The Karachi stock market experienced significant selling pressure on Tuesday, driven by budget-related uncertainties. This led to the benchmark KSE 100 index falling below the 78,000 mark.
Market Insights
Ahsan Mehanti from Arif Habib Corporation noted that the market's downturn was due to consolidation in the post-budget session. He emphasized that uncertainty surrounding the IMF's approval of new proposals to ease certain tax measures before the federal budget 2024-25's approval exacerbated the situation. Mehanti also pointed out that foreign outflows, over-leveraging at PSX, and pressure from futures rollovers contributed to the bearish close.
Sector Performance
Topline Securities Ltd reported a mixed session in the equity market. Positive contributions came from the fertiliser, foods, cement, and E&P sectors, with notable gains from Engro Corporation, Unity Foods, Fatima Fertiliser, Lucky Cement, and Pakistan Oilfield, collectively adding 129 points to the index. On the other hand, MCB Bank, OGDC, and Hub Power faced selling pressure, resulting in a loss of 164 points.
Market Statistics
- Intraday High: 78,541.22 points
- Intraday Low: 77,908.98 points
- Closing: 77,940.58 points, marking a decrease of 291.52 points or 0.37% on a day-on-day basis.
Trading Volume
The overall trading volume decreased by 24.14% to 292.18 million shares, with the traded value also dropping by 26.12% to Rs11.41 billion on a day-on-day basis.
Significant Contributors
- Highest Trading Volume:
- Pervez Ahmed Co (26.80m shares)
- K-Electric (17.90m shares)
- WorldCall Telecom (16.87m shares)
- Unity Foods (16.65m shares)
- Pakistan International Bulk Terminal (13.68m shares)
Price Movements
Increases
- Unilever Foods: Rs71.43
- Ismail Industries: Rs39.96
- Pakistan Hotels Developers Ltd: Rs28.79
- Bata Pakistan: Rs25.64
- Philip Morris: Rs23.61
Decreases
- Sapphire Textile: Rs84.32
- Rafhan Maize: Rs74.94
- Nestle Pakistan: Rs39.65
- Mehmood Textile: Rs31.13
- JDW Sugar Mills: Rs25.78
Foreign Investment
Foreign investors remained net sellers, offloading shares worth $0.60 million.
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