PSX Closing Bell: Mood Swings

February 15, 2024 (MLN): The benchmark KSE-100 index slipped 1,134 points or 1.82% to close Thursday’s trading session at 61,020, the lowest level in almost two months.

The index had risen as much as 0.39% earlier in the day.

KSE-100 hovered around 62,000-point level until 01:30pm, before a sudden sell-off in the final two hours sent the index deep in red by the day’s close.

The selling spree was triggered by a fresh wave of uncertainty on the political front.

“Political uncertainty is rising after reports Imran Khan’s PTI and PPP will talk to form government,” said Sunny Kumar, deputy head of research at Topline Securities.

The index traded in a range of 1,467.40 points showing an intraday high of 62,394.25 (+240.41) and a low of 60,926.86 (-1,226.99) points.

The total volume of the KSE-100 index was 154.597 million shares.

Of the 100 index companies 14 closed up, 78 closed down, 3 were unchanged, while 5 remained untraded.

KSE-100 index was let down by Oil & Gas Exploration Companies with 299.19, Commercial Banks with 163.55, Fertilizer with 131.93, Cement with 100.51, and Power Generation & Distribution with 77.48 points.

On the flip-side, Insurance, Property, Transport, Modarabas, and Vanaspati & Allied Industries cumulatively added 9.13 points.

Companies that dragged the index lower were OGDC with 155.39, PPL with 100.2, HUBC with 65.25, UBL with 58.67 and ENGRO with 58 points.

On the other hand, companies that added points to the index were EFUG with 9.15, HMB with 8.63, AGP with 6.5, RMPL with 5.28, and MEBL with 4.23 points.

In the broader market, the All-Share index closed at 41,163.54 with a net loss of 713.32 points.

Total market volume was 345.126 million shares compared to 303.886 from the previous session while traded value was recorded at Rs11.87 billion showing a decrease of Rs2.83bn.

There were 171,639 trades reported in 341 companies with 84 closing up, 236 closing down and 21 remaining unchanged.

To note, the KSE-100 has gained 19,567 points or 47.2% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative decrease of 1,431 points, equivalent to 2.29%.

Yesterday, the index had gained 927 points or 1.51%.

Copyright Mettis Link News