The KSE 100 index today closed lower at the Pakistan Stock Exchange, or PSX, after an early rise faded. The benchmark ended Tuesday, 13 October, at 164,776.44, down 347.97 points, or 0.21 percent, from Monday's close of 165,124.41. The loss was far smaller than Monday's drop of 1,964.87 points, but the early gain was gone by the bell.
At 9:40am the index was at 166,068.84, up 944.43 points, or 0.57 percent. Buying during the session was in automobile assemblers, cement, commercial banks, oil and gas exploration companies and oil marketing companies, the firms that distribute fuel. Anyone following the KSE 100 index today should treat 166,068.84 as a morning snapshot: the gain did not survive to the close.
From the opening gain to the close
The ready market, where shares are traded for cash settlement, recorded 383.746 million shares, up from 362.954 million on Monday. The money value of trade fell to Rs13.104 billion from Rs14.507 billion. Market capitalisation, the total market value of listed firms, slipped to Rs18.325 trillion from Rs18.359 trillion.
Of 500 companies, 223 rose, 226 fell and 51 were unchanged. The tilt was only slight. On Monday, 135 rose, 322 fell and 43 were unchanged, and the closing figures called that session highly bearish.
LSE Financial (R) led volume with 32.283 million shares, ahead of Waves Home App at 21.848 million and WorldCall Telecom at 19.528 million. Khairpur Sugar Mills Limited gained Rs66.97 to Rs886.99, and Fateh Industries Limited gained Rs34.89 to Rs383.83. Unilever Pakistan Foods Limited fell Rs235.50 to Rs25,027, and PIA Holding Company Limited B fell Rs200 to Rs14,000.
Why the last two sessions were weaker
Monday finished at 165,124.41, down 1,964.87 points, or 1.18 percent, from 167,089.28. One intraday note used a previous close of 167,089.27, a 0.01-point difference from the closing reports. Accounts of the session linked the selling to political uncertainty after emergency and governor's rule in Khyber Pakhtunkhwa, and to regional tension involving Saudi Arabia, Houthi forces, the United States and Iran. A further account cited Houthi attacks on Saudi airports and worry over energy supplies through the Strait of Hormuz.
The week before had already been soft: the index lost 1,066.20 points, or 0.6 percent, to close at 167,089.28, and average daily volume fell 16.5 percent week-on-week to 541 million shares. AKD Securities said improving economic indicators and easing inflation could help shares by making further interest-rate increases less likely, and that calmer conditions in the Middle East could pull oil prices down and later leave room for easier policy.
On Tuesday morning, Asian equities were lower, led by technology shares, as conflict in the Middle East kept oil high: a broad Asia-Pacific index outside Japan fell 2 percent and South Korea's KOSPI slid 6 percent. Brent crude futures were at $105.9 a barrel, near a two-week high, after $104.61 in early Monday trade, when US West Texas Intermediate was at $91.36. The Pakistan stock market today still managed a brief rally, then closed modestly in the red. The closing note described a bearish trend and did not state a separate cause for the afternoon reversal.
Timeline: what has happened so far
- Previous week: the index fell 1,066.20 points, or 0.6 percent, to 167,089.28, and average daily volume fell 16.5 percent to 541 million shares.
- Monday, 12 October, early trade: at 9:35am the index was at 166,689.53, down 399.74 points, or 0.24 percent. Another account said the opening decline was more than 900 points.
- Monday, 12 October, during the session: the index was quoted at 165,512.12, more than 1,500 points under the previous close, and at 2:12pm it was at 165,653.81, down 1,435.46 points, or 0.86 percent.
- Monday, 12 October, close: 165,124.41, down 1,964.87 points, or 1.18 percent. Ready-market volume was 362.954 million shares, and market capitalisation was Rs18.359 trillion, from Rs18.569 trillion a day earlier.
- Tuesday, 13 October, 9:40am: 166,068.84, up 944.43 points, or 0.57 percent.
- Tuesday, 13 October, close: 164,776.44, down 347.97 points, or 0.21 percent, on volume of 383.746 million shares and market capitalisation of Rs18.325 trillion.
Aasan alfaaz mein
Pakistan ki badi share market aaj phir thori si neeche band hui. Index 347.97 points gir kar 164,776.44 par close hua, jo 0.21 percent ki kami hai. Subah market 944 points ke qareeb upar chal rahi thi, lekin yeh faida shaam tak nahi raha. Shares mein paise rakhne walon ki qeemat thori kam hui; rozmarra ka samaan is chhoti girawat se seedha mehnga nahi hota.
