Pakistan Stock Exchange (PSX)<\/a> to experience significant downward pressure on Monday.<\/p>\nThe day began at the intra-day high of 66,586.61 points, followed by a sharp decline in the KSE-100 index for the remainder of the session.<\/p>\n
Dismal data on large-scale manufacturing (LSM) growth, which fell 4.1% year-on-year (YoY) in October 2023, and the government\u2019s decision to further raise industrial gas tariffs to address the circular debt crisis were the major drivers behind the market\u2019s downturn.<\/p>\n
The bearish trend was mainly fuelled by stocks in the exploration and production (E&P), fertiliser and banking sectors. Consequently, the market fell below the 66,000 mark, touching intra-day low at 65,064.94 points less than an hour before close.<\/p>\n
Profit-taking was evident throughout the session with the index fluctuating within a range of 1,521 points. Despite substantial losses, the market managed to conclude the day above the 65,000 level.<\/p>\n
\u201cPressure was witnessed on institutional profit-taking in overbought stocks amid a slump in global crude prices and concerns over the fate of structural reforms post-general elections,\u201d said Arif Habib Corp MD Ahsan Mehanti.<\/p>\n
\u201cDismal data on LSM growth that fell 4.1% YoY in October 2023 and government\u2019s decision on a further increase in industrial gas tariffs to ease the circular debt crisis played the role of catalysts in bearish close of the market.\u201d<\/p>\n
At close, the benchmark KSE-100 index recorded a dip of 925.35 points, or 1.4%, and settled at 65,204.68.<\/p>\n
According to Topline Securities’ report, profit-taking was visible during Monday’s session. “The index fluctuated within a range of 1,521 points throughout the day, reaching an intraday high of 66,586 and low of 65,064 points,” the statement read.<\/p>\n
The E&P, fertilizer, and bank sectors had negative contributions, with Pakistan Petroleum, Meezan Bank, Engro Corporation, Oil and Gas Development Company, and Fauji Fertilizer all losing 281 points overall.<\/p>\n
Positively, Topline added, stocks like Pakistan Telecommunication Company, Pakistan Services, and K-Electric contributed gains of 80 points.<\/p>\n
“KSE-100 remained below resistance at 66,600, hitting intra-day high at 66,586 before declining sharply for the rest of the session,” stated Arif Habib Limited (AHL).<\/p>\n
It stated that Pakistan Petroleum (-2.53%), Meezan Bank (-2.69%), and Engro Corporation (-2.12) made up the largest negative contribution. Major positive contributors included K-Electric (+11.26%), Pakistan Telecommunication Co. (+7.5%), and Pakistan Services (+1.89%).<\/p>\n
According to Mubashir Anis Naviwala, an analyst at JS Global, there was a lot of profit-taking on Monday in the KSE-100 index.<\/p>\n
\u201cGoing forward, we expect profit-taking to continue and recommend investors to view any downside as an opportunity to buy stocks in banking, cement and E&P sectors,\u201d the analyst added.<\/p>\n
Overall trading volumes increased to 1.89 billion shares against Friday\u2019s tally of 1.74 billion. The value of shares traded during the day was Rs24.6 billion.<\/p>\n
Read More:\u00a0PSX falls significantly due to institutional profit-taking<\/a><\/strong><\/em><\/p>\nShares of 381 companies were traded. Of these, 107 stocks closed higher, 264 dropped and 10 remained unchanged.<\/p>\n
WorldCall Telecom was the volume leader with trading in 444.1 million shares, gaining Rs0.08 to close at Rs1.90. It was followed by K-Electric with 392.7 million shares, gaining Rs0.59 to close at Rs5.83 and Cnergyico PK with 205.4 million shares, gaining Rs0.15 to close at Rs5.90.<\/p>\n","protected":false},"excerpt":{"rendered":"
KSE-100 index dives 925.35 points, settles at 65,204.68 Karachi: Amidst a global decline in crude prices and worries about the future of structural reforms following the country’s elections, institutional profit-taking in overbought stocks caused the Pakistan Stock Exchange (PSX) to experience significant downward pressure on Monday. The day began at the intra-day high of 66,586.61 […]<\/p>\n","protected":false},"author":9,"featured_media":21160,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,21,2],"tags":[10212,10300,3461],"class_list":["post-21159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest-news","category-news","category-pakistan","tag-business","tag-hundered-index","tag-psx"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/21159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=21159"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/21159\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/21160"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=21159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=21159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=21159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}