After two positive sessions, the Pakistan Stock Exchange (PSX) witnessed a bearish trend on Thursday as the KSE-100 ended the day with a loss of 928 points.
The KSE-100 started the session with some buying, hitting an intra-day high of 79,776.96.
However, the latter hours witnessed strong selling pressure that persisted till the end of the session.
At close, the benchmark index settled at 78,469.33, down by 927.68 points or 1.17%.
“The Pakistan Stock Exchange (PSX) lost momentum on Thursday ending the day in red. Indices traded in red for most part of the day, while investor participation fell compared to the previous session,” brokerage house Capital Stake stated in its post-market report.
Sectors painting the KSE-100 in the red included banking, power generation and distribution, and technology and communication.
Another brokerage house Ismail Iqbal Securities said the index remained volatile throughout the session primarily due to selling pressure before the rollover week.
On Wednesday, the KSE-100 gained 410 points amid talks of a further cut in the upcoming key policy rate and excitement surrounding the results season.
Fauji Fertilizer Bin Qasim Limited reported a profit-after-tax of Rs8.28 billion during the three-month period that ended June 30, 2024, registering a massive growth of 495% year-on-year.
The company registered a profit of Rs1.39 billion in the same period last year, revealed the company’s consolidated financial statements provided to the PSX on Thursday.
Meanwhile, Maple Leaf Cement Factory Limited (MLCF) has expressed its intention to acquire additional shares and control of Agritech Limited (AGL), a producer of urea and granulated single super phosphate fertiliser.
The development was shared by Next Capital Limited, appointed as manager to the offer by MLCF, in a notice to the bourse.
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