PSX Closing Bell: The Devil

June 04, 2024 (MLN): Heavy selling continued at the Pakistan Stock Exchange on Tuesday, with the benchmark KSE-100 index slumping 908.6 points or 1.2% to close at 74,666.66.

The index traded in a range of 1,077.02 points showing an intraday high of 75,669.76 (+94.51) and a low of 74,592.74 (-982.51) points.

The total volume of the KSE-100 index was 179.21 million shares.

Market remained heavily skewed towards the downside, with 79 of the 100 index companies ending in red. While 17 managed to close up, and 4 were unchanged.

KSE-100 index was let down by Oil & Gas Exploration Companies (206.42pts), Technology & Communication (151.49pts), Fertilizer (112.83pts), Commercial Banks (112.72pts), and Power Generation & Distribution (91.31pts).

Oil prices extended losses after closing at their lowest in almost four months on Monday after OPEC+’s plan to return barrels to the market earlier than expected raised concerns about oversupply.

Brent crude was last down 1%, after losing almost 4% yesterday.

Companies that dragged the index lower were SYS (107.63pts), MARI (70.85pts), HUBC (64.09pts), OGDC (54.62pts), and PPL (43.37pts).

On the other hand, companies that added points to the index were LUCK (20.7pts), HMB (6pts), HINOON (4.64pts), SHEL (3.32pts), and NRL (3.24pts).

In the broader market, the All-Share index closed at 48,230.95 with a net loss of 573.44 points.

Total market volume was 414.48 million shares compared to 441.26m from the previous session while traded value was recorded at Rs18.31 billion showing a decrease of Rs323.99m.

There were 229,081 trades reported in 451 companies with 99 closing up, 279 closing down and 73 remaining unchanged.

To note, the KSE-100 has gained 33,214 points or 80.12% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 12,216 points, equivalent to 19.56%.

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