PSX ends lower ahead of Eid holidays
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File
The Pakistan Stock Exchange (PSX) came under selling pressure on Thursday as investors adopted a cautious stance ahead of the Eid-ul-Fitr holidays, with the benchmark KSE-100 Index closing at 152,740, shedding over 1,550 points.
PSX witnessed selling pressure, as the KSE-100 Index came under pressure, closing at 152,740, down 1,552 points (-1.01%), as investors adopted a cautious stance ahead of the Eid-ul-Fitr holidays, noted Ali Najib, Deputy Head of Trading at Arif Habib Ltd.
"The session remained volatile, with the index oscillating between an intraday high of 153,323 and a low of 150,728, as profit-taking and position trimming dominated ahead of the extended four-day weekend," he said. The decline was primarily driven by heightened geopolitical tensions and a rise in international oil prices, which dampened overall sentiment.
On the corporate front, Mari Petroleum Company Limited announced a notable hydrocarbon discovery at Shams-1 (Ghotki), with expected production of 48 MMCF/day gas and 64 barrels/day oil. The development is projected to add approximately PKR 11.17 per share annually to earnings, providing a positive long-term trigger.
Read: PSX soars on renewed interest
Regionally, a temporary ceasefire between Pakistan and Afghanistan during Eid offered some relief, although broader tensions persist.
Index performance was weighed down by ENGROH, UBL, PPL, MEBL, and EFERT, which collectively eroded 641 points, while HBL, FATIMA, KTML, FFC, and BAFL provided limited support, adding 61 points.
Market activity remained relatively subdued, with volumes at 324.2 million shares and turnover of PKR 19.3 billion, led by WASL, reflecting cautious yet sustained participation amid uncertainty.
The KSE-100 Index extended its losing streak, recording its eighth consecutive negative week, declining by 1,126 points (-0.73% WoW).
The index opened the week at 153,581, climbed to an intra-week high of 154,685, but later came under pressure, slipping to a low of 148,509 amid heightened volatility. It eventually settled at 152,740, reflecting persistent investor caution and fragile market sentiment.
Going forward, investors will be keeping an eye on Middle East developments during the holiday period, as geopolitical news flow will be a key driver in setting the near-term direction of the KSE-100 Index next week.