Courtesy: Business Recorder, 17 April 2025
RECORDER REPORT
KARACHI: The Pakistan Stock Exchange (PSX) experienced a volatile trading session on Wednesday, ultimately closing lower amid profit-taking by investors.
The benchmark KSE-100 Index lost 755.40 points, or 0.65 percent, closing at 116,020.11 points on Wednesday compared to 116,775.50 points on Tuesday. The index touched an intraday high level of 117,424.04 points and low level of 115,776.12 points.
The daily volume at the ready counter slightly increased to 482 million shares as against 479.455 million shares in the previous session. Similarly, the total traded value on the ready counter surged to from Rs 30.44 billion to Rs 38.5 billion.
On Wednesday, BRIndex100 declined by 97 points or 0.78 percent to close at 12,384.08 points with a total volume of 425.538 million shares. BRIndex30 lost 532.79 points or 1.4 percent to settle at 37,474.84 points with a total volume of 269 million shares.
The market capitalization decreased by Rs 97 billion to Rs 14.193 trillion. Out of 451active scrips, 140 closed in positive and 260 in negative while the value of 51 stocks remained unchanged.
Analysts at Arif Habib Corp said stocks closed sharply lower in the earning season amid 3.5pc shrinking LSM growth in feb’25 and investor fears over outcome of US -China trade tariff. Rupee instability, and dismal data on cement sales for Mar’25 played catalyst role in bearish close at PSX, they added.
Cnergyico PK was the volume leader with 35.6 million shares and closed at Rs 8.51 followed by B.O.Punjab closed at Rs 11.11 with 25.4 million shares. Fauji Foods Ltd ranked third with share trading of 25.26 million shares and it closed at Rs 15.91.
Unilever Pakistan Foods Limited and PIA Holding Company LimitedB were the top gainers increasing by Rs 273.35 and Rs 148.85 respectively to close at Rs 22,967.97 and Rs 1,753.61, while Hoechst Pakistan Limited and Philip Morris (Pakistan) Limited were the top losers declining by Rs 45.05 and Rs 43.60 respectively to close at Rs 3,194.95 and Rs 1,132.27.
Muhammad Rizwan Director Brokerage Chase Securities said that Pakistan Stock Exchange experienced a significant decline of 755 points, despite Fitch Ratings upgrading Pakistan’s credit rating to ‘B-’ from ‘CCC+’.
Despite a settlement deal, energy stocks faced selling pressure, with PSO down 2.43 percent, OGDC down 1.22 percent, PPL down 1.76 percent, and MARI down 2.51 percent.
United Bank Limited (UBL) announced impressive quarterly results, initially boosting its stock price by nearly 7 percent, but closed 1 percent up due to broader market pressures, he added.
BR Automobile Assembler Index closed at 22,073.12 points, recording a net gain of 6.92 points or up 0.03 percent, with a total turnover of 4.96 million shares.BR Cement Index settled at 14,065.13 points, showing a decline of 48.26 points or down 0.34 percent, on a turnover of 28.77 million shares.
BR Commercial Banks Index ended at 32,371.14 points, down 38.12 points or 0.12 percent, with a total turnover of 50.95 million shares.BR Power Generation & Distribution Index closed at 19,916.40 points, falling 160.68 points or 0.80 percent, with a turnover of 29.21 million shares.
BR Oil & Gas Index finished at 11,701.05 points, marking a drop of 206.20 points or 1.73 percent, with a total turnover of 61.62 million shares.BR Technology & Communication Index ended the day at 4,800.58 points, down 94.51 points or 1.93 percent, with a turnover of 39.63 million shares.
According to Topline, the local bourse witnessed a hot and cold session today, reflecting a mix of optimism and caution among investors. The market opened on a strong footing, gaining as much as 648 points in early trade. However, the momentum fizzled out in the second half as profit-taking took centre stage. The index slipped to an intraday low of 999 points, eventually closing with a decline of 0.65 percent.
The volatility throughout the day can largely be attributed to the ongoing trade tensions between the United States and China, which have reignited concerns over global economic stability and impacted investor sentiment, they added.
UBL emerged as the star performer of the day, following the announcement of its 1Q2025 financial results. The bank reported its highest-ever quarterly earnings of Rs 36 billion, translating into an EPS of Rs 28.9. In addition, the board declared a cash dividend of Rs 11 per share.
