KARACHI:
The Pakistan Stock Exchange (PSX) closed Friday’s session on a bearish note, with the KSE-100 index falling over 1,430 points to settle at nearly 163,100.
Persistent profit-taking and rising geopolitical tensions weighed on investor sentiment, as reports emerged of alleged attacks by Pakistan’s armed forces on a TTP leader in Afghanistan.
Market activity remained volatile, with 1.4 billion shares traded, valued at Rs 47.79 billion. Among the major laggards were Engro Holdings, Systems Ltd, MCB Bank, HBL and Engro Fertilisers, which together dragged the index down by 732 points.
According to Arif Habib Limited (AHL), the benchmark index posted losses in all sessions this week, down 3.49% week-on-week, amid weak investor sentiment.
On the macro front, inflation as measured by the Sensitive Price Indicator (SPI) rose 4.34% year-on-year (YoY), while automobile sales rose 20% month-on-month (MoM) in September. Analysts are now targeting key support between 160,000 and 162,000 and resistance near 167,000.
Of the actively traded stocks, AHL said, 18 advanced while 81 fell, with Fauji Fertilizer Company (+1.24%), Maple Leaf Cement (+2.84%) and Askari Bank (+3.27%) contributing the most to the index’s gains. On the contrary, Engro Holdings (-2.88%), Systems Ltd (-3.21%) and MCB Bank (-2.32%) were the main drags.
Geopolitically, tensions flared when Afghanistan’s Taliban government accused Pakistan of bombing a civilian market in Paktika province. Technically, the benchmark has now fallen 4.5% from its early October high, with next support seen around 160,000-162,000 and resistance near 167,000, AHL added.
At the close of the session, the benchmark KSE-100 index lost 1,432.62 points, or 0.87%, to 163,098.19.
Topline Securities, in its market review, highlighted that the KSE-100 extended losses as the index fell 0.87%. “This pressure can be attributed to alleged attacks by the Pakistani armed forces against the leader of the banned terrorist group Tehreek-e-Taliban Pakistan (TTP) in Afghanistan,” Topline wrote.
The main negative contribution to the index came from Engro Holdings, Systems Ltd, MCB Bank, HBL and Engro Fertilisers, which erased 732 points. In terms of traded value, PTCL (Rs 3,100 crore), The Bank of Punjab (Rs 2,960 crore), PSO (Rs 2,890 crore), NBP (Rs 2,770 crore) and Hubco (Rs 1,850 crore) dominated the trading activity, it added.
Ismail Iqbal Securities mentioned that the KSE-100 index closed on a negative note, showing immense volatility throughout the session as profit-taking persisted amid the absence of any major new triggers.
Commercial banks, oil and gas exploration companies and technology and communications sectors were the biggest laggards in Friday’s session, cumulatively losing 784 index points, it said.
Total trading volumes were recorded at 1.40 billion shares compared to the previous session’s figure of 1.57 billion. The value of shares traded during the day was Rs 47.79 billion.
Shares of 479 companies were traded. Of them, 145 stocks closed higher, 302 fell and 32 were unchanged.
K-Electric was the volume leader with trading of 199.99 million shares, gaining Rs 0.21 to close at Rs 7.13. It was followed by WorldCall Telecom with 143.93 million shares, losing Rs 0.04 to close at Rs 1.73 and The Bank of Punjab with 90.24 million shares, losing Rs 0.80 to close at Rs 32.07.
During the day, foreign investors sold shares worth Rs 720.4 million, the National Clearing Company of Pakistan reported.
