 26, 2023 (MLN): The benchmark KSE-100 index wiped out 2,534 points or 4.11% to close at 59,171 on Tuesday, marking the largest single-day drop in absolute terms (points) ever recorded.

Since the peak on December 13, the index has suffered a loss of 7,923 points or 11.81%.

The market correction deepened in today’s session on the back of heavy selling pressure in the final week of the year, coupled with political uncertainty.

In today's session, the index traded in a wide range of 2,607.74 points showing an intraday high of 61,634.55 (-70.54) and a low of 59,026.81 (-2,678.28) points.

The total volume of the KSE-100 index was 396.481 million shares.

It is worth noting that in relative terms, this drop does not rank among the top five worst percentage losses in history.

A higher index value causes a given percentage decline to translate into a bigger point loss.

To note, this sell-off comes after the market enjoyed an intense rally since July that lifted the index to record highs.

In Tuesday's session, of the 100 index companies 5 closed up, 91 closed down, 1 was unchanged, while 3 remained untraded.

KSE-100 index was let down by Oil & Gas Exploration Companies with 508.87, Commercial Banks with 386.15, Power Generation & Distribution with 271.96, Cement with 211.88, and Fertilizer with 194.77 points.

On the flip-side, the index was supported by Synthetic & Rayon with 11.04 points.

Companies that dragged the index lower were HUBC with 187.96, PPL with 179.08, OGDC with 166.71, HBL with 141.48 and PSO with 87.53 points.

On the other hand, companies that added points to the index were IBFL with 11.04, MCB with 4.91, FATIMA with 1.91, JVDC with 0.17, and PGLC with 0.06 points.

In the broader market, the All-Share index closed at 39,718.77 with a net loss of 1,563.22 points.

Total market volume was 670.860 million shares compared to 671.551 from the previous session while traded value was recorded at Rs17.13 billion showing an increase of Rs3.42bn.

There were 194,452 trades reported in 366 companies with 43 closing up, 312 closing down and 11 remaining unchanged.

Despite the correction, the KSE-100 has gained 17,718 points or 42.74% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 18,751 points, equivalent to 46.39%.

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