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PSX Closing Bell: KSE-100 index plunges by 396 points

PSX Closing Bell: Going in Circles
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January 27, 2023 (MLN): After four consecutive gains on the Pakistan Stock Exchange this week, the equity market closed the Friday session in the red zone.

Today, the benchmark KSE-100 index lost 396 points (0.97% DoD) to settle at the 40,450.53 level.

Due to the rollover week, the market was sluggish all day, and selling pressure emanated due to political uncertainty, depletion in foreign exchange reserves and the rupee’s free fall against the greenback.

Throughout the week market gained 2,042.55 points (5.04% WoW) to close at the 40,450.53 level, while last week market recorded a loss of around 1900 points.

The upward momentum this week is attributed to the high expectation of the IMF ninth review revival, and finalization of refinery policy.

The inflow of pending $1.2bn from the IMF will improve the economic condition of the country and open the door to foreign investment from friendly countries.

The KSE-100 index made an intraday low of 40,402.71 and an intraday high of 41,095.56 during the day.

By the session’s end, the total volumes of the KSE-100 index stood at 112.55mn shares, decreased by 52.16% DoD from 235.31mn shares traded on Thursday.

Out of 100, shares of 89 companies were traded on Friday, of which 70 recorded a fall, 17 registered an increase and two remained unchanged.

In terms of sectors, most of the negative contributors were technology, cement, and fertilizer which negatively contributed 301.78 points. On the flip side, the power gencos closed the session positive, gaining 27.24 points by the day’s end.

Meanwhile, the volume leaders on the benchmark index were CNERGY (13.16mn), KEL (9.69mn), HUBC (8.82mn), HBL (8.56mn), and EPCL (6.71mn).

The stocks that emerged as net losers during the day included: INDU (5.55%), NESTLE (0.84%), LCI (2.54%), SYS (2.55%), and ABOT (2.85%). On the other hand, the scrips which gained the most during the session included MARI (0.85%), PKGS (1.92%), ARPL (1.43%), APL (1.84%), and POL (1.01%).

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Posted on: 2023-01-27T17:29:45+05:00