Pakistan’s stock market (PSX) witnessed a notable setback, as the KSE-100 index plunged by 1,147.09 points, marking a 1.88% decrease in Friday’s trading session. The downturn reflects the ongoing political uncertainty and concerns over economic indicators, particularly the latest manufacturing data that has cast doubts on the possibility of monetary easing in the foreseeable future. A day earlier!

PSX SUMMARY AS OF FEB 16, 2024 5:14 PM

StatisticValue
Current Value59,872.96
Change-1,147.09 (-1.88%)
High61,173.30
Low59,739.46
Volume163,233,825
1-Year Change45.75%
YTD Change-7.41%
Previous Close61,020.05
Day Range59,739.46 — 61,173.30
52-Week Range39,482.17 — 67,093.96

 

THE MARKET’S MOVEMENT

The KSE-100 index experienced a wide trading range of 1,433.84 points, hitting an intraday high of 61,173.31 before falling to a low of 59,739.47. The session concluded with the index at 59,872.96, underlining the volatility that gripped the market throughout the day. A total volume of 163.234 million shares was traded, indicating significant investor engagement despite the downturn.

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POLITICAL AND ECONOMIC CHALLENGES

The lack of a conclusive outcome from the February 08 election has intensified political uncertainty, potentially deterring fresh investments. Bloomberg highlighted that the prospect of a weak coalition government could lead to stringent conditions for aid under a new IMF program, necessary to avert a default in the medium term. Such conditions, however, may adversely affect near-term economic growth.

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SECTORAL IMPACT

The decline was predominantly led by key sectors such as Oil & Gas Exploration, Cement, Power Generation & Distribution, Technology & Communication, and Commercial Banks, which collectively contributed to the index’s downfall. Conversely, minimal support was seen from the Real Estate Investment Trust, Automobile Parts & Accessories, and Leasing Companies, which together added a mere 1.8 points to the index.

KSE100 PAKISTAN STOCK MARKET PSX TOP POINTS CONTRIBUTOR SECTORS 2024-02-16 at 7.01.03 PM

LEADING MOVERS

Companies like OGDC, HUBC, PPL, SYS, and MARI were among the top contributors to the index’s decline. On the flip side, EFERT, FATIMA, MCB, HBL, and NATF managed to add some points to the index, showcasing the mixed performance across different sectors.

KSE100 PAKISTAN STOCK MARKET PSX TOP POINTS CONTRIBUTOR COMPANIES 2024-02-16 at 7.00.31 PM

BROADER MARKET OVERVIEW

The All-Share index also faced a downturn, closing at 40,386.78 with a net loss of 776.75 points. The market volume stood at 314.901 million shares, with a slight increase in traded value to Rs12.24 billion. The day ended with 77 companies advancing, 238 declining, and 16 remaining unchanged, reflecting the broader market’s response to the prevailing economic and political landscape.

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