KARACHI:
The Pakistan Stock Exchange (PSX) ended Friday’s session on a bearish note, with the KSE-100 index falling over 1,430 points to settle near 163,100.
Persistent profit-taking and heightened geopolitical tensions weighed on investor sentiment amid reports of alleged strikes by Pakistani armed forces targeting a TTP leader in Afghanistan.
Market activity remained volatile, with 1.40 billion shares traded, worth Rs47.79 billion. Major laggards included Engro Holdings, Systems Ltd, MCB Bank, HBL and Engro Fertilisers, which collectively dragged the index down by 732 points.
According to Arif Habib Limited (AHL), the benchmark index posted losses in every session this week, down 3.49% week-on-week, amid weak investor confidence.
On the macro front, inflation as measured by the Sensitive Price Indicator (SPI) increased by 4.34% year-on-year (y-o-y), while car sales increased by 20% month-on-month (MoM) in September. Analysts are now eyeing key support between 160,000 and 162,000 and resistance near 167,000.
Among actively traded stocks, AHL said, 18 advanced while 81 declined, 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 other hand, Engro Holdings (-2.88%), Systems Ltd (-3.21%) and MCB Bank (-2.32%) were the main drags.
Geopolitically, tensions flared when the Afghan Taliban government accused Pakistan of bombing a civilian market in Paktika province. Technically, the benchmark index has now fallen 4.5% from its early October high, with next support around 160,000-162,000 and resistance near 167,000, AHL added.
At the close of trading, the benchmark KSE-100 index fell 1,432.62 points, or 0.87 percent, and settled at 163,098.19.
Topline Securities, in its market analysis, highlighted that the KSE-100 extended its losses as the index declined by 0.87 per cent. “This pressure can be attributed to the alleged strikes by the Pakistani armed forces against the leader of the banned terrorist group Tehreek-e-Taliban Pakistan (TTP) in Afghanistan,” writes Topline.
The main negative contribution to the index came from Engro Holdings, Systems Ltd, MCB Bank, HBL and Engro Fertilisers, which wiped out 732 points. In terms of value traded, PTCL (Rs 3.1 billion), The Bank of Punjab (Rs 2.96 billion), PSO (Rs 2.89 billion), NBP (Rs 2.77 billion) and Hubco (Rs 1.85 billion) dominated the trading activity, he added.
Ismail Iqbal Securities mentioned that the KSE-100 Index closed on a negative note, displaying immense volatility throughout the session as profit-taking persisted in the absence of major new triggers.
Commercial banks, oil and gas exploration companies and the technology and communications sectors were the biggest laggards in Friday’s session, losing a total of 784 points against the index, the report said.
Overall trading volumes were recorded at 1.40 billion shares, up from 1.57 billion in the previous session. The value of shares traded during the day was Rs47.79 billion.
Shares of 479 companies were traded. Among them, 145 stocks closed higher, 302 fell and 32 remained unchanged.
K-Electric was the volume leader with 199.99 million shares traded, gaining Rs0.21 to close at Rs7.13. It was followed by WorldCall Telecom with 143.93 million shares, losing Rs0.04 to close at Rs1.73 and The Bank of Punjab with 90.24 million shares, losing Rs0.80 to close at 32.07 Rs.
During the day, foreign investors sold shares worth Rs720.4 million, the National Clearing Company of Pakistan reported.
