PSX closes lower in the midst of a contract subversion pressure

The Pakistan Stock Exchange (PSX) closed lower on Tuesday amid continuous overturning of investors. The KSE-100 index remained unstable, hitting the high of 149,453 points, before it came significantly down to close to 148,435, a decrease of 380.24 points or 0.26%.

Analysts reported that concerns about a proposed increase in industrial gas invoices, along with geopolitical uncertainty, played a key role in the Bearish activity in Bourse.

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Arif Habib Corp’s Ahsan Mehantti commented that stocks were closed lower, pressured by subversives of future fulfillment, sluggish worldwide shares and reduced international crude oil prices. A stable rate of policy, concerns about a proposed increase in industrial gas invoices and geopolitical uncertainty has fueled the negative closure to the PSX, he said.

In the market review, Topline Securities observed that the KSE-100 index ended with the trading meeting at 148,435, publishing 380 points. The session was characterized by remarkable volatility within the day, with the index hitting the high of the day at 149,453, reflecting the ongoing overturning pressure.

Earnings in fertilizer Fauji, Hub Power and Pakistan Oilfields contributed collectively 295 points to the index. However, these profits were offset by losses in Engro Holdings, Bank Al Habib, Meezan Bank, McB Bank and Habib Bank, which jointly pulled the KSE-100 with 549 points, Topline scored.

Total trading volumes were reduced to 665.4 million shares compared to Monday’s 693.3 million. The negotiation increased to RS31.5 billion compared to the 26.3 billion Rs in the previous session.

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The shares of 479 companies were negotiated. Of these, 196 stocks closed higher, 256 decreased and 27 remained unchanged. The First Dawood Properties was the volume leader with a trading in 40.2 million shares, reducing a rupee to close in RS7.43.