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PSX ends the week 1.58% lower, shedding 988 points

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The Pakistan Stock Exchange (PSx) witnessed a notable shift from its recent bullish trend, experiencing renewed bearish sentiments largely attributed to political unrest.

The benchmark KSE-100 ended the week at 61,705.09, marking a substantial decline of 4,424.93 points or 6.69 percent on a week-over-week (WoW) basis. This downturn marks the second consecutive weekly decline for the market.

The week began with a necessary correction triggered by over-leveraged positions and investor profit-taking following an extended rally.

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Despite the market correction, the favorable performance of the country’s current account, which boasted a surplus of $9 million in November, was overshadowed by the prevalent profit-taking sentiment.

The total volume of the KSE-100 index reached 333.555 million shares. Among the 100 index companies, 14 closed up, 65 closed down, and 21 remained untraded.

The decline in the KSE-100 index was led by Oil & Gas Exploration Companies with 210.92, Commercial Banks with 193.11, Cement with 105.21, Technology & Communication with 104.79, and Power Generation & Distribution with 89.31 points.

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However, the index found some support from Miscellaneous with 5.29, Property with 1.32, Leather & Tanneries with 0.71, Textile Weaving with 0.21, and Vanaspati & Allied Industries with 0.11 points.

Companies that exerted downward pressure on the index included PPL with 100.89, HBL with 66.38, OGDC with 59.09, HUBC with 50.46, and TRG with 47.01 points.

On a positive note, companies contributing to the index were HMB with 8.01, PABC with 6.33, ILP with 6.29, SHEL with 6.18, and SCBPL with 4.05 points.

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