KSE-100 Tumbles Nearly 1,500 Points Amid Heavy Selling at PSX

PSX settles at 112,030.36 with a negative change of 1.31 %

Tue Jan 28 2025
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ISLAMABAD: The Pakistan Stock Exchange (PSX) witnessed heavy selling on Tuesday, causing the benchmark KSE-100 Index to plummet by nearly 1,500 points.

The index closed at 112,030.36, reflecting a sharp decline of 1,489.96 points or 1.31 percent, as key sectors, including energy and banking, faced intense pressure.

Selling was observed in key sectors including oil and gas exploration companies, OMCs, power generation, refinery, and commercial banks. Index-heavy energy stocks including HUBCO, MARI, OGDC, PPL, PSO, SHEL, SSGC, and SNGPL traded in the red.

On Tuesday a total of 517,804,378 shares were entertained during the day as compared to 494,003,725 shares the last working day, whereas the price of shares stood at Rs 29.209 billion against Rs 25.940 billion on the previous trading day.

As many as 438 companies transacted their shares in the stock market, 95 of them registered gains, and 280 met losses, whereas the share price of 63 companies remained unchanged.

The three top trading companies were WorldCall Telecom with 67,917,203 shares at Rs 1.69 per share followed by Sui South Gas with 29,454,322 shares at Rs 38.14 per share whereas Cnergyico PK settled with 28,426,632 shares at Rs 7.36 per share.

Rafhan Maize Products Limited recorded a maximum increase of Rs 99.99 per share closing at Rs 9,299.99 whereas Lucky Core Industries Limited was the runner-up with Rs 29.85 rise in its share price to close at Rs1,175.22.

Hoechst Pakistan Limited witnessed a maximum decline of Rs 66.70 per share price, closing at Rs 3,000.00, whereas the runner-up was Pakistan Engineering Company Limited with a drop of Rs 53.44 rise in its per share price to Rs707.83.

ALSO READ: Pakistan Stock Exchange Turns Bearish, Loses 1,360 Points

Yesterday, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) cut the key policy rate by 100 basis points, taking it down to 12%. This was the sixth successive cut in the key interest rate since June 2024 when it stood at 22%.

On Monday, the PSX faced selling pressure, with the KSE-100 Index closing down by 1,360 points at 113,520.32, as investors remained cautious despite expectations of a rate cut in the key policy rate.

On the international front, US stock futures stabilised, the dollar saw a slight increase, and tech stocks in Asia fell on Tuesday following a wave of selling.

This was driven by concerns over a Chinese AI startup’s apparent progress, which raised doubts about the US’s dominance and investment in one of the market’s most rapidly growing sectors.

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