KSE-100 Sheds 1,549 Points as Middle East Tensions Hit PSXBusiness

At the end of trading, the benchmark KSE-100 index closed at 162,374.87 points, down 1,549.44 points, or 0.95 percent.

“Selling pressure stems from two factors: weakness in global markets amid higher oil prices, and cautious sentiment ahead of the monetary policy decision on Monday amid expectations of a rate hike,” Sana Tawfik, head of research at Arif Habib Limited, told Business Recorder.

The heaviest drag on the index came from Meezan Bank (MEBL), Engro Holdings (ENGROH), Lucky Cement (LUCK), Hub Power (HUBC) and Pakistan Petroleum (PPL), which cumulatively weighed it down by 637 points, according to the post-market report of brokerage house Topline Securities.

The KSE-100 index declined 2.43 percent week-on-week, Topline said, amid geopolitical tensions, rising oil prices and profit-taking ahead of the State Bank of Pakistan’s monetary policy decision.

A day earlier, on Thursday, the index had fallen 2,006.67 points, or 1.21 percent, to close at 163,924.32 points as persistent geopolitical uncertainty and rising international oil prices weighed on investor sentiment.

The local currency, meanwhile, held steady. The Pakistani rupee continued its marginal gain against the US dollar, appreciating 0.01 percent in the inter-bank market on Friday to close at 276.82, a gain of Re0.03 against the greenback, Business Recorder reported.

Trading activity picked up in the ready market, where volume rose to 398.942 million shares from 367.094 million a day earlier, while the traded value increased to Rs18.203 billion from Rs17.998 billion. Total market capitalisation declined to Rs18.014 trillion from Rs18.173 trillion.

Out of 495 companies traded in the ready market, 136 posted gains, 311 suffered losses and 48 remained unchanged. Pervez Ahmed Company led the volume chart with 32.671 million shares, followed by MACPAC Films with 26.687 million shares and Pak Refinery with 23.500 million shares.

Among the top gainers, PIA Holding Company Limited-B surged by Rs375.23 to close at Rs14,001.99, while Pakistan Engineering Company advanced by Rs70 to Rs819.15. On the losing side, Unilever Pakistan Foods Limited fell heavily by Rs2,726.42 to Rs26,376.79, while Khairpur Sugar Mills declined by Rs172.82 to Rs1,555.35, according to Associated Press of Pakistan figures.

In the futures (DFC) market, turnover stood at 85.494 million shares worth Rs5.850 billion, against 98.093 million shares worth Rs6.542 billion in the previous session. Of the 293 companies traded there, 44 advanced, 246 declined and 3 remained unchanged.