KSE-100 index bounces back from early losses, closes nearly unchanged

The Pakistan Stock Exchange (PSX) witnessed a brief dip in the KSE-100 Index early in the trading session, as profit-taking pressure caused a drop of around 446 points.

However, the market rebounded, ultimately ending the day almost unchanged, with a marginal decrease of 0.08%, equivalent to 42.88 points.

Intraday volatility and recovery

The index exhibited considerable intraday volatility, trading in a range of 497.54 points. It reached an intraday high of 51,121.92, gaining 51.09 points, and a low of 50,624.38, experiencing a loss of 446.45 points during the trading day.

Steady trading activity

The total trading volume for the KSE-100 Index reached 145.555 million shares, reflecting active participation from investors.

Mixed performance of listed companies

Of the 100 index companies, 38 closed with gains, 48 experienced declines, 1 remained unchanged, while 13 saw no trading activity.

• Top decliners: Oil & Gas Exploration Companies led the decline with 76.26 points, followed by Fertilizer with 32.86 points, Cement with 12.48 points, Engineering with 12.44 points, and Paper & Board with 4.34 points.

• Companies weighing on the Index: Notable decliners included Pakistan Petroleum Limited (PPL) with a loss of 49.79 points, Engro Corporation (ENGRO) with 33.12 points, Oil & Gas Development Company (OGDC) with 27.51 points, Fauji Fertilizer Company (FFC) with 20.45 points, and Cherat Cement Company Limited (CHCC) with 14.04 points.

• Top gainers: The KSE-100 Index received support from Miscellaneous with 28.33 points, Power Generation & Distribution with 20.22 points, Leather & Tanneries with 16.47 points, Automobile Assembler with 13.99 points, and Refinery with 8.84 points.

• Companies adding points: Noteworthy contributors to the index's gains included Hub Power Company (HUBC) with 28.43 points, Pakistan Services Limited (PSEL) with 27.83 points, Millat Tractors Limited (MTL) with 17.84 points, Service Industries Limited (SRVI) with 16.47 points, and Engro Fertilizers (EFERT) with 14.16 points.

Broader market performance

The All-Share index closed at 33,871.01, with a net loss of 47.97 points, further highlighting the mixed day in the market. The broader market recorded a total volume of 321.404 million shares, compared to 364.071 million shares in the previous session. The traded value decreased to Rs11.09 billion, down by Rs4.84 billion. Overall, 152,644 trades were reported across 339 companies, with 143 closing higher, 168 experiencing losses, and 28 remaining unchanged.

Impressive year-to-date gains

Despite today's minor setback, it's important to note that the KSE-100 Index has made substantial gains during the fiscal year, accumulating 9,575 points or 23.1%. Moreover, in the ongoing calendar year, the index has witnessed a cumulative increase of 10,607 points, equivalent to 26.24% in the KSE-100. This data underscores the resilience and continued positive performance of the Pakistani stock market.