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KARACHI: Trading on the Pakistan Stock Exchange (PSX) remained sluggish on Thursday, with share prices moving sideways. Low trading volumes and a lack of positive triggers contributed to the benchmark index’s continued losses.
Ahsan Mehanti of Arif Habib Corporation said the market closed lower as investors eye corporate and provincial tax reforms ahead of IMF approvals for the budgetary proposals for 2025-26.
“Uncertainty regarding IPP deals and the outcome of tax reforms under the first review of the $7bn Extended Fund Facility next week contributed to a bearish market close,” he added.
Topline Securities Ltd said the local bourse experienced a range-bound session as investor sentiment remained mixed due to a lack of market-moving triggers. The benchmark index fluctuated between an intraday high of 595 points and a low of 133 points. It eventually closed at 113,784 points, reflecting a modest decline of 78 points or 0.07 per cent day-on-day.
The positive contribution was primarily driven by the Oil and Gas Development Company, Pakistan Petroleum, Sui Northern Gas Pipeline, Packages Ltd, and Meezan Bank, which added 231 points to the index. Conversely, Lucky Cement, Habib Bank, and PSO wiped out 132 points.
The market participation was low as the trading volume plunged by 37.92pc to 397.39 million shares while the traded value decreased 15pc to Rs19.32bn day-on-day.
Stocks contributing significantly to the traded volume included Cnergyico PK (71.83m shares), WorldCall Telecom (20.25m shares), At-Tahur Ltd (17.62m shares), Sui Northern Gas (15.82m shares) and Sui Southern Gas Pipeline (14.52m shares).
The shares registering the most significant increases in their share prices in absolute terms were Unilever Foods (Rs75.02), PIA Holding Company [B] (Rs30.75), Nestle Pakistan (Rs28.37), Ghandhara Industries (Rs24.10) and Indus Motor (Rs20.61).
The companies registering significant decreases in their share prices in absolute terms were Hoechst Pakistan (Rs184.68), Ismail Industries (Rs44.52), Mehmood Textile (Rs42.18), Lucky Cement (Rs23.00) and Sapphire Fibres (Rs22.77).
Foreign investors were net sellers as they offloaded shares worth $1.33m.
Published in Dawn, February 28th, 2025
