After closing at a record high in the previous session, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index witnessed some profit-taking on Monday and closed the day below 82,000 after losing 224 points.
The KSE-100 Index started the session with some buying, hitting an 82,463.05.
However, profit-taking in the latter hours pushed the index into the negative territory as it hit an intra-low of 81,548.65.
At close, after some buying in the final hour, the benchmark index settled at 81,850.50, down by 223.95 points or 0.27%.
On Friday, the bulls had continued to make further inroads at the PSX, as the KSE-100 Index, led by buying activity in index-heavy shares, closed 615 points higher.
Profit-taking was largely seen in HUBC, MARI, PPL, OGDC, and BAFL, which collectively contributed to a decline of 634 points in the index on Monday, brokerage house Topline Securities in its post-market report.
Sazgar Engineering Works Limited (SAZEW), a Pakistani auto manufacturer, on Monday announced its plans to launch New Energy Vehicles (NEVs) in the country.
The listed company also plans to roll out the CKD [Completely Knocked Down] models of NEVs before the end of December 31, 2025, it informed in a notice to the PSX.
Oil and Gas Development Company Limited (OGDCL), the country’s largest exploration and production (E&P) company, reported a profit-after-tax (PAT) of Rs208.98 billion for fiscal-year ended June 30, 2024.
Earnings registered a decline of nearly 7% as compared to Rs224.62 billion in the same period of the previous year (SPLY), showed the E&P’s latest financial results provided to the bourse.
Meanwhile, Amreli Steels Limited sustained massive losses to the tune of Rs6.1 billion amid a drop in sales and high expenses during the year that ended June 30, 2024.
As per the company’s latest financial results provided to the PSX, Amreli registered a loss of Rs697.2 million in the same period of the previous year.
Globally, Asian stocks firmed on Monday ahead of central bank meetings that are widely expected to deliver two more rate cuts and key U.S. inflation figures that should flash a green light for more easing there.
China’s central bank surprised many by lowering its 14-day repo rate by 10 basis points, a couple of days after disappointing markets by not cutting longer-term rates. That helped nudge Chinese blue chips up 0.5%.
A holiday in Japan made for thin trading and MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%, after bouncing 2.7% last week.
Tokyo’s Nikkei was shut but futures were trading at 38,530 compared to a cash close of 37,723. The index rallied 3.1% last week as the yen eased from its highs and the Bank of Japan (BOJ) signalled it was in no rush to tighten policy further.
EURO STOXX 50 futures added 0.3% and FTSE futures 0.1%.
S&P 500 futures firmed 0.3% and Nasdaq futures added 0.5%. The S&P is up 1% so far in September, historically the weakest month for stocks, and has gained 19% year-to-date to reach all-time highs.
Meanwhile, the Pakistani rupee remained largely stable against the US dollar on Monday, depreciating 0.01% in the inter-bank market. At close, the currency settled at 277.87, a loss of Re0.03 against the US dollar.
Volume on the all-share index decreased to 400.31 million from 482.37 million on Friday.
The value of shares declined to Rs18.69 billion from Rs30.19 billion in the previous session.
Pace (Pak) Ltd was the volume leader with 30.38 million shares, followed by WorldCall Telecom with 29.18 million shares, and Oil & Gas Dev with 23.08 million shares.
Shares of 439 companies were traded on Monday, of which 143 registered an increase, 237 recorded a fall, while 59 remained unchanged.
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