RECORDER REPORT

KARACHI: Profit-taking coupled with surge in international oil prices amid fresh regional tensions, dragged the Pakistan Stock Exchange (PSX) lower on Friday.

The benchmark KSE-100 Index shed 784.19 points, or 0.47 percent, to close at 166,409.25 points against the previous session’s 167,193.44 points. During the session, the index touched an intraday high of 167,338.73 points and a low of 166,326.70 points, recording a range of 1,011.97 points and closing near the day’s low.

Business Recorder’s benchmark indices also reflected the broad-based correction. BRIndex100 closed at 18,262.41 points, losing 100.26 points, or 0.55 percent, with a total turnover of 524.362 million shares. BRIndex30 fell by 564.01 points, or 0.86 percent, to settle at 65,029.33 points, with a total volume of 368.239 million shares.

Ready-market activity recorded a marginal increase in share volume, although traded value contracted considerably. Turnover stood at 825.467 million shares compared with 816.834 million shares in the previous session, an increase of 8.633 million shares, or 1.06 percent.

However, the total traded value fell to Rs. 23.123 billion from Rs. 31.542 billion, a decline of Rs. 8.419 billion, or 26.69 percent. Total market capitalisation contracted by Rs. 103.758 billion to Rs. 18.389 trillion from Rs. 18.493 trillion previously.

Market breadth remained heavily tilted towards declining stocks, with 300 companies closing lower, 173 advancing and 28 remaining unchanged out of 501 active issues.

Pervez Ahmed Co led ready-market turnover with 165.865 million shares. The stock closed at Rs. 3.96 against the previous close of Rs. 4.40.

Cnergyico PK followed with 111.992 million shares. It settled at Rs. 13.64 compared with Rs. 14.08 previously.

First National Equities recorded turnover of 40.465 million shares. The stock finished the day at Rs. 1.13 against the previous close of Rs. 1.12.

Among ready-market price gainers, Unilever Pakistan Foods Limited recorded the largest increase, rising by Rs. 428.80 to close at Rs. 26,280.00. Rafhan Maize Products Company Limited followed, gaining Rs. 104.14 to settle at Rs. 8,587.46.

On the losing side, Pakistan Engineering Company Limited recorded the largest decline, shedding Rs. 35.70 to finish at Rs. 880.29. Sazgar Engineering Works Limited followed, falling by Rs. 33.11 to close at Rs. 1,400.25.

Sectoral performance remained negative across all six reported indices. The BR Automobile Assembler Index declined by 169.06 points, or 0.77 percent, to close at 21,670.16 points, with turnover of 1.745 million shares. The BR Cement Index fell by 125.62 points, or 1.09 percent, to 11,356.76 points, with 23.282 million shares traded.

The BR Commercial Banks Index shed 308.38 points, or 0.53 percent, to settle at 57,830.13 points, with turnover of 18.880 million shares. The BR Power Generation and Distribution Index decreased by 127.62 points, or 0.51 percent, to 24,759.50 points, with 32.427 million shares traded.

The BR Oil and Gas Index lost 39.57 points, or 0.27 percent, to close at 14,776.26 points, with turnover of 24.296 million shares. The BR Tech. & Comm. Index declined by 7.21 points, or 0.24 percent, to 2,988.33 points, with 93.550 million shares traded.

Going forward, analysts expect the market to maintain a positive bias amid diplomatic hopes and strong corporate earnings, while geopolitical uncertainty and volatility in international oil prices could trigger near-term fluctuations.