On Tuesday, the Pakistan Stock Exchange (PSX) experienced a mixed day. The market fluctuated but ended lower as investors chose to take profits.
The KSE-100 Index reached a high of 79,327.05 points and a low of 78,518.23 points, closing at 78,628.81 points, a decrease of 198.94 points or 0.25 percent.
Trading volumes dropped, with 313.085 million shares traded compared to 371.087 million on Monday. The total trading value fell to Rs 17.615 billion from Rs 19.156 billion.
The BRIndex100 went down by 29.48 points or 0.35 percent, ending at 8,322.13 points with 257.065 million shares traded. The BRIndex30 dropped by 200.98 points or 0.77 percent, closing at 25,973.48 points with 165.683 million shares traded.
Foreign investors sold shares worth $101,661, and market capitalization fell by Rs 43 billion to Rs 10.454 trillion. Out of 447 active stocks, 239 fell, 152 rose, and 56 stayed the same.
The Organic Meat Company had the highest trading volume with 24.830 million shares, gaining Rs 1.45 to close at Rs 40.47. The Searle Company also rose, gaining Rs 1.88 to end at Rs 60.31 with 24.067 million shares traded. Fauji Cement fell by Rs 0.89, closing at Rs 21.63 with 15.819 million shares.
Rafhan Maize Products and Pakistan Services Limited were the biggest gainers, increasing by Rs 77.44 and Rs 38.57, respectively, to close at Rs 7,590.00 and Rs 819.02. Nestle Pakistan and Pakistan Engineering Company were the biggest losers, falling by Rs 97.13 and Rs 56.40, ending at Rs 6,852.80 and Rs 603.60.
An analyst from Topline Securities noted that the KSE-100 Index had big swings during the day, reaching a high of 499 points up and a low of 309 points down before closing at 78,628, down by 0.25 percent.
The State Bank of Pakistan (SBP) lowered the lending rate by 100 basis points to 19.5 percent on Monday. This is aimed at boosting economic activity, with the real GDP expected to grow by 2.5-3.5 percent this fiscal year.
Fauji Fertilizer Company (FFC) reported strong results for the second quarter of 2024, with an EPS of Rs 12.22 per share and a cash dividend of Rs 10 per share, which was better than expected.
During the day, FFC, HUBC, MTL, ENGRO, and BAHL contributed positively, adding 269 points overall. On the other hand, EFERT, DAWH, and HBL saw profit-taking, losing 158 points.
The BR Automobile Assembler Index fell by 96.96 points or 0.52 percent, closing at 18,725.43 points with 15.863 million shares traded. The BR Cement Index decreased by 134.68 points or 1.72 percent, ending at 7,695.44 points with 38.736 million shares traded. The BR Commercial Banks Index dropped by 50.3 points or 0.22 percent, closing at 22,560.78 points with 16.126 million shares traded.
The BR Power Generation and Distribution Index increased by 62.47 points or 0.35 percent, ending at 18,023.34 points with 13.030 million shares. The BR Oil and Gas Index fell by 44.65 points or 0.66 percent, closing at 6,670.24 points with 12.300 million shares. The BR Technology & Communication Index dropped by 40.18 points or 1.0 percent, ending at 3,989.11 points with 31.674 million shares traded.
Mubashir Anis Naviwala from JS Global Capital said that the PSX had mixed activity as investors were cautious after the SBP’s 100bps rate cut. Notable movements were seen in FFC, which announced a large cash dividend.