ISLAMABAD: The Pakistan Stock Exchange (PSX) witnessed continued selling pressure on Tuesday, with the benchmark KSE-100 Index shedding more than 700 points.
Key sectors, including automobile assemblers, commercial banks, oil and gas exploration companies, and oil marketing companies, bore the brunt of the downturn as investors adopted a cautious stance ahead of the forthcoming federal budget.
Index-heavy stocks, including MCB, UBL, PSO, SNGPL, MARI, OGDC, PPL and POL traded in the red.
“The benchmark index ended the day in the red, as investors treaded cautiously ahead of the upcoming budget announcement. With most developments already factored in, market sentiment remained subdued, awaiting fresh cues that could shift the momentum,” said Ismail Iqbal Securities, in its market report.
The PSX witnessed a bearish trend on Tuesday, losing 718.51 points, a negative change of 0.60 percent, closing at 118,971.13 points as compared to 119,689.63 points on the last trading day.
A total of 437,920,561 shares were traded during the day as compared to 425,372,280 shares on the last working day, whereas the price of shares stood at Rs 20.811 billion against Rs 22.274 billion on the previous trading day.
As many as 473 companies transacted their shares in the stock market, 177 of them recorded gains and 232 met losses, whereas the share price of 64 companies remained unchanged.
The three top trading companies were At-Tahur Limited with 39,628,306 shares at Rs 49.69 per share, followed by Fauji Foods Limited with 30,264,152 shares at Rs 15.81 per share, whereas Gul Ahmed settled with 29,115,777 shares at Rs 23.97 per share.
PIA Holding Company LimitedB witnessed a maximum increase of Rs 1,370.34 per share, closing at Rs 15,073.78, whereas Khyber Textile Mills Limited was the runner-up with Rs 130.19 rise in its share price to close at Rs 1,432.07.
Hoechst Pakistan Limited witnessed a maximum decline of Rs 47.90 per share price, closing at Rs 3,150.14, whereas the runner-up Sapphire Textile Mills Limited with a drop of Rs 37.87 in its per share price to Rs 1,100.00.
On Monday, the PSX closed flat, entering a consolidation phase as it hovered near record highs. Investors adopted a cautious approach ahead of the upcoming budget announcement.
Asian stocks rose on Tuesday, while US Treasury yields stabilised, giving the US dollar some breathing room as investors assessed the growing US debt burden and awaited developments in trade negotiations.
