Karachi, June 6, 2024 – Pakistan’s stock market continued its downward trend on Thursday, with the benchmark KSE-100 index shedding 356.51 points, or 0.48%, to close at 73,862.93. This marks a significant drop for the week, with the index falling over 2,015 points, or 2.7%, amidst growing concerns over potential increases in Capital Gains Tax (CGT) and dividend tax in the upcoming fiscal year 2024-25 budget.
During Thursday’s session, the KSE-100 index fluctuated within a range of 824.93 points, reaching an intraday high of 74,593.33 (+373.89) and a low of 73,768.40 (-451.04). The total volume for the KSE-100 index stood at 112.79 million shares.
Out of the 100 index companies, 23 closed up, 69 closed down, and 8 remained unchanged. The sectors that primarily dragged the index down included Commercial Banks (88.6 points), Oil & Gas Exploration Companies (51.22 points), Fertilizer (49.53 points), Leather & Tanneries (34.02 points), and Oil & Gas Marketing Companies (25.97 points).
Conversely, the index received support from Automobile Assembler (7.8 points), Insurance (2.67 points), Real Estate Investment Trust (1.59 points), Modarabas (0.86 points), and Textile Weaving (0.29 points).
KEY MOVERS:
Decliners:
- SRVI: -34.02 points
- FFC: -32.74 points
- OGDC: -31.83 points
- MEBL: -27.36 points
- UBL: -21.97 points
Gainers:
- SYS: +23.25 points
- BAFL: +19.88 points
- LUCK: +14.69 points
- PPL: +12.97 points
- ENGRO: +11.53 points
In the broader market, the All-Share index closed at 47,670.60, losing 292.10 points. The total market volume reached 352.74 million shares, up slightly from the previous session’s 348.55 million shares. The traded value, however, decreased by Rs4.09 billion, totaling Rs12.31 billion.
MARKET ACTIVITY:
- Trades: 191,137
- Companies Traded: 449
- Advances: 134
- Declines: 248
- Unchanged: 67
TOP TEN BY VOLUME:
- WTL: 17,606,340 shares
- KOSM: 14,855,744 shares
- DFML: 13,692,244 shares
- FCCL: 12,072,224 shares
- GGL: 11,128,153 shares
- KEL: 11,072,894 shares
- FFBL: 10,699,717 shares
- PIAHCLA: 10,246,679 shares
- GCIL: 9,917,672 shares
- AMTEX: 9,552,983 shares
Despite the recent sell-off, the KSE-100 has shown a remarkable gain of 32,410 points, or 78.19%, during the current fiscal year. The ongoing calendar year has also been positive, with a cumulative increase of 11,412 points, equivalent to 18.27%.
