The shares were under sale pressure in the Pakistan Stock Exchange (PSX) on Thursday, since the KSE-100 reference index yielded early profits and closed with a fall of more than 700 points in the middle of profits.
At the beginning of the negotiation, the market extended its healthy impulse of the last two days, reaching a maximum per day in 123,418 in the first hour.
However, the profits arose shortly after, which gradually led the index to the minimum of 122,142 per day before the end of the negotiation. When closing, the KSE-100 index was set at 122,046,46, 715.18 points, or 0.58%.
“After a gain of almost 6.6k points (5.7%more) in the last two sessions after the high the fire of Iran-Israel, the PSX had a day of obtaining profits today (Thursday). It turns out that the KSE-100 index concluded the session at 122,046 by throwing 715 points,” said Ali Najib, deputy director of exchange in Arif Harib Limited (AHL).
During the negotiation hours, the reference index saw some sale, with an agreement for the fiscal year25 falling on Monday (June 30). There are some institutional investors, who follow the accounting of the liquidation date and need to square their positions, if necessary, he said.
“The early profits extended up to 123,400 before the market closed 0.58% of day by day at 122,046,” AHL wrote in their daily report. While 71 actions decreased, only 27 advanced, which reflects a widely negative feeling.
Engro fertilizers (+2.22%), national foods (+8.07%) and Pakistan oil (+0.79%) were the main taxpayers to index profits.
On the other hand, Bank al Habib (-2.84%), Lucky Cement (-1.86%) and Habib Bank (-2.59%) were the largest drags, he said.
In a key event, the Supreme Court provided an impulse to the cement sector when suspending the Directive of the Superior Court of Lahore that required that manufacturers based in Punjab would pay 6% royalties for the ex -factory price.
In addition, Organic Meat Company won 5.64% after announcing plans to start exporting meat housings to Europe, a significant movement seen by investors as a step towards diversification and growth, said Ahl.
“In the direction of the final session of the week, the KSE-100 has increased 1.69% of the week to date,” he said and hoped that the level of 120,000 will act as a key support and a potential basis to boost 130,000.
General negotiation volumes increased to 758.5 million shares compared to Wednesday of 749.8 million. The value of the negotiated shares was RS30 billion. Actions of 473 companies were negotiated. Of these, 200 actions closed higher, 237 fell and 36 remained unchanged.
Pakistan International Bulk Terminal was the volume leader with operations at 37.5 million shares, losing RS0.06 to close at RS8.52. It was followed by WorldCall Telecom with 33.3 million shares, falling RS0.04 to close at RS1.45 and Pervez Ahmed Consultancy with 33 million shares, winning RS0.25 to close at RS3.29.
