Share prices fall sharply at Pakistan stock market
Heavy Selling Hits PSX as KSE-100 Drops Over 3,700 Points
Pakistan Stock Exchange – (Web Desk) – The Pakistan Stock Exchange (PSX) faced heavy selling on Friday, sending the benchmark KSE-100 Index down by more than 3,700 points. The index closed at 157,496.10, dropping 3,714.57 points, or 2.30%.
In the futures market, 567 companies were active. Out of these, 105 shares went up, 311 fell, and 151 remained unchanged.
Selling pressure hit major sectors, including automobile makers, cement, banks, fertilisers, oil and gas, and power companies. Big index stocks like HUBCO, MARI, POL, PPL, MCB, MEBL, NBP, and UBL all ended lower.
This came after a strong rally on Thursday, when the KSE-100 Index rose by 5,433.46 points, gaining 3.49% to close at 161,210.68 points.
Trading volumes also increased, with 723.8 million shares changing hands on Friday, compared to 622.7 million shares the day before. The total value of shares traded rose to Rs 35.179 billion from Rs 29.950 billion.
As many as 478 companies transacted their shares in the stock market, 350 of them recorded gains and 78 sustained losses, whereas the share price of 50 companies remained unchanged.
The three top trading companies were K-Electric Ltd. with 115,631,474 shares at Rs 8.05 per share, Trust Sec. & Bro.(R) with 50,032,929 shares at Rs 0.18 per share, and Unity Foods Ltd with 48,307,983 shares at Rs 10.08 per share.
Unilever Pakistan Foods Limited witnessed a maximum increase of Rs 399.00 per share price, closing at Rs 25,694.00, whereas Sazgar Engineering Works Limited was the runner-up with Rs 82.71 rise in its per share price to Rs 2,156.42.
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PIA Holding Company Limited witnessed a maximum decrease of Rs 795.50 per share, closing at Rs 16,893.50, followed by Hoechst Pakistan Limited with a decline of Rs 118.76 to close at Rs 4,000.88.
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