KSE-100 Gives Up Early Gains To Close Down 509 Points PSX Kicks Off September With Cautious Session Index Traded Between 176,375 And 177,800 Commercial Banks Wipe 490 Points Cement Adds 131 Points Pressure Fertiliser And Technology Cushion Decline Meezan MCB Bank Alfalah Lucky Cement Main Drags Systems Engro Holdings Engro Fertilisers OGDC Support Foreign Investors Sell Rs109.6 Million Volumes 784 Million Shares Rs37 Billion AHL: Index Moving Away From 178k-180k Resistance Zone
According to The Express Tribune, the Pakistan Stock Exchange’s KSE-100 index started September on an anxious note, opening up 390 points before reversing course and closing down 508.69 points or 0.29 per cent, at 176,466.99 on Tuesday, as investors turned risk-averse amid renewed US-Iran hostilities and surging oil prices.
KTrade Securities equity trader Ahmed Sheraz noted that commercial banks and cement stocks emerged as the major negative contributors. Meezan Bank, MCB Bank, Bank Alfalah and Lucky Cement were among the key index drags. However, selective buying in Systems Ltd, Engro Holdings, Engro Fertilisers and Oil and Gas Development Company cushioned the decline. According to JS Global analyst Mubashir Anis Naviwala, commercial banks alone wiped 490 points off the index while cement firms contributed a further 131-point drag. Fertiliser and technology sectors added 71 and 70 points respectively.
Arif Habib Limited noted that the KSE-100 was starting to move away from the 178,000-180,000 resistance zone. The firm also highlighted that Pakistan’s August consumer price inflation surged to 11.15 per cent above street expectations, adding to concerns about the interest-rate outlook. Rising global oil prices stemming from the Middle East conflict compounded the negative sentiment. Overall trading volumes fell to 784 million shares from Monday’s 937 million. Value of shares traded stood at Rs37 billion. Of 498 companies traded, 174 rose, 292 fell and 32 were unchanged. Foreign investors net sold Rs109.6 million.
The market walked into September on a tightrope. The tightrope stretched further by Tuesday’s close. Check out our previous coverage of PSX on The Trusted Times.
