On Thursday, the Pakistani stock market saw a return of bearish sentiment after a brief period of calm. The benchmark KSE-100 Index fell by 927.67 points, or 1.17%, ending the day at 78,469.33.
INTRADAY TRADING ACTIVITY
The KSE-100 Index displayed significant volatility, trading within a range of 1,446.37 points. The index hit an intraday high of 79,776.95, gaining 379.95 points, but dropped to a low of 78,330.58, a decrease of 1,066.42 points. The total volume of shares traded on the KSE-100 Index was 129.01 million.
MARKET PERFORMANCE BY SECTORS
TOP LOSERS
The day’s biggest losses were seen in:
- AVN (-5.10%)
- BAHL (-4.73%)
- TRG (-4.72%)
- LCI (-4.38%)
- THALL (-4.37%)
TOP GAINERS
Conversely, the top gainers included:
- BNWM (+3.49%)
- APL (+3.32%)
- PAKT (+2.23%)
- JVDC (+1.34%)
- PIBTL (+1.33%)
INDEX-POINT CONTRIBUTIONS
The companies that dragged the index lower were:
- BAHL (-131.51 points)
- HUBC (-108.09 points)
- SYS (-56.93 points)
- MCB (-50.94 points)
- MEBL (-46.78 points)
Companies contributing positively to the index included:
- PSO (+17.21 points)
- POL (+11.31 points)
- APL (+11.00 points)
- PAKT (+8.30 points)
- FFBL (+6.29 points)
SECTOR-WISE PERFORMANCE
The KSE-100 Index was adversely affected by sectors such as:
- Commercial Banks (-377.19 points)
- Power Generation & Distribution (-143.83 points)
- Technology & Communication (-106.68 points)
- Fertilizer (-88.67 points)
- Cement (-40.69 points)
Meanwhile, sectors that provided some support included:
- Oil & Gas Marketing Companies (+23.08 points)
- Tobacco (+8.30 points)
- Refinery (+5.04 points)
- Real Estate Investment Trust (+3.34 points)
- Property (+2.19 points)
BROADER MARKET OVERVIEW
ALL-SHARE INDEX
The All-Share Index closed at 49,935.03, reflecting a net loss of 424.10 points, or 0.84%. Total market volume decreased to 327.28 million shares from 386.98 million in the previous session. The total traded value increased to Rs15.28 billion, up by Rs0.38 billion.
TRADING ACTIVITY
There were 215,350 trades reported across 442 companies, with 134 companies closing up, 261 closing down, and 47 remaining unchanged.
TOP TEN BY VOLUME
- FFBL: PKR 42.71 (+1.04%) with 28,451,875 shares
- HASCOL: PKR 6.45 (-3.59%) with 17,867,321 shares
- DFML: PKR 44.57 (+0.61%) with 16,451,307 shares
- QUICE: PKR 6.49 (+18.22%) with 13,440,208 shares
- PIAHCLA: PKR 16.29 (-0.12%) with 12,507,368 shares
- AGL: PKR 23.52 (-3.01%) with 11,653,772 shares
- SILK: PKR 1.09 (-0.91%) with 10,058,859 shares
- FABL: PKR 51.76 (+0.76%) with 9,209,700 shares
- WTL: PKR 1.18 (0.00%) with 8,430,816 shares
- KOSM: PKR 3.76 (-4.08%) with 7,415,584 shares
YEAR-TO-DATE PERFORMANCE
So far this fiscal year, the KSE-100 Index has gained 24 points, or 0.03%. However, the calendar year has seen a substantial increase of 16,018 points, or 25.65%.
The market’s performance on Thursday highlights ongoing volatility and sector-specific pressures, reflecting broader economic and investor sentiment shifts.
PAKISTANI RUPEE SHOWS MARGINAL APPRECIATION
On Thursday, the Pakistani rupee (PKRPKR) appreciated slightly by 9.39 paisa against the US dollar in the interbank market. The exchange rate settled at PKR 278.41 per USD, a small improvement from the previous closing rate of PKR 278.50 per USD.
GOLD PRICES FALL SHARPLY
GOLD PER TOLA RATE IN PAKISTAN
GoldGold prices in Pakistan experienced a notable decline on Thursday. The price of 24-karat gold dropped to Rs250,500 per tola, a decrease of Rs2,300 from the previous rate. This significant fall comes after a day of substantial gains in gold prices.
GLOBAL GOLD MARKET TRENDS
Globally, gold also saw a downturn, trading over 1% lower in the $2,370s range. This decline is attributed to broader decreases in stocks and commodities driven by concerns about global economic growth.
FACTORS BEHIND THE DECREASE IN GOLD PRICES
TECHNICAL SELLING PRESSURE
Despite gold’s reputation as a safe haven asset, it has recently weakened due to technical selling pressures. Technical selling occurs when traders react to price patterns and charts, anticipating a downward trend within gold’s trading range. This technical approach can drive prices lower, even if fundamental factors might suggest otherwise.
The current decline in gold prices highlights the impact of technical market dynamics and global economic concerns on precious metals.
