PSX SUMMARY: The Pakistan Stock Exchange (PSX) began the week on a bearish note, with heavyweights such as Hub Power and Mari Petroleum dragging down the KSE-100 index, although the market later pared some losses. The KSE-100 index closed Monday’s session at 81,114.20, a decrease of 177.93 points or 0.22%.
Hub Power saw its shares plummet due to concerns over the revision of power plant contracts, while Mari Petroleum initially dropped after distributing bonus shares but managed to recover and close the session in the green.
Geopolitical tensions in the Middle East also weighed on market sentiment, particularly after Israel’s assassination of Hezbollah leader Hassan Nasrallah in an airstrike on Beirut, further escalating regional instability.
The KSE-100 index experienced an intraday range of 969.41 points, with a high of 81,321.63 (+29.50 points) and a low of 80,352.22 (-939.91 points). A total of 116.76 million shares were traded on the index. Of the 100 companies listed, 38 closed positive, 59 ended in the red, and 3 remained unchanged.
TOP LOSERS:
- International Industries Limited (INIL): -9.29%
- TRG Pakistan (TRG): -7.53%
- Rafhan Maize (RMPL): -7.38%
- International Steels Limited (ISL): -5.90%
- Standard Chartered Bank Pakistan (SCBPL): -5.33%
TOP GAINERS:
- Mari Petroleum (MARI): +4.09%
- National Bank of Pakistan (NBP): +3.95%
- Nishat Chunian Power Limited (NCPL): +3.77%
- Shifa International Hospitals (SHFA): +3.50%
- Fauji Fertilizer Bin Qasim (FFBL): +3.49%
INDEX CONTRIBUTIONS:
- Negative Contributors:
- Hub Power (HUBC): -139.44 points
- Meezan Bank (MEBL): -49.84 points
- TRG Pakistan (TRG): -49.16 points
- Bank Al Habib (BAHL): -48.08 points
- Engro Corporation (ENGRO): -47.40 points
- Positive Contributors:
- Mari Petroleum (MARI): +129.82 points
- Fauji Fertilizer (FFC): +126.78 points
- United Bank Limited (UBL): +43.72 points
- National Bank of Pakistan (NBP): +37.57 points
- Fauji Fertilizer Bin Qasim (FFBL): +24.71 points
SECTOR-WISE PERFORMANCE:
The KSE-100 index was dragged down primarily by:
- Power Generation & Distribution (-128.28 points)
- Commercial Banks (-68.52 points)
- Technology & Communication (-56.78 points)
- Engineering (-51.55 points)
- Cement (-36.59 points)
On the other hand, the index received support from:
- Oil & Gas Exploration Companies (+110.62 points)
- Fertilizer (+106.73 points)
- Automobile Assembler (+21.20 points)
- Chemical (+12.95 points)
- Paper, Board & Packaging (+8.36 points)
In the broader market, the All-Share Index closed with a loss of 163.78 points or 0.32%, settling at 51,814.23. A total of 297.99 million shares were traded, slightly down from the previous session’s 339.32 million shares. The traded value increased to Rs14.10 billion, up by Rs1.21 billion.
MOST ACTIVE STOCKS BY VOLUME:
- PIA Holdings (PIAHCLA): 43.08 million shares (-0.43%)
- WorldCall Telecom (WTL): 21.68 million shares (0.00%)
- Hub Power (HUBC): 20.48 million shares (-3.58%)
- K-Electric (KEL): 12.45 million shares (+2.45%)
- Fauji Fertilizer Bin Qasim (FFBL): 9.37 million shares (+3.49%)
Despite the day’s losses, the KSE-100 index has gained 2,669 points or 3.40% during the fiscal year, and 18,663 points or 29.88% so far in the calendar year.
PAKISTAN MARKETS SUMMARY
The price of 24 karat gold per tola in Pakistan fell by Rs. 500 to Rs. 275,500 on Monday, while 10 grams of 24 karat gold decreased by Rs. 428 to Rs. 236,197. The price for 10 grams of 22 karat gold also declined, settling at Rs. 216,514. Silver prices remained unchanged at Rs. 3,050 per tola and Rs. 2,614.88 for 10 grams. Internationally, gold prices decreased by $4 to $2,653. Despite these declines, gold prices remain resilient amid geopolitical tensions in the Middle East and expectations of a potential 50 basis point interest rate cut by the Federal Reserve. Gold is currently supported near $2,625, with resistance around $2,670-2,686, while traders await insights from Fed Chair Jerome Powell.
The Pakistani rupee (PKR) depreciated slightly by 7.41 paisa, or 0.03%, against the US dollar, closing at PKR 277.71 in the interbank market on Monday, with fluctuations between PKR 277.85 and PKR 277.75. In the open market, the dollar was quoted at PKR 279.41 for buying and PKR 280.7 for selling. The rupee also weakened against major currencies, dropping by 1.47 rupees to PKR 310.66 against the Euro and by 87.67 paisa to PKR 372.12 against the British Pound. It depreciated by 1.22 rupees against the Swiss Franc and 1.7 paisa against the Japanese Yen, while the Saudi Riyal and UAE Dirham saw slight gains. Overall, the rupee has appreciated by 62.81 paisa, or 0.23%, against the dollar this financial year and by 4.15 rupees, or 1.49%, in the calendar year. Additionally, the benchmark KIBOR dropped by 23 basis points to 14.95%, and the State Bank of Pakistan plans to repurchase Market Treasury Bills (MTBs) with a target of Rs500 billion to manage liabilities and reduce debt before maturity.
