RECORDER REPORT

KARACHI: The Pakistan Stock Exchange (PSX) ended lower on Monday as investors resorted to profit-taking after the market’s strong rally in recent sessions.

The benchmark KSE-100 Index declined by 450.89 points, or 0.25 percent, to close at 178,471.87 points compared to the previous close of 178,922.76 points. Despite opening on a positive note, the market failed to sustain its early gains and witnessed considerable volatility, touching an intraday high of 180,507.82 points before retreating to an intraday low of 178,337.14 points as investors booked profits in several heavyweight sectors.

BRIndex100 closed at 19,818.17 points, down by 26.29 points, or 0.13 percent, on a turnover of 582.64 million shares. Meanwhile, BRIndex30 ended at 72,582.56 points, lower by 7.44 points, or 0.01 percent, on a turnover of 323.40 million shares.

According to Topline Securities, the benchmark index closed in the red as profit-taking emerged following the index’s earlier intraday rally and the strong gains recorded over preceding sessions, while selling pressure intensified during the latter half of the session.

Topline Securities further noted that heavyweight stocks Fauji Fertilizer Company (FFC), Bank AL Habib (BAHL), Habib Bank Limited (HBL), Lucky Cement (LUCK) and MCB Bank collectively contributed 326 points to the benchmark index’s decline.

Market activity slowed considerably in the regular market. Ready market turnover dropped to 807.47 million shares from 1.05 billion shares recorded in the previous session. Similarly, the value of traded shares declined sharply to Rs36.17 billion compared to Rs54.14 billion a day earlier.

Market capitalization also contracted, falling to Rs19.976 trillion from Rs19.995 trillion previously, reflecting a decline of approximately Rs18.56 billion.

Market breadth remained negative as declining stocks outpaced advancing ones. In the ready market, 214 companies closed higher, 240 declined and 37 remained unchanged out of 491 active companies.

Trading activity in the ready market was led by WorldCall Telecom, which recorded a turnover of 59.56 million shares and closed at Rs1.26. TPL Corp followed closely with 59.27 million shares and closed at Rs16.52, while TPL Properties recorded a turnover of 56.04 million shares and settled at Rs10.95.

On the price performance front, The Premier Sugar Mills Limited emerged as the top gainer, rising by Rs45.86 to close at Rs606.83, followed by Colgate-Palmolive (Pakistan) Limited, which gained Rs45.03 to settle at Rs1,254.11. On the downside, Unilever Pakistan Foods Limited shed Rs181.59 to close at Rs25,801.74, while Nestle Pakistan Limited declined by Rs147.30 to settle at Rs7,632.70.

Among sectoral BR indices, the BR Automobile Assembler Index registered the sharpest decline, plunging 4,096.63 points, or 14.46 percent, to close at 24,243.68 points on a turnover of 3.33 million shares.

The BR Cement Index declined by 83.28 points, or 0.65 percent, to settle at 12,792.56 points with a turnover of 24.20 million shares, while the BR Commercial Banks Index lost 310.67 points, or 0.52 percent, to close at 59,688.29 points on volumes of 35.13 million shares.

The BR Tech and Communication Index also remained under pressure, declining by 24.53 points, or 0.62 percent, to settle at 3,929.08 points despite recording the highest sectoral turnover of 156.74 million shares.

On the positive side, the BR Power Generation and Distribution Index rose by 60.92 points, or 0.21 percent, to close at 29,607.07 points on a turnover of 37.11 million shares, while the BR Oil and Gas Index gained 45.84 points, or 0.30 percent, to settle at 15,525.99 points with a robust turnover of 114.49 million shares.

Market participants are expected to closely monitor developments in global oil prices, geopolitical developments in the Middle East and domestic macroeconomic indicators, while intermittent profit-taking may continue after the market’s strong rally in recent weeks.