The Pakistan Stock Exchange (PSX) began the week on a negative note as the KSE-100 index plunged by 1,332 points. Investors booked profit-taking amid worries in the gas and cement sectors. The index fell by 1.13% to close at 116,255.13 points, down from the previous session’s 117,586.98 points.
Analyst Ahsan Mehanti from Arif Habib Corp said stocks came under pressure due to political instability and strict IMF levies on industrial captive power plants. He added that weak economic growth of 0.92% for July-September 2024 also contributed to the bearish trend.
Maaz Mulla from Topline Securities said the rise in circular debt in the gas sector discouraged investors. Profit-taking extended to the cement sector, with disagreements among industry players further denting market sentiment. Some cement manufacturers favored increased market shares, while others prioritized higher retention prices.
Market Performance and Sector Analysis
The KSE-30 index also declined by 461.69 points, closing at 36,603.36 points. Trading volume dropped to 819.8 million shares, compared to 935.7 million shares in the previous session. The trading value also fell to Rs38.3 billion, with market capitalization shrinking to Rs14.562 trillion.
Engro, HMB, AICL, MCB, and MUREB provided some upward momentum, adding 395 points to the index. However, major declines in OGDC, PSO, FFC, EFERT, and SNGP erased 698 points.
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Murree Brewery saw the highest gain, rising by Rs63.08 to Rs782.55 per share. In contrast, Rafhan Maize Products faced the largest loss, falling by Rs138.96 to Rs8,855 per share.
World Bank Loan and Future Outlook
The World Bank announced a $20 billion loan package for Pakistan under a 10-year strategy. This initiative aims to address challenges in health, education, and climate resilience, ensuring development continuity despite political changes between 2025 and 2035.
Despite Monday’s sharp decline, technical support at the 115,500-point level may provide a base for recovery in upcoming sessions. Cnergyico PK led trading volumes with 83.16 million shares, followed by Fauji Foods Ltd with 47.30 million shares. Both stocks recorded losses, reflecting the overall bearish sentiment in the market.
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