KARACHI: Stocks witnessed another bearish session on Tuesday. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index dropped by 810 points, as investors remained concerned over the global trade war fear after US tariffs.
The KSE-100 dropped by 809.63 points, or 0.72 per cent, to 111,935.38 points, up from the 112,745.01 points recorded in the last session. The highest index of the day remained at 113,649.08 points, while the lowest level was recorded at 111,828.11 points.
Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Stocks closed bearish on global trade war worries after US tariffs and a slump in global crude oil prices.” He said political noise, rupee instability, suspension of USAID and concerns for foreign outflows played a catalyst role in the bearish activity.
The KSE-30 index decreased by 334.95 points or 0.95 per cent to 35,024.66 points against 35,359.61 points. Traded shares increased by 35 million shares to 436.325 million shares from 401.456 million shares. The trading value rose to Rs23.225 billion from Rs20.351 billion. Market capital lowered to Rs13.827 trillion against Rs13.933 trillion. Of the 440 companies active in the session, 129 closed in green, 255 in red, and 56 remained unchanged.
Analyst Naveed Nadeem at Topline Securities said the market performed poorly in the trading session. The index hit a high of 113,649 points and fell to an intraday low of 111,828 points before settling at 111,935 points, down by 810 points or 0.72 per cent. “This decline was mainly due to local institutional selling,” he said.
The drop was largely driven by ENGOH, MTL, FFC, BAHL and PPL, which together contributed 430 points to the loss.
The highest increase was recorded in Sazgar Engineering Works Limited, which rose by Rs78.01 to Rs1,140.96 per share, followed by Bata Pakistan Limited, which increased by Rs28.54 to Rs1,968.16 per share. A significant decline was noted in Rafhan Maize Products Company Limited, which fell by Rs86.15 to Rs9,397.18 per share; Sapphire Textile Mills Limited followed it, which closed lower by Rs39.64 to Rs1,165.68 per share.
Muhammad Hasan Ather, an analyst at JS Global, said the KSE-100 index dropped, erasing earlier intra-day gains. “This decline was attributed to profit-taking after a brief rebound and global market volatility driven by US President Trump’s import duties,” he said.
He added, “The provincial assembly’s passage of the Sindh Agriculture Income Tax Bill to meet IMF requirements, along with upcoming catalysts like a successful IMF programme review and potential MSCI weightage increase, can act as key triggers for a future outlook.”
WorldCall Telecom remained the volume leader with 54.615 million shares, which closed lower by 5 paisas to Rs1.58 per share. Cnergyico PK, with 21.090 million shares, followed it, which closed lower by 4 paisas to Rs7.49 per share.
Other significant turnover stocks included K-Electric Ltd., National BankXD, BO Punjab, Pak Refinery, Fauji Cement, Sui South Gas, Citi Pharma Ltd, and Pak Elektron.In the futures market, 320 companies recorded trading, 94 of which increased, 222 decreased and 4 remained unchanged.
