PSX tumbles 1.88% amidst manufacturing setback – SUCH TV

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The benchmark KSE-100 index concluded Friday’s trading session at 59,872.96, experiencing a notable decrease of 1,147.10 points, or 1.88 per cent.

The local bourse remained under pressure due to ongoing political uncertainty and the latest large-scale manufacturing data, which has dampened expectations for monetary easing in the near term.

During the trading day, the index displayed volatility, ranging within 1,433.84 points. It reached an intraday high of 61,173.31 (+153.25) and a low of 59,739.47 (-1,280.59) points. The total volume of the KSE-100 index amounted to 163.234 million shares.

The inconclusive February 2008 election has contributed to prolonged political uncertainty, potentially hindering fresh investment, as noted by Bloomberg.

The likelihood of a weak coalition government, the expected outcome, may result in tougher conditions for aid under the new IMF programme.

With the current IMF programme set to conclude in April, a new programme is essential to avoid default over the medium term. However, the prospect of tougher loan conditions is expected to impact near-term growth.

In today’s session, among the 100 index companies, 13 closed up, 74 closed down, 2 remained unchanged, and 11 remained untraded.

Key sectors contributing to the index decline were oil and gas exploration companies, cement, power generation and distribution, technology and communication, and commercial banks.

On the positive side, Real Estate Investment Trust, Automobile Parts & Accessories, and Leasing Companies collectively added 1.8 points to support the index.

Companies that significantly influenced the index negatively included OGDC, HUBC, PPL, SYS, and MARI. Conversely, companies such as EFERT, FATIMA, MCB, HBL, and NATF added points to the index.

In the broader market, the All-Share index closed at 40,386.78, marking a net loss of 776.75 points. The total market volume was 314.901 million shares, with a traded value of Rs12.24 billion, reflecting a slight increase from the previous session.

A total of 156,744 trades were reported in 331 companies, with 77 closing up, 238 closing down, and 16 remaining unchanged.

It’s noteworthy that the KSE-100 has gained 18,420 points, or 44.44 per cent, during the fiscal year.

However, the ongoing calendar year has witnessed a cumulative decrease of 2,578 points, equivalent to 4.13 per cent.

Yesterday, the KSE-100 index slipped by 1,134 points, or 1.82 per cent, closing at its lowest level in almost two months. The market continues to face challenges amidst the prevailing economic and political landscape, impacting investor sentiment.

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