The Pakistan Stock Exchange (PSX) saw a downturn on Thursday as the benchmark KSE-100 Index closed lower for the second consecutive session, declining by 1,319.80 points, or 1.46%, to settle at 88,966.76. This drop follows a record-breaking rally, where investors chose to capitalize on recent gains, leading to widespread profit-taking. Despite Thursday’s pullback, the KSE-100 Index posted a notable 9.7% gain in October, marking its best monthly return since November last year. Year-to-date, the index remains up by 26,516 points or 42.46%.
Pakistan Stock Market Summary
| Index | 88,966.76 |
|---|---|
| Change | -1,319.80 (-1.46%) |
| As of | Oct 31, 2024 4:15 PM |
| High | 90,700.23 |
| Low | 89,063.34 |
| Volume | 287,735,778 |
| 1-Year Change | 71.35% |
| YTD Change | 37.59% |
| Previous Close | 90,286.56 |
| Day Range | 89,063.34 — 90,700.23 |
| 52-Week Range | 51,508.58 — 91,872.63 |
Intraday Trading Dynamics and Market Activity
Throughout the day, the KSE-100 Index traded within a 1,636.89-point range, with an intraday high of 90,700.23 (+413.67 points) and a low of 89,063.34 (-1,223.22 points). The session recorded a volume of 287.74 million shares, reflecting active investor participation.
Among the 100 companies in the index, 27 stocks closed higher, 72 declined, and 1 remained unchanged. Key decliners included EFUG (-8.01%), KOHC (-7.59%), NBP (-6.79%), HGFA (-5.37%), and POML (-5.29%), while top gainers were led by PGLC (+10.03%), KAPCO (+6.41%), BOP (+5.24%), TRG (+4.48%), and KEL (+4.23%).
Index Point Contributions and Sector Performance
In terms of impact on the index, MCB (-138.51 points), HBL (-118.40 points), MEBL (-103.18 points), ENGRO (-96.99 points), and EFERT (-94.39 points) were the primary contributors to the decline. Meanwhile, gainers providing some support included TRG (+27.33 points), KAPCO (+26.16 points), SAZEW (+25.42 points), KEL (+16.10 points), and BOP (+12.98 points).
On a sectoral basis, Commercial Banks (-564.55 points), Fertilizer (-221.00 points), Cement (-154.55 points), Oil & Gas Exploration Companies (-132.19 points), and Technology & Communication (-58.68 points) dragged the index down. However, the index saw some support from Power Generation & Distribution (+30.04 points), Property (+4.32 points), Automobile Parts & Accessories (+2.15 points), Synthetic & Rayon (+1.94 points), and Miscellaneous sectors (+1.90 points).
Broader Market Performance and Trading Volume
In the broader market, the All-Share Index closed at 56,913.69, down 728.66 points or 1.26%. The total traded volume across all shares reached 546.27 million, a decrease from the previous session’s 614.56 million shares. The market’s traded value dropped to Rs24.12 billion, reflecting a decline of Rs3.22 billion.
Overall, there were 271,840 trades reported involving 437 companies, with 137 closing up, 240 declining, and 60 unchanged.
Top Stocks by Trading Volume
The ten most actively traded stocks included:
- KEL: 4.44 (+4.23%), 73.62 million shares
- BOP: 5.82 (+5.24%), 42.67 million shares
- WTL: 1.22 (-1.61%), 25.90 million shares
- SILK: 1.10 (-6.78%), 25.10 million shares
- TRG: 51.5 (+4.48%), 18.71 million shares
- BML: 2.35 (+10.33%), 17.64 million shares
- PIAHCLA: 17.31 (-5.46%), 14.92 million shares
- FFL: 9.96 (-1.97%), 14.72 million shares
- POWER: 6.07 (-0.49%), 11.90 million shares
- MLCF: 37.51 (-1.91%), 11.75 million shares
As profit-taking subsides, investor focus is expected to shift toward sectoral fundamentals and upcoming economic announcements, which may shape the KSE-100’s trajectory in the near term.
PAKISTAN MARKET NEWS
The Pakistani Rupee (PKR) experienced a slight deterioration against the US Dollar in Thursday’s interbank session, slipping by 5.77 paisa, or 0.02%, to close at PKR 277.85 per USD, down from Wednesday’s rate of PKR 277.79. Throughout the day, PKR showed an intraday high of 277.90 and a low of 277.80 against the dollar, indicating narrow trading activity.
Gold prices in Pakistan saw a decline on Thursday, with the price of 24-karat gold dropping to Rs287,200 per tola, reflecting a Rs700 decrease. The Karachi Sarafa Association also reported a decrease in the 24-karat gold price per 10-gram, settling at Rs246,228, down by Rs600. Meanwhile, the price of 22-karat gold followed suit, dropping to Rs225,709 per 10-gram.
On the global front, spot gold traded near $2,779 per ounce, down $5.7 or 0.21% from the previous session. Analysts attribute the decline in gold prices to rising US Treasury bond yields and economic indicators suggesting a resilient US labor market. The Automatic Data Processing (ADP) report released Wednesday showed a substantial increase in private-sector jobs, with employers adding 233,000 new jobs in October—surpassing the previous month’s upwardly revised 159,000 and exceeding market expectations.
