The rally that pushed Pakistan’s stock market to all-time highs came to a halt as the widely observed ‘buy the rumor, sell the news’ phenomenon set in after the International Monetary Fund (IMF) approved a $7 billion loan package for the country. Despite anticipation driving stocks to record levels, the benchmark KSE-100 Index closed in the red for two consecutive sessions.
On Friday, the KSE-100 Index dropped by 365.83 points, or 0.45%, settling at 81,292.13, marking a sharp shift in investor sentiment following the IMF’s approval on Wednesday of a 37-month Extended Arrangement under the Extended Fund Facility (EFF).
MARKET TRADES IN WIDE RANGE AMID VOLATILITY
The market traded within a range of 659.24 points on Friday, reaching an intraday high of 81,842.74 and a low of 81,183.50 points. A total of 153.49 million shares were traded on the KSE-100 Index, highlighting significant activity during the session.
BROAD SELL-OFF WITH MAJOR LOSERS AND GAINERS
Of the 100 companies listed on the KSE-100 Index, 70 closed in the red, 21 advanced, and 8 remained unchanged. The top losers included:
- KTML: -7.20%
- KEL: -4.43%
- PKGP: -4.29%
- YOUW: -4.08%
- TRG: -3.84%
In contrast, notable gainers included:
- FFBL: +3.35%
- FFC: +2.87%
- PAKT: +2.21%
- GLAXO: +1.96%
- EFERT: +1.88%
INDEX POINT CONTRIBUTIONS: MAJOR DRAGS AND BOOSTERS
Companies that dragged the KSE-100 Index down included:
- MARI: -83.20 points
- UBL: -80.16 points
- ENGRO: -45.23 points
- MCB: -43.61 points
- BAFL: -41.10 points
Meanwhile, companies that contributed positively to the index were:
- FFC: +136.96 points
- EFERT: +68.24 points
- FFBL: +22.96 points
- HUBC: +20.46 points
- LUCK: +14.36 points
SECTOR PERFORMANCE: BANKS AND OIL LEAD DECLINE
Sector-wise, the KSE-100 Index was primarily dragged down by:
- Commercial Banks: -266.23 points
- Oil & Gas Exploration Companies: -83.27 points
- Oil & Gas Marketing Companies: -40.77 points
- Technology & Communication: -34.83 points
- Power Generation & Distribution: -26.85 points
On the other hand, sectors that provided support to the index included:
- Fertilizer: +182.93 points
- Tobacco: +7.91 points
- Property: +2.24 points
- Chemical: +1.89 points
- Glass & Ceramics: +0.08 points
BROADER MARKET PERFORMANCE AND VOLUME
In the broader market, the All-Share Index closed with a net loss of 291.80 points, or 0.56%, settling at 51,978.01. The total market volume amounted to 339.32 million shares, a decline from the previous session’s 423.94 million shares. The total traded value also dropped, recording Rs12.89 billion, a decrease of Rs4.78 billion compared to the prior session.
A total of 439 companies were traded during the session, with 129 advancing, 234 declining, and 76 remaining unchanged.
TOP VOLUME LEADERS
- KEL: 50.67 million shares (-4.43%)
- WTL: 32.41 million shares (-2.44%)
- HUBC: 16.26 million shares (+0.53%)
- SLGL: 14.16 million shares (+6.77%)
- KOSM: 13.43 million shares (+1.81%)
PAKISTAN MARKETS SUMMARY
Gold prices (XAU/USD) retreated from their all-time peak of $2,685-$2,686 due to renewed US Dollar strength, which typically lowers demand for the metal. This global decline in gold also impacted Gold Per Tola In Pakistan, reflecting international trends. Meanwhile, the Pakistani Rupee (PKR) appreciated slightly by 4.79 paisa or 0.02% against the US Dollar in Friday’s interbank session, closing at PKR 277.64 per USD, with minimal intraday fluctuations.
