KEY POINTS
- The benchmark KSE-100 Index sheds 4,795 points.
- The largest single-day drop in PSX history.
- 1,167,361,955 shares traded during the day.
ISLAMABAD: The Pakistan Stock Exchange (PSX) observed massive selling on Thursday, with the benchmark KSE-100 Index closing at 106,274.97 after a historic single-day drop of 4,795 points or 4.32%.
The substantial drop in the market, driven by various economic and political factors, has raised concerns among investors.
Selling was observed in key sectors including chemical, commercial banks, power generation and refineries experienced selling pressure. Index-heavy stocks including MARI, HUBCO, NRL, HBL, NBP, MCB and UBL traded in the red.
A total of 1,167,361,955 shares were entertained at the PSX during the day as compared to 1,111,921,053 shares the last working day, whereas the price of shares stood at Rs 56.797 billion against Rs.60.242 billion on the previous trading day.
As many as 472 companies transacted their shares in the stock market, 66 of them registered gains and 371 met losses, whereas the share price of 35 companies remained unchanged.
The three top trading companies were WorldCall Telecom 177,645,248 shares at Rs1.52 per share followed by K-Electric Limited with 81,901,542 shares at Rs 5.22 per share whereas Cnergyico PK settled with 68,345,098 shares at Rs.5.84 per share.
Rafhan Maize Products Company Limited recorded a maximum increase of Rs.348.58 per share price, closing at Rs.9,250.58, whereas Indus Motor Company Limited was the runner-up with Rs 186.79 rise in its per share price to Rs 2,245.36.
Unilever Pakistan Foods Limited witnessed a maximum decline of Rs 267.44 per share closing at Rs 20,625.42 followed by Nestle Pakistan Limited with a drop of Rs 187.63 to close at Rs.7,241.37.
The PSX witnessed massive selling on Wednesday as well. Investors resorted to profit-taking with the benchmark KSE-100 Index closing at just over 111,000 after a historic single-day loss of 3,790 points.
The government on Wednesday introduced a money bill, “Tax Laws (Amendment) Bill, 2024,” in the National Assembly to further tighten the grip on non-filers and to generate financial resources for economic development.
Under the bill, non-filers will be barred from purchasing, booking, registration of vehicles over 800cc, acquiring property beyond a specified limit and making stock purchases beyond a certain threshold.
