Pakistan’s stock market witnessed a second consecutive session of declines on Friday as the benchmark KSE-100 Index dropped 335.34 points, or 0.39%, to close at 85,250.09. The decline comes after the index recently achieved its 40th record high in the calendar year.
Trading Activity
The KSE-100 Index traded within a range of 652.92 points, reaching an intraday high of 85,773.82 (+188.39 points) and a low of 85,120.90 (-464.53 points). The total volume for the KSE-100 Index stood at 152.92 million shares.
Out of the 100 companies listed on the index, 42 closed higher, 53 declined, and 5 remained unchanged.
Major Movers
Top losers during the session included:
- Bank of Khyber (BNWM): -6.92%
- National Refinery Limited (NRL): -5.15%
- Yousuf Weaving (YOUW): -4.85%
- EFU General Insurance (EFUG): -4.04%
- Pakistan Oilfields Limited (POL): -3.83%
Top gainers were:
- FrieslandCampina Engro Pakistan (FCEPL): +9.97%
- Pakistan Tobacco Company (PAKT): +6.42%
- Pakistan Stock Exchange (PSX): +5.90%
- Hub Power Company (HUBC): +5.12%
- Abbott Laboratories (ABOT): +3.06%
Index Point Contributions
Key stocks dragging the index down included:
- Fauji Fertilizer Company (FFC): -137.94 points
- Pakistan Oilfields (POL): -94.29 points
- Pakistan Petroleum Limited (PPL): -57.04 points
- Oil & Gas Development Company (OGDC): -48.21 points
- Engro Fertilizers (EFERT): -48.00 points
On the flip side, the stocks that provided support to the index were:
- Hub Power Company (HUBC): +156.06 points
- Pakistan Tobacco Company (PAKT): +29.27 points
- Bank Alfalah (BAFL): +20.12 points
- Mari Petroleum (MARI): +16.09 points
- Abbott Laboratories (ABOT): +16.00 points
Sector Performance
Sector-wise, the KSE-100 Index was dragged down primarily by:
- Fertilizer (-208.05 points)
- Oil & Gas Exploration Companies (-183.45 points)
- Oil & Gas Marketing Companies (-68.14 points)
- Cement (-53.26 points)
- Refinery (-12.36 points)
On the positive side, the index was supported by:
- Power Generation & Distribution (+158.03 points)
- Tobacco (+29.27 points)
- Food & Personal Care Products (+24.20 points)
- Investment Banks/Investment Companies/Securities Companies (+17.08 points)
- Chemical (+14.21 points)
Broader Market Performance
The broader market, represented by the All-Share Index, closed slightly lower, with a net loss of 16.79 points or 0.03%, settling at 54,927.24. Total market volume decreased significantly to 323.92 million shares, down from the previous session’s 513.29 million shares, while the traded value dropped to Rs15.68 billion, down by Rs5.93 billion.
Across the 442 listed companies, 210,383 trades were reported. Of these, 168 stocks closed higher, 205 declined, and 69 remained unchanged.
Most Active Stocks by Volume
The most traded stocks by volume included:
- Pakistan Refinery Limited (PRL): 28.46 million shares (-9.72%)
- Hub Power Company (HUBC): 19.74 million shares (+5.12%)
- WorldCall Telecom (WTL): 14.95 million shares (-0.83%)
- Kohinoor Spinning Mills (KOSM): 14.10 million shares (-1.63%)
- Pakistan International Bulk Terminal (PIBTL): 13.16 million shares (-1.04%)
Market Overview
Despite the recent downturn, the KSE-100 Index has gained 6,805 points, or 8.68%, during the current fiscal year. On a calendar-year basis, the index has added 22,799 points, representing a strong growth of 36.51%. The recent drop comes after the market experienced substantial gains, and investors remain watchful of economic developments and sector-specific performance in the coming sessions.
PAKISTAN MARKET NEWS
On Friday, the Pakistani Rupee (PKR) made modest gains in the interbank market, appreciating by 17.94 paisa or 0.06% against the US dollar. The local currency closed the session at PKR 277.61 per USD, slightly higher than Thursday’s closing rate of PKR 277.79. The PKR has shown resilience amid ongoing economic pressures, supported by positive developments in foreign exchange reserves and inflows.
Gold Prices Surge to Record Highs in Pakistan
Meanwhile, gold prices in Pakistan continued their sharp upward trend, driven by escalating international prices. In the local market, the price of gold per tola (11.66 grams) surged by Rs3,000, reaching a record high of Rs280,900, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10 grams of gold rose by Rs2,572, pushing it to Rs240,826.
This surge comes as the global price of gold crossed the $2,700 per ounce mark for the first time in history. The rapid increase in gold prices is being fueled by rising geopolitical tensions, particularly in the Middle East, as well as economic uncertainties surrounding the upcoming U.S. elections and expectations of monetary easing by central banks globally.
Global Demand for Safe-Haven Assets
The heightened demand for safe-haven assets like gold reflects investor concerns over the uncertain global landscape. Ongoing conflicts and economic pressures have prompted investors to seek security in gold, traditionally viewed as a hedge against inflation and currency devaluation. Expectations of looser monetary policies from major central banks have further bolstered gold prices as they try to counteract the potential economic fallout from global instability.
With both international and local factors influencing the markets, gold is expected to remain a key asset for investors in the near term, especially as economic and geopolitical concerns persist.
