A inventory dealer reacts whereas monitoring the market on the digital board displaying share costs throughout buying and selling session on the Pakistan Inventory Change, in Karachi on July 3, 2023. Photograph: Reuters/ File
The Pakistan Inventory Change (PSX) witnessed a pointy downturn on Tuesday as early good points had been worn out by heavy profit-taking and weak investor sentiment, pushing the benchmark index deep into the pink.
After opening on a constructive notice, the KSE-100 index climbed to an intra-day excessive of 163,380.67 factors. Nevertheless, momentum shortly reversed within the second half as buyers booked earnings from current rallies. The index hit a low of 159,805.35 factors earlier than closing at 160,101.03, down 2,062.78 factors or 1.27% from Monday’s shut of 162,163.81.
Tuesday’s hunch marked the fifth consecutive session of losses, underscoring persistent investor unease. The benchmark briefly dipped beneath the 160,000-point mark amid sustained promoting strain and an absence of constructive triggers.
Learn: Border clashes rattle shares and PSX suffers main sell-off
Market individuals attributed the downturn to fading confidence, macroeconomic uncertainty, and warning forward of company earnings, following current coverage bulletins.
Arif Habib Restricted (AHL) famous that the bearish spell endured with the fifth straight down shut and an intra-day breach of the 160,000 stage. Solely 19 scrips gained whereas 79 declined, with Fortunate Cement (+1.67%), Pakistan Providers (+1.69%), and Service Industries (+1.69%) offering essentially the most help.
On the flip aspect, Hub Energy (-2.18%), Meezan Financial institution (-1.82%), and Habib Financial institution (-1.9%) had been the largest drags on the index.
In company outcomes, Fortunate Cement reported its highest-ever quarterly consolidated revenue after tax (PAT) of Rs21.9 billion (+23% YoY), translating into an EPS of Rs15.01 for 1QFY26.
Learn Extra: PSX slips 0.3% as promoting offsets early good points
Indus Motor Firm (+0.92%) additionally posted a report PAT of Rs6.72 billion (EPS: Rs85.49, +32% YoY) together with a report quarterly dividend of Rs51 per share. Pakistan State Oil (+0.65%) introduced 1QFY26 EPS of Rs20.0, up 136% YoY.
AHL cautioned that Tuesday’s declines worn out all good points made since mid-October, warning that “after a bounce, the October lows will seemingly come underneath risk.”
Total market participation improved, with 1.01 billion shares traded, up from 1.0 billion on Monday. Traded worth stood at Rs36.94 billion.
Out of 476 lively scrips, 113 superior, 324 declined, and 39 remained unchanged. Okay-Electrical led the volumes chart with 94.6 million shares, dropping Rs0.54 to shut at Rs5.27.
