RECORDER REPORT

KARACHI: Pakistan Stock Exchange (PSX) witnessed a bearish trend on Thursday as investor confidence took a hit due to mounting macroeconomic concerns. Surging inflation, coupled with the expected rupee slide on higher imports, further fueled the negative sentiments.

The benchmark KSE-100 index lost 561.69 points, or 0.40 percent, to settle at 138,692.67 points compared to the previous day’s closing of 139,254.36 points. The index touched a high of 139,867.83 points but reversed gains to hit a low of 138,614.10 points, reflecting the market’s indecisiveness.

On Thursday, BRIndex100 closed at 14,244.31 points, which was 88.36 points or 0.62 percent lower than the previous close, while the total volume remained 481.15 million shares. BRIndex30 closed at 39,849.34 points, which was 111.3 points or 0.28 percent higher than the previous close with 283.95 million shares changing hands.

Analysts at Darson Securities noted that the session was largely range-bound and ended with a decline, driven by persistent selling pressure in heavyweights from key sectors. Fertilizer, Commercial Banks, Oil & Gas Exploration, and Power Generation stocks were particularly hit.

Market movers such as Fauji Fertilizer Company (FFC), Habib Bank Limited (HBL), Engro (ENGROH), Mari Petroleum (MARI), Pakistan Petroleum Limited (PPL), and Engro Fertilizers (EFERT) all traded in the red, mirroring the nervous sentiment prevailing on the trading floor.

Market participation showed signs of cooling, with total ready market turnover slightly decreasing to 648.8 million shares, down from 656.6 million shares in the previous session. The traded value also contracted sharply to Rs 28.11 billion, compared to Rs 32.09 billion a day earlier.

Market capitalization followed suit, slipping to Rs 16.614 trillion from Rs 16.635 trillion, wiping Rs 21 billion from the market’s cumulative worth, reflecting investors’ cautious stance and value erosion in key blue-chip scrips.

The top three volume leaders continued to reflect a retail-driven momentum in lower-tier scrips. Bank of Punjab (BOP) led the chart with a turnover of 113.03 million shares, closing at Rs 13.55. It was followed by Media Times Limited, which witnessed a strong retail push with 37.10 million shares traded, closing at Rs 3.42. WorldCall Telecom secured third place with 28.18 million shares, ending the session at Rs 1.52.

On the gainers’ board, Unilever Pakistan Foods Limited posted the day’s biggest price increase, rising by Rs 3,055.49 to close at Rs 33,610.43. Close behind, PIA Holding Company Limited-B also gained Rs 2,872.42, ending at Rs 33,577.59. In contrast, the laggards included S.S. Oil Mills Limited that saw a substantial decline of Rs 101.72, closing at Rs 953.00, while Blessed Textiles Limited shed Rs 30.28 to settle at Rs 314.72.

The broader market breadth remained negative, as reflected in the Ready Market Companies Position. Out of a total of 484 listed companies traded, 273 scrips closed in the red, while only 182 posted gains. Meanwhile, 29 stocks remained unchanged, highlighting the dominant selling pressure across the board.

The BR Automobile Assembler Index settled at 22,818.23 points, posting a decline of 118.34 points, down 0.52 percent, with a total turnover of 13.56 million shares. The BR Cement Index concluded the session at 10,631.46, down by 48.36 points or 0.45 percent, on a total volume of 40.18 million shares.

With a turnover of 153.60 million shares, the BR Commercial Banks Index ended at 40,513.42 points, falling 146.39 points or 0.36 percent. Advancing by 356.4 points, the BR Power Generation and Distribution Index closed higher at 21,807.71 points, reflecting a 1.66 percent increase and a total volume of 27.26 million shares.

The BR Oil and Gas Index dropped by 87.17 points, or 0.72 percent, to finish at 12,051.29 points, with 16.87 million shares changing hands. The BR Technology & Communication Index rose by 14.16 points, or 0.47 percent, closing at 3,033.66 with a turnover of 87.78 million shares.

According to Ahsan Mehanti of Arif Habib Corporation stocks closed bearish amid concerns for rupee instability, expected rupee slide on higher imports and thin remittances. Moreover, surging inflation, unresolved trade bodies’ concerns over FBR tax enforcement powers and reports of IMF refusing reduction in industrial power tariff played catalyst role in bearish activity at PSX.